Default categories

Monarch has 60 default categories which will automatically recognize transactions related to them. Categories are like folders or envelopes in that they can be used to group similar things together for cash flow reporting or budgeting.

We recommend using the built-in system categories when possible since it's less work to have Monarch detect the correct category for new transactions. But you can change their names or emoji to better suit your style or setup a transaction review system if you want to make sure everything is being put in the right category.

You can also create custom categories which Monarch will not automatically place any transactions into. Instead you will need to create rules to specify the criteria for when a transaction should be put in a custom category or manually categorize them as they comes in.

Investment Transaction Categories

The first time an institution syncs an investment transaction to your account, two new categories are added: Buy ➡️ and Sell ⬅️. These categories allow you to categorize your investment buys and sells as transfers instead of income or expense. 

If you do not see these categories, do not stress! These do not appear as default categories at first, they only show up once you sync investment transactions.

Remove Default Categories

Default categories can be deactivated but not deleted. Deactivating a default category will remove it from everywhere in Monarch except the settings screen in case you want to re-enable them in the future:

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Note that if every category in a group is deactivating the group will still show on the plan budget page. For this reason it's usually best to have deactivate categories mixed in a group with active categories so they don't show up on the plan budget.

It's also worth reviewing certain system categories that you might be able to deactivate if they don't apply to you:

  • Housing: Deactivate 🏠 Rent if you own a home with a mortgage or deactivate 🏠 Mortgage if you rent your place.
  • Auto & Transport: If you don't own a car you can deactivate most of the car categories but maybe keep 🚕 Taxi & Ride Shares and 🚃 Public Transit
  • Children: This whole group of categories can be deactivated if you don't have kids.
  • Business: This whole group of categories can be deactivated if you don't have business expenses. You can also deactivate the business income category.

System Categories

Income

  • 💵 Paychecks
  • 💸 Interest
  • 💰 Business Income
  • 💰 Other Income

Expenses

  • Gifts & Donations
    • 🎗️ Charity 
    • 🎁 Gifts 
  • Auto & Transport
    • 🚗 Auto Payment
    • 🚃 Public Transit
    • ⛽️ Gas
    • 🔧 Auto Maintenance
    • 🏢 Parking & Tolls
    • 🚕 Taxi & Ride Shares
  • Housing
    • 🏠 Mortgage
    • 🏠 Rent
    • 🔨 Home Improvement
  • Bills & Utilities
    • 🗑️ Garbage
    • 💧 Water
    • ⚡️ Gas & Electric
    • 🌐 Internet & Cable
    • 📱 Phone
  • Food & Dining
    • 🍏 Groceries
    • 🍽️ Restaurants & Bars
    • ☕️ Coffee Shops
  • Travel & Lifestyle
    • 🏝️ Travel & Vacation
    • 🎥 Entertainment & Recreation
    • 👑 Personal
    • 🐶 Pets
    • 😜 Fun Money
  • Shopping
    • 🛍️ Shopping
    • 👕 Clothing
    • 🪑 Furniture & Housewares
    • 🖥️ Electronics
  • Children
    • 👶 Child Care
    • ⚽️ Child Activities
  • Education
    • 🎓 Student Loans
    • 🏫 Education
  • Health & Wellness
    • 💊 Medical
    • 🦷 Dentist
    • 💪 Fitness
  • Financial
    • 💰 Loan Repayment
    • 🗄️ Financial & Legal Services
    • 🏦 Financial Fees
    • 🏧 Cash & ATM
    • ☂️ Insurance
    • 🏛️ Taxes
  • Other
    • Uncategorized
    • 💸 Check
    • 💲 Miscellaneous
  • Business
    • 📣 Advertising & Promotion
    • 📞 Business Utilities & Communication
    • 💵 Employee Wages & Contract Labor
    • 🍴 Business Travel & Meals
    • 🚖 Business Auto Expenses
    • 📁 Business Insurance
    • 📎 Office Supplies & Expenses
    • 🏢 Office Rent
    • 📦 Postage & Shipping

Transfers

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