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Simplify Money Handling in Your Rails Application with Money-Rails Gem

by Michael Blum on 20.03.2023


Managing money and currencies can be a complex and error-prone task when developing financial applications. To make this process easier and more reliable, the Money-Rails gem offers a comprehensive and straightforward solution for Rails applications. In this blog post, we will explore the features of the Money-Rails gem, its advantages, and how to use it in your Rails project.

What is the Money-Rails Gem?

Money-Rails is a Ruby gem that integrates the Money library into Ruby on Rails applications. It simplifies money handling and currency conversions by providing a set of utilities, helpers, and ActiveRecord integrations. By using the Money-Rails gem, developers can ensure that their applications follow best practices for handling monetary values, avoiding common pitfalls like floating-point arithmetic issues.

If you’re interested in learning more about the potential issues with floating-point arithmetic and how to avoid them, check out this article on IEEE 754 floating-point arithmetic:

Key Features of Money-Rails

Getting Started with Money-Rails

To begin using Money-Rails in your Rails application, follow these simple steps:

# Add the gem to your Gemfile and run bundle install:
gem 'money-rails'
# Generate the Money-Rails initializer with the following command:
rails generate money_rails:initializer

class Product < ApplicationRecord
  monetize :price_cents

This will create a price attribute that automatically handles money values and currency conversions.


The Money-Rails gem offers a powerful and easy-to-use solution for handling money and currencies in your Rails applications. By leveraging its extensive features and adhering to best practices, you can ensure that your application is reliable, accurate, and user-friendly when it comes to managing financial data. Give Money-Rails a try and see the difference it makes in your Rails projects.

Happy Coding!


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