Let’s get organized using Monarch Money. In this video, I walk you through customizing and simplifying your dashboard, adding your partner or spouse, renaming and organizing your accounts, customizing categories, and adding tags.
Introduction
- The video focuses on organizing finances using Monarch Money.
- Initial setup includes connecting all accounts to the platform.
- The goal is to simplify financial tracking and create a clear overview.
Customizing the Dashboard
- The dashboard contains various widgets displaying financial information.
- Users can:
- Reorganize widgets by dragging and dropping.
- Turn widgets on/off via the “Customize” menu.
- Remove unnecessary widgets (e.g., the “Getting Started Guide”) for clarity.
Sharing Monarch Money with Others
- Users can share their account with:
- Partners: Add household members via the “Members” section in settings.
- Financial professionals: Grant access to advisors or coaches.
- Each user has their own login but shares the same financial data.
Managing Notifications
- Monarch Money sends various notifications (emails, push alerts).
- Users are encouraged to:
- Review notification settings.
- Turn off unnecessary notifications to avoid being overwhelmed.
Renaming and Organizing Accounts
- Rename accounts for clarity (e.g., “401K 0175” → “Melanie’s 401K”).
- Steps to rename:
- Click on the account → Edit → Edit account name → Save.
- Reorganize accounts by dragging and dropping.
- Minimize or reorder account sections (e.g., investments, loans, credit cards).
- Example: Rename “BFA Checking” to “Joint Bills Account” or “Spending Account” based on usage.
Customizing Categories
- Categories are used to track income, expenses, and transfers.
- Monarch Money includes preset categories, which can be:
- Renamed for personalization.
- Disabled if irrelevant.
- Income Categories:
- Rename “Paychecks” to include names (e.g., “Melanie’s Paychecks”).
- Add new categories for side jobs, RSUs, or other income sources.
- Expense Categories:
- Review and disable irrelevant categories.
- Consolidate redundant categories (e.g., combine “Public Transit” and “Parking” into one).
- Rename categories to make them more intuitive (e.g., “Taxi and Ride Shares” → “Riding Expenses”).
- Transfers:
- Represents money moved between accounts (e.g., checking to savings).
- Transfers are excluded from the budget view.
Key Recommendations
- Simplify categories to focus on essential ones for better clarity.
- Disable unnecessary categories to avoid clutter.
- Personalize categories to reflect your specific financial situation.
Conclusion
- The video emphasizes the importance of customizing Monarch Money to suit individual needs.
- Proper setup ensures a clear and organized view of finances, making it easier to track spending and income.
This guide helps users streamline their financial management process using Monarch Money’s features.