When Mint shut down in December 2023, millions of users needed alternatives. Monarch Money and Empower both step into that role, but they take different approaches. Monarch Money charges $14.99/month and excels at budgeting and collaborative features; Empower is 100% free and focuses on investment tracking and retirement planning.
Choose Empower if you're an investor who wants free net worth and portfolio tracking with budgeting as a bonus. Empower's fee analysis tool is invaluable for investors, and there's no cost barrier to entry. The retirement planner is also excellent.
Choose Monarch Money if you want a comprehensive paid budgeting tool with beautiful UI designed explicitly to replace Mint. It's especially valuable for couples or power budgeters who want collaborative features and want to share financial views with a partner. The $14.99/month fee includes two users, making it cost-effective for couples.
Monarch Money was built by ex-Mint engineers who understood what made Mint great and aimed to preserve those features while adding improvements. The platform charges a subscription but delivers a premium experience focused on budgeting, net worth tracking, and investment management with a beautiful interface.
Monarch Money costs $14.99/month ($99.99/year if paid annually). This subscription includes full features for two users, making it excellent for couples. Annual pricing saves about $80 per year, bringing the monthly cost to $8.33. There's a free trial to test the platform before committing.
Empower (formerly Personal Capital) prioritizes investment tracking and retirement planning. The core platform is completely free, with optional wealth management services for high-net-worth individuals. For most users, everything is free forever.
Empower's core platform is completely free. Budget tracking, net worth monitoring, investment analysis, and retirement planning are all included at no cost. Optional wealth management services are available for accredited investors with $1M+ in assets, but this is optional and separate from the free platform.
Winner: Monarch Money — Monarch was designed around budgeting and delivers superior budgeting tools with flexible categories, custom rules, and excellent visualizations. Empower has budgeting but treats it as a secondary feature. For dedicated budgeters, Monarch is the clear choice.
Winner: Empower — Empower's investment dashboard is more comprehensive, with better performance tracking, asset allocation analysis, and fee identification. If your priority is managing investments, Empower excels.
Winner: Empower — Empower's retirement planner is thorough and free. Monarch offers basic retirement tracking but not the depth of Empower's dedicated planner. For retirement-focused planning, Empower is superior.
Winner: Empower — Empower automatically identifies hidden 401k fees, expense ratios, and advisory fees. Monarch doesn't offer this. For investors wanting to optimize costs, Empower is invaluable.
Winner: Monarch Money — Monarch includes two users by default, making it excellent for couples. Empower's free version is single-user; adding a second user requires a premium plan. For couples managing finances together, Monarch is better.
Tie — Both platforms are intuitive and mobile-friendly. Monarch's UI is slightly more polished; Empower's is functional but less stylish. A toss-up based on personal preference.
Winner: Empower — Empower is free; Monarch costs money. For budget-conscious users, Empower's zero cost is unbeatable. However, couples should note Monarch includes two users, making it potentially cheaper than Empower + a premium plan for two people.
Winner: Empower — Empower connects to 21,000+ institutions; Monarch connects to 11,000+. If you bank at smaller regional institutions, Empower has broader coverage.
You and your spouse want to see all finances in one place and rebuild a budget after a major life event. Monarch Money is your answer. Two users are included, the budgeting tools are excellent, and collaborative features let both partners stay aligned. Choose Monarch Money.
You have a diverse investment portfolio across multiple accounts and you want to identify fees and optimize your allocation. Empower's free fee analysis and portfolio tracking are exactly what you need. Choose Empower.
You loved Mint and just want something familiar. Monarch Money was built by ex-Mint engineers specifically for you. The interface and workflows will feel comfortable. Choose Monarch Money.
You have a mortgage, kids' 529 plans, retirement accounts, and taxable investments. You want comprehensive budgeting but also need investment tracking. Empower's free fee analysis is valuable, and Monarch's budgeting is superior. The choice depends on whether budgeting (Monarch) or investment optimization (Empower) is your priority.
When Mint shut down, thousands of users migrated to one of these platforms. Monarch Money explicitly courted Mint users, and the migration was often smooth. Empower also accepted Mint migrants and provided migration guides. If you were a heavy Mint budgeter, Monarch Money feels more natural. If you were primarily using Mint to track investments, Empower adapts more easily.
Both apps score highly with users. Monarch Money maintains a 4.7/5 rating, slightly higher than Empower's 4.6/5. Users praise Monarch for its beautiful design and budgeting depth; Empower users love the free cost and comprehensive retirement planning.
Mike founded TopMoneyApps and personally researches, tests, and reviews the finance apps covered here, alongside public data from the Federal Reserve, BLS, Experian, and FICO. He built the site to rank money apps on features, price, security, and real-world usability — not marketing.
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