Zero-Based Budget in Monarch Money | 2024 Financial Goals | Part 2

Today we're creating a zero-based budget in Monarch Money, which is part 2 of my "2024 Financial Goals" series.
While I'm planning for 2024, I thought this video would be perfect for all the Mint users migrating to Monarch (pun intended) because of Mint's shutdown, so I fed two birds with one scone! 🕊️
Subscribe to stay tuned for the next video about my financial goals, and I'll see you all in the next one! Much love 💚
#zerobasedbudget #MonarchMoney #MintBudgeting
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☾ t i m e s t a m p s
0:00 Intro
0:41 Budget Structure
1:10 Account Types
3:28 Categories
5:59 Tags
7:19 Transfers
7:36 Transfer Option One
8:31 Transfer Option Two
13:44 Rules
15:52 Unspent Rollovers
17:24 Bank Balance Rollovers
19:35 Troubleshooting
23:16 Outro
☾ a b o u t m e
Age: 27
Gross Annual Salary: $50k
Location: Virginia Metro Area
Context: Living with roommate
☾ p e o p l e / r e s o u r c e s m e n t i o n e d
Monarch Money: Get a FREE 30-Day Trial AND 50% off your first year! Use the Code MINT50
shorturl.at/asAQR
If you just want the 30-day trial, use this link:
www.monarchmoney.com/referral...
☾ m u s i c
Music: "Butterflies" by prodbybsvs
• (FREE) Sabrina Claudio...
☾ m y s h o p
Visit my link below to see all my digital products, including FREE templates!
www.pinnotpaper.com
✨ Use the code 'TH-cam' for 10% off!✨
☾ c o n n e c t w i t h m e
I'm Taylor, a graphic designer sharing templates to build a healthy relationship with money again 🤗
Website: htttps://www.pinnotpaper.com
Support me on Ko-fi: ko-fi.com/pinnotpaper
Email: [e-mail]
Disclaimer: Pin Not Paper is not a financial advisor. All content, products and services are for entertainment purposes only and should not replace the advice of your certified financial planner.
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☾ t e c h i n f o
Phone: iPhone XR
Laptop: Macbook Air
Video Editing Software: Descript
Graphic Design Software: Canva
☾ s u b c o u n t: 655

[@pinnotpaper]

If you're migrating from Mint to Monarch, use the code "MINT50" to get a FREE 30-Day Trial AND 50% off your first year!
shorturl.at/asAQR

[@jayess4]

THIS HELPED ME SO MUCH. I was so lost!

[@pinnotpaper]

I'm glad you found my video! 😊

[@PaulProsperInvestments]

Nice video. Newbie to Monarch from Mint here. This was very helpful.

[@pinnotpaper]

That’s awesome to hear. Welcome to Monarch 💚

[@nezermarkwei8733]

Great video! I have two questions and would deeply appreciate your response.
1. How do you categorize the budget groups by Needs, Wants, Wealth, and Other (Priority) instead of Monarch's default layout, which categorizes the budget into Auto & Transport, Housing, Bills & Utilities, etc., within Expenses?
2. How do you add categories into the Group or Type (for example, you have Planned and Potential under Income, which have sub-categories within them, respectively)?

[@pinnotpaper]

Thanks for watching! The short answer to your question can be found on Monarch’s website here: help.monarchmoney.com/hc/en-us/articles/360048883771-Custom-categories
The longer answer is here:
1. Go to Settings > Categories and under “Expenses”.
2. Click “Create a Group” and name it “Needs”. Repeat this step for Wants, Wealth and Other.
3. Go through the list of Monarch default categories and move each relevant category to those groups in a way that makes sense to you (i.e. move the “Rent” category to “Needs”).
4. You can do these same steps for the “Income” section at the top by clicking “Create a group”, naming it “Planned” and “Potential” and move/rename the categories to those relevant groups.
Hope this helps!

[@nezermarkwei8733]

Thanks so much! You’re the best

[@CashBearMama]

Happy Holiday 💜

[@pinnotpaper]

Same to you! 🦃

[@anthonyagu6491]

Good information. However, my income fluctuates every month. How do l handle this situation creating my budget? Also, you mentioned debt reduction, where can l find details on this topic?

[@pinnotpaper]

I would budget for the lowest possible income you could earn in a month (that’s what I did when I was purely living off my freelance income). If you’re talking about my debt tracker, here’s the full video: th-cam.com/video/XUxSHbBCSRY/w-d-xo.htmlsi=FLyni7mAB-K9eovQ

Hi. I like your strategy on rollover funds but have some questions. May I message you somehow?

[@pinnotpaper]

You can always email me at [e-mail]! But I just released a new video on rollovers in Monarch Money, so feel free to check that out as well and see if that helps 🤗