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Comparison · Budgeting apps

Firefly III vs Monarch Money: which is better in 2026?

Firefly III79.0#7 in best budgeting appsMonarch Money88.5#2 in best budgeting apps

Monarch Money ranks higher in our list of budgeting apps (#2 against #7, score 88.5 against 79.0).

How we rank Share

  • 79.0
    Editorial score
    88.5
  • 2
    Platforms
    3
  • Yes
    Free to use
    No
  • Yes
    Open source
    No

Which should you choose?

Choose Firefly III if you want

Self-hosted double-entry bookkeeping.

A free, open-source double-entry ledger that you run on your own server with Docker or a self-managed install. It rewards accounting-minded users, but setup, backups and upgrades are the owner's job.

Choose Monarch Money if you want

Household budgets with forecasts and shared access.

One list for transactions across accounts, with category budgets, forecasts on Plus and shared access for collaborators. It is a hosted subscription after a 7-day trial, with no free plan and no self-hosted option.

The main differences

  • Only Monarch Money runs on iOS.
  • Only Monarch Money runs on Android.
  • Firefly III is open source; Monarch Money is not.
  • Firefly III can be used for free; Monarch Money requires payment.

Side by side

Firefly IIIMonarch Money
Score79.088.5
Rank in list#7 of 10#2 of 10
PriceFree and open sourceFree and open source; you host it on your own serverSubscriptionSubscription after a 7-day free trial
Free to useYesNo
Open sourceYesNo
PlatformsWebSelf-hostedWeb, Self-hostedWebiOSAndroidWeb, iOS, Android
Made byNot statedMonarch Money
Self-hosted optionYesNo
Bank connectionsManual entry and importsYes, linked bank accounts
Budgeting methodDouble-entry ledgerCategory budgets and forecasts
Best forSelf-hosted double-entry bookkeepingHousehold budgets with forecasts and shared access
Strengths
  • Double-entry bookkeeping for accurate ledgers
  • AGPL-3.0 open-source code
  • Installs with Docker or on a self-managed server
  • One list for transactions across linked accounts
  • Forecasting and multiple income sources on Plus
  • Shared view for collaborators
Limits
  • Owner runs servers, backups and upgrades
  • Setup needs more technical skill than hosted apps
  • No free plan
  • Hosted only, with no self-hosting option
LinksVisit site Visit site

Questions about Firefly III vs Monarch Money

Is Monarch Money better than Firefly III?
Monarch Money ranks higher in our list of budgeting apps (#2 against #7, score 88.5 against 79.0). Firefly III is best for: self-hosted double-entry bookkeeping. Monarch Money is best for: household budgets with forecasts and shared access.
Which is cheaper, Firefly III or Monarch Money?
Firefly III: Free and open source; you host it on your own server. Monarch Money: Subscription after a 7-day free trial.
Do Firefly III and Monarch Money run on the same platforms?
Firefly III supports Web, Self-hosted. Monarch Money supports Web, iOS, Android.

Choosing between the two

Learning Center
1:17Beginner · 4 min readHow to decide between two good optionsSettle a close call by sorting it by how hard it is to undo, setting a deadline, scoring the criteria as a tie-breaker and writing down why you chose.1:20Beginner · 6 min readHow to compare products fairly: what to keep in mindDefine the job, cap the must-haves, compare like with like, count total cost over one period and weigh the criteria. Includes a worked example.

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