Monarch Money vs Empower (2026): Budget Tracker vs Net Worth Dashboard
TLDR
Monarch Money ($99.99/year) is a budget tracker with a net worth view bolted on. Empower is a free net worth and investment dashboard funded by financial advisor upsells. If you are shopping for a Mint replacement to track spending, Monarch is stronger. If you want investment visibility without the advisor pitch, Empower has more depth — but the business model is a trade-off.
| Feature | Monarch Money | Empower | Thalvi |
|---|---|---|---|
| Annual cost | $99.99/year | Free (advisor-funded) | From $9/month |
| Primary focus | Budgeting | Budgeting/Tracking | Wealth aggregation |
| Wealth tracking depth | Limited | Moderate | Full |
| Feature | Monarch Money | Empower |
|---|---|---|
| Pricing | $99.99/year | Free (advisory upsell) |
| Core focus | Budget tracking | Net worth + investment tracking |
| Investment fee analysis | No | Yes |
| Asset allocation | No | Yes |
| Investment performance | No | Yes |
| Real estate tracking | No | Manual entry |
| Couples features | Yes | No |
| Advisor solicitations | None | Persistent |
| Platform | Web, iOS, Android | Web, iOS, Android |
| Alternative assets | No | Limited |
What each tool is built for
Monarch Money was built as a premium Mint replacement. When Mint shut down in 2024, Monarch was the most-recommended alternative in personal finance communities — and for good reason. It does budget tracking and transaction categorization well, supports couples, and has a cleaner interface than most of the legacy tools it competes against.
Empower (formerly Personal Capital) has been around longer and built a different product. The free tools are centered on net worth and investment tracking: connecting your brokerage accounts, 401(k)s, and bank accounts into a single dashboard. The investment fee analyzer and asset allocation views are genuinely useful features.
These two apps are often compared because both are positioned as Mint alternatives, but they are not actually doing the same thing.
Feature-by-feature analysis
Pricing. Monarch Money costs $99.99/year with no free tier. Empower is free for all personal finance tools. The catch is that Empower’s business model is advisory — the free tools exist to identify users who can be converted to wealth management clients.
Budget tracking. Monarch Money wins here, decisively. Transaction categorization, budget creation, cash flow views, and spending summaries are what the product is built around. Empower offers basic budgeting features but that is not where the product’s investment went.
Investment tracking. Empower wins here. The fee analyzer, asset allocation breakdown, investment performance tracking, and retirement planner are substantive tools that Monarch Money does not offer. Monarch shows investment balances as part of net worth but provides no analytical depth.
Business model. This is the comparison that matters most. Monarch Money is a clean subscription with no conflicts of interest. Empower is a product designed to identify high-net-worth users and convert them into wealth management clients. The advisory service starts at 0.89% AUM with a $100K minimum. Free users are valuable to Empower because some percentage will convert.
Platform. Both work on web, iOS, and Android.
Who should choose Monarch Money
Monarch Money is the right tool if your primary goal is budget tracking, spending visibility, and cash flow management. It is also the better choice for couples — the product has explicit household and joint-view features. If you are replacing Mint and want something that categorizes your transactions, shows your monthly spending, and gives you a clean net worth summary, Monarch is a strong option.
The limits: once your focus shifts from managing spending to understanding and growing your investment portfolio, Monarch’s investment features fall well short.
Who should choose Empower
Empower makes sense if you want genuine investment visibility at no cost and are willing to manage the advisor relationship. The investment tools are more substantive than what most paid competitors offer in this price range. For users who want to understand fund fees, track asset allocation, and see portfolio performance — and who feel comfortable declining or limiting advisor contact — Empower delivers real value.
The trade-off is structural. You are a lead in a sales funnel. Whether that matters depends on how much the persistent advisor outreach bothers you.
Why neither might be right for you
The pattern here is clear: personal finance apps in the US are primarily built for spending control (Monarch, YNAB, Rocket Money, PocketGuard) or are funded by advisory models (Empower). The clean subscription option that focuses on wealth aggregation — connecting all your accounts, including real estate, alternative investments, and crypto, without an advisor business sitting on top — does not exist in this price range.
For high-earning women who are building wealth across multiple asset classes, the problem is not that the apps are bad. The problem is that they were built for a different customer. Thalvi is being built for the investor, not the budgeter.
Neither option built for wealth building?
Most finance apps track budgets, not wealth. Thalvi is From $9/month flat — no ads, no advisor calls.
Verdict
Monarch Money wins for budget tracking. Empower wins for investment visibility. Neither is the right tool for investors who want comprehensive wealth aggregation without an advisor upsell model. Thalvi is built for that gap: a subscription-based wealth tracker that connects brokerages, 401(k)s, real estate, and crypto — built for high earners who have moved past the budgeting phase.
PROS & CONS
Monarch Money
Pros
- Best-in-class transaction categorization
- Clean UI across all platforms
- Purpose-built couples and household features
Cons
- Investment tracking is surface-level
- No portfolio analysis, allocation, or performance data
- Costs $99.99/year for primarily a budget tracker
PROS & CONS
Empower
Pros
- Free access to real investment tracking tools
- Fee analyzer finds expensive fund costs
- Asset allocation view across all investment accounts
Cons
- Business model requires converting you to an advisory client
- Advisor outreach is persistent and by design
- Interface is less modern than newer competitors
Q&A
What is the difference between Monarch Money and Empower?
Monarch Money is primarily a budget tracker that shows where your money goes each month, with a net worth view that includes investment balances. Empower is primarily a net worth and investment tracking dashboard with real portfolio analysis tools, funded by a financial advisory business. Monarch is better for spending control; Empower is better for investment visibility — but Empower's business model means persistent advisor solicitations.
Q&A
Which app is better for tracking a 401(k) and brokerage accounts?
Empower is the stronger choice for tracking retirement and brokerage accounts. It connects to investment accounts, shows asset allocation, identifies fee drag, and tracks investment performance over time. Monarch Money connects to the same accounts but shows balances without analytical depth.
Q&A
What should investors use instead of Monarch Money or Empower?
Investors who have moved past the budgeting phase and want comprehensive wealth aggregation — covering brokerages, 401(k)s, real estate, and alternative assets — need a purpose-built wealth tracker. Empower has more investment features than Monarch, but it is funded by an advisory model. A clean subscription-based wealth aggregator without the advisor pitch is the option that does not currently exist in this price range for most investors.
Is Monarch Money or Empower better as a Mint replacement?
Does Monarch Money have investment features?
Why does Empower ask about financial advisors so much?
Which is better for couples — Monarch or Empower?
Can I use Empower without being solicited by advisors?
Related Comparisons
Monarch Money Alternative for Investors: Why High-Earning Women Are Switching
Looking for a Monarch Money alternative? See how Thalvi compares on investment depth, women-focused design, and ad-free subscription pricing for serious investors.
Personal Capital Alternative: Wealth Tracking Without the Advisor Pressure
Looking for a Personal Capital alternative? Thalvi offers the same investment tracking depth without the intrusive financial advisor solicitations that fund Empower's free tier.
Monarch Money Pricing in 2026: Is $99.99/Year Worth It?
Monarch Money costs $99.99/year or $14.99/month with no free tier. We break down what you get, what you don't, and who it's actually built for.
Best Net Worth Tracker Apps in 2026
We compared 5 apps specifically for tracking net worth — account aggregation depth, investment visibility, and real net worth calculation. Not just budgeting apps with a balance view.
How to Calculate Your True Net Worth (Assets – Liabilities)
What counts as an asset (home equity, 401k, vested equity), what's a liability, and the common mistakes that make people's net worth calculations wrong.