Monarch has this great feature where it shows you the average spending for a category over the last 6 months, which is super helpful for things like car repairs that don’t happen often but are expensive when they do.
The problem is, Monarch’s categorization is really bad. The rules are too simplistic and assume merchants with similar names are the same, which makes the app pretty frustrating, especially for $15 a month.
I’ve been using RocketMoney premium, and it’s much better with categories and rules, but it doesn’t have the forecasting feature I need. Is there a more complete app that has both features?
@Gray
This looks really promising! Setting it up is taking some time—I’m about 2/3 through making all my transaction rules. The main issue I’m seeing is my credit card payments showing as expenses in my checking account and then doubling in the credit account. Still figuring that part out.
@Weston
Yeah, setup can be a bit tricky, but their support team is really helpful if you run into problems. Once you get the hang of it, it’s a great tool.
Try changing the rule to ‘original statement’ instead of ‘merchant name.’ I had an issue with Costco gas showing as groceries, but changing the rule fixed it.
Teo said:
Try changing the rule to ‘original statement’ instead of ‘merchant name.’ I had an issue with Costco gas showing as groceries, but changing the rule fixed it.
I tried that, but it just wiped out the rule entirely.
I like Copilot too. The average monthly budgeting feature is great. There’s some setup involved, but once you get it going, it’s been smooth sailing for me.