Yes, as @Karen911, already posted, Monthly Levels refresh the 1st of every month. But honestly, at this time in ibotta-land, monthly levels are not structured in an enticing way. I believe there are 4 levels, but sometimes the value of the 4th level is less than the value of the 3rd (go figure!).
Nevertheless, it is wise to check your progress when it gets close to the end of the month to see how close you are to completing your current level. But normally, monthly-levels are not worth much effort.
There are other bonuses, however, that definitely are worth the effort, so always check the "Earn More" button (especially on Mondays & Thursdays).
I hope you find this helpful!
The bonuses seemed more random but I believe they were “adjusted” a few months ago based on feedback from this board. Now it seems like level 1 & 2 are either $1 or $0.50 and levels 3 & 4 are always $1 or $2. The redemption numbers are also higher than I remember them being because they seem to stay at 40 all the time now.
They’re not high enough to pursue on their own but fantastic to stack with other bonus deals and offers.