SoloFI vs Monarch Money
Detailed comparison to help you choose the right financial tool for your freelance business
Monarch is excellent, but built for employees
Monarch Money is arguably the best Mint replacement for W-2 employees and households. But freelancers have unique needs—SE tax, quarterly payments, Solo 401k optimization—that Monarch simply doesn't address. SoloFI fills that gap.
SoloFI
Financial independence for freelancers
Freefreelancer-focused
Best for:
- Self-employed individuals
- Freelancers and consultants
- Solopreneurs building wealth
- Those pursuing FIRE as a freelancer
Key advantages:
- Understands freelancer finances
- SE tax and quarterly payment tools
- Retirement optimization calculators
- S-Corp decision tools
- FI planning features
- Free to use
Monarch Money
The modern way to manage your money
$15/moor $100/year
Best for:
- Households managing shared finances
- People who loved Mint
- Those wanting collaborative budgeting
- General financial planning
Limitations:
- No freelancer-specific features
- Doesn't understand SE tax
- No quarterly tax estimation
- No retirement optimization for self-employed
- No S-Corp or business tools
- Built for W-2 employees and households
Feature Comparison
| Feature | SoloFI | Monarch Money |
|---|---|---|
Bank Syncing | coming soon | |
Net Worth Tracking | ||
Investment Tracking | ||
Budget Categories | basic | |
Goals & Milestones | ||
Household Collaboration Share finances with partner | ||
Financial Reports | ||
SE Tax Calculator | ||
Quarterly Tax Estimates | ||
Solo 401k Optimizer | ||
SEP IRA Calculator | ||
S-Corp Analysis | ||
HSA Optimization | ||
FI Calculator Financial independence projections | ||
Roth Conversion Ladder | ||
QBI Deduction Calc | ||
Advisor Access | paid add-on | |
Price | Free | $15/mo |
Choose SoloFI if you...
- Are self-employed or have freelance income
- Need quarterly tax estimation
- Want Solo 401k / SEP IRA optimization
- Are evaluating S-Corp election
- Pursuing FI as a freelancer
- Want specialized tools for free
Choose Monarch Money if you...
- Are primarily a W-2 employee
- Want to manage household finances with a partner
- Need detailed budgeting with rules
- Prefer established platform with support
- Don't have significant self-employment income