1-Open Cricut design space 3, and create a new project.
2- Create a shape and colour it.
3- Type your text and change the font if you need too.
4- Resize the text to fit in the shape and place over the shape. Highlight both the shape and the text and then click on the slice tool.
5- Once you have clicked on the slice tool, you will have 3 parts. The original text, the cut out and the left shape with the text cut out.
6- You can click on the text and the cut out text and delete them. This will leave your monogram which has been create with the slice tool.
Note- If the font you use is multi layered and has a shadow you will need to ensure you select the font not the shadow when using the slice tool.