Monarch Money vs. Empower (2026): Best Mint Alternative?

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.

Quick Comparison

Monarch Money: The Premium Mint Replacement

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.

Key Strengths

• Budgeting Excellence: Comprehensive, flexible budgeting with spending categories, custom rules, and clear visualizations.
• Two Users Included: The $14.99/month subscription includes access for two people, making it excellent for couples and families managing finances together.
• Unified Dashboard: See banking, investments, and net worth all in one place with a clean, modern interface.
• Net Worth Tracking: Automatic tracking of all assets and liabilities with goal setting and progress visualization.
• Custom Rules: Set custom spending rules and categorization to match your exact financial workflow.
• Clean UI: Designed by people who understood Mint's appeal, the interface is beautiful and intuitive.
• Designed for Mint Refugees: Migration from Mint was seamless for many users, with familiar features and workflows.

Pricing & Subscription

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: The Free Investment-First Alternative

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.

Key Strengths

• 100% Free: The entire platform is free for regular users. No hidden costs or paywalls.
• Investment Fee Analysis: Automatically analyzes your 401k, IRA, and brokerage accounts to identify hidden fees you're paying.
• Retirement Planner: Comprehensive retirement planning that projects retirement readiness and suggests adjustments.
• Net Worth Tracking: Automatic aggregation of all assets, liabilities, and investments with historical tracking.
• 21,000+ Institutions: Connects to more financial institutions than any competitor, including small regional banks.
• Wealth Management Optional: Optional professional wealth management for accounts with $1M+ (comes with separate fees).
• Strong Investor Focus: Built for investors who care about portfolio tracking and fee optimization.

Pricing & Options

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.

Head-to-Head Comparison

Budgeting Features

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.

Investment Tracking

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.

Retirement Planning

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.

Fee Analysis

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.

Collaboration & Sharing

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.

Ease of Use

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.

Cost

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.

Connected Institutions

Winner: Empower — Empower connects to 21,000+ institutions; Monarch connects to 11,000+. If you bank at smaller regional institutions, Empower has broader coverage.

Who Should Use Each Platform?

Use Monarch Money If You:

• Are couples or families managing finances together and want two users included
• Prioritize budgeting as your primary financial management tool
• Want a Mint replacement that faithfully recreates Mint's best features
• Are willing to pay for a premium, beautifully designed experience
• Need flexible, custom budgeting categories and rules
• Value collaborative financial management with a partner
• Are not primarily focused on investment fee optimization

Use Empower If You:

• Are an investor who wants free comprehensive net worth + portfolio tracking
• Want to identify hidden fees in your 401k and investment accounts
• Are focused on retirement planning and readiness
• Don't want to pay for a budgeting app and want zero-cost features
• Bank at smaller or regional institutions (21,000+ connections is valuable)
• Are a single user or don't need collaborative features
• Prioritize investment tracking over budgeting depth

Real-World Scenarios

Scenario 1: Married Couple Rebuilding Budgets

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.

Scenario 2: Single Investor Optimizing Returns

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.

Scenario 3: Young Professional Mint Refugee

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.

Scenario 4: Family of Four Managing Complex Finances

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.

Migration from Mint

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.

Customer Satisfaction & Ratings

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.