Greatest Budgeting App Ever: Copilot vs Monarch

Do you ever feel like your money is disappearing into a black hole? You're not alone. Many people struggle to keep track of their finances and stick to a budget. Fortunately, technology offers some powerful solutions. In this article, we'll pit two powerhouse budgeting apps – Co-pilot and Monarch – against each other to determine which one deserves the crown of "Greatest Budgeting App of All Time" (GFFBOAT!).

For the past five months, I've been using both Co-pilot and Monarch side-by-side, paying for both subscriptions out of my own pocket. This isn't a sponsored review; it's a head-to-head battle to help you decide which app is the best fit for your needs.

Before we dive in, let's establish some ground rules:

1. Both apps will compete in five key areas.

2. There will be no ties or participation trophies – we're looking for a clear winner in each category.

3. This review is completely independent and unbiased.

So, which budgeting app will transform your financial chaos into order? Let the games begin!

Greatest Budgeting App Ever: Copilot vs Monarch

A budgeting app is only as good as its user interface. Both Co-pilot and Monarch excel at pulling transactions from your linked accounts. While occasional syncing issues or disappearing transactions have been reported by some users, I haven't personally encountered these problems. However, it's worth noting that these issues can potentially arise with either app.

Once your income and expenses are imported, the real challenge is organizing that information in a way that's easy to understand and actionable. Both apps categorize your financial data into similar sections, such as:

• Overall budget

• Income

• Recent transactions

• Upcoming recurring transactions

• Accounts

Both apps allow you to customize the layout on both the app and desktop versions to suit your preferences. In Co-pilot, I prefer to start with the dashboard, which displays the overall budget and recent transactions. Below that, you'll find individual budgets for categories like car, transportation, clothing, and restaurants. You can also add custom categories, such as "gym," "work trip," or "kids."

One notable difference is Monarch's monthly view of upcoming recurring expenses. This feature is incredibly useful for planning and scheduling your life. While Co-pilot lacks this specific monthly view, it would be great to see a similar feature implemented for historical expenses or all income, perhaps with a filter to manage the information density.

Visually, Co-pilot's user interface feels like it was designed by Apple or Spotify. It's colorful and engaging, with a modern aesthetic. Monarch, on the other hand, takes a more functional approach. It's all about data and clarity.

Co-pilot uses color-coding and icons to help you quickly scan through transactions. This visual organization is a nice touch that enhances the user experience.

Now, let's address the elephant in the room: organizing transactions. This is the core challenge of any budgeting app. Be prepared to spend some time teaching the app how to categorize your expenses correctly. Both Co-pilot and Monarch get it right about 80% of the time. However, some merchants have names that are similar to other categories. For example, an auto parts store might be miscategorized. In these cases, you'll need to manually move the transaction to the correct category. If you're a stickler for detail, you can even create subcategories for specific expenses, such as "back to school," "birthdays," or even "antique jet ski collection."

Both apps claim to use AI to improve categorization. Co-pilot's AI kicks in after you've reviewed about 30 transactions, and it starts to assist you with categorizing new expenses. Monarch, however, doesn't have this AI feature.

You can create rules to automate the categorization process. Some users find this process to be tedious and never-ending. Personally, I prefer to create a few basic rules to catch the majority of expenses and then move on. Perfection is the enemy of good.

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For me, Co-pilot wins this round. While Monarch is highly utilitarian, I prefer Co-pilot's rounded corners and visually appealing design. It makes the app more engaging and encourages me to check on my finances more often.

Co-pilot: 1, Monarch: 0

For the sake of brevity, I won't go over every single feature of both apps. However, there are a few key differences that are worth highlighting.

One feature I appreciate in Monarch is the ability to share the app with a partner, financial planner, or even a bookie. This makes it easy for multiple people to stay aligned with their finances. Co-pilot's approach to sharing is simply to have everyone use the same login and password.

Considering the high price point of these apps, it's safe to assume that their target demographic is not struggling college students. These apps are more likely to be used by people who have been in the workforce for 10, 20, or 30 years. This means that their finances are likely more complex and may include investments.

Investment tracking is just as important as daily budgeting. Both Co-pilot and Monarch offer investment tracking features, but one does it better than the other.

I found that Co-pilot's investment tracking features are more comprehensive and easier to understand. Co-pilot shows you the top movers of the day, while Monarch doesn't. Co-pilot also displays more information on the screen at once. Monarch requires you to bounce around to different screens and scroll through large fonts to find the information you need.

Overall, investment tracking is similar in both apps, but Co-pilot's organization and the inclusion of the top daily mover snapshot give it the edge.

While Monarch offers convenient features like app sharing and a helpful calendar view, Co-pilot's investment features provide a greater return on investment.

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Co-pilot takes the lead again due to its superior investment tracking features.

Co-pilot: 2, Monarch: 0

Greatest Budgeting App Ever: Copilot vs Monarch

Both Co-pilot and Monarch are designed to connect to your bank accounts and automatically import transactions. However, if the app can't connect to your bank, it's essentially useless.

Co-pilot connects to Plaid, an industry leader that supports over 11,000 US financial institutions. Monarch also uses Plaid, as well as Finicity and MX. You can generally choose which of these services you want to use to connect to your bank.

I didn't have any issues connecting to my banks with either app, but my banking situation is relatively simple. If you have a wider array of banks, especially smaller credit unions, you're more likely to find a connection with Monarch.

The only way to know for sure if your bank will link to either app is to take advantage of the free trial. Both apps offer a free trial that you can cancel at any time.

In addition to supporting more financial institutions, Monarch is also more widely available. It's available on both the iPhone and Android App Stores, and its web application can be used on a Mac or PC. Co-pilot, on the other hand, is only available on Apple devices and only in the US.

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Monarch wins this round due to its broader financial institution integration and wider availability.

Co-pilot: 2, Monarch: 1

Having your entire budget in your pocket is incredibly convenient, but sometimes you need to zoom out and get a broader view of your finances. This is where the desktop version of these apps comes in handy. In addition to the desktop version, you may also need to contact customer service for assistance.

Co-pilot's desktop version is a native Mac app. It sits in your toolbar and can be accessed with your fingerprint. Monarch has a traditional website login, which requires an extra step.

Both Co-pilot and Monarch's desktop layouts are similar. They both have a menu list on the left side and category blocks in the rest of the window. However, I prefer Co-pilot's layout. It's hard to say exactly why, but I think it comes down to the font and overall aesthetic.

Both apps have responsive customer service departments. However, I found Co-pilot's turnaround time to be a little faster.

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Co-pilot wins this round due to its superior desktop app and slightly better customer service.

Co-pilot: 3, Monarch: 1

This is the most important category of all. Which of these apps is better at helping you create and stick to a budget?

One of the key differences between these apps is their approach to rule creation. If you want to maintain complete control over every transaction, Monarch is the app for you. It loves to be told what to do at every turn. Co-pilot, on the other hand, takes a more hands-off approach. It tries to anticipate your needs and suggest budgets based on your spending habits.

Co-pilot creates budgets for you right out of the gate. You don't have to do anything. If you like the budget it creates, you can simply stick with it. Of course, you'll likely need to make some adjustments to get things dialed in, but I appreciate that I don't have to start from scratch.

Both apps allow you to create smaller spending categories that feed into your overall budget. However, Monarch's approach feels more like a running list of expenses, while Co-pilot's approach feels more moldable.

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Co-pilot wins the final round due to its simplicity, beautiful user interface, and assistance in the budgeting process.

Co-pilot: 4, Monarch: 1

After five rounds of intense competition, Co-pilot emerges as the winner. Its visually appealing user interface, comprehensive investment tracking features, and helpful budgeting assistance make it the better choice for most users. However, Monarch is still a solid budgeting app, and its broader financial institution integration and wider availability may make it a better choice for some users.

Ultimately, the best budgeting app for you will depend on your individual needs and preferences. I encourage you to take advantage of the free trials offered by both Co-pilot and Monarch to see which app is the best fit for you.