Abstract The low-energy excitation spectrum of a two-dimensional ferromagnetic material is dominated by single-magnon excitations that show a gapless parabolic dispersion relation with the spin wave vector. This occurs as long as magnetic anisotropy and anisotropic exchange are negligible compared to isotropic exchange. However, to maintain magnetic order at finite temperatures in extended systems, it is necessary to have sizable anisotropy to open a gap in the spin wave excitation spectrum. We consider four real two-dimensional systems for which ferromagnetic order at finite temperature has been observed or predicted. Density functional theory calculations of the total energy differences for different spin configurations permit us to extract the relevant parameters and connect them with a spin Hamiltonian. The corresponding values of the Curie temperature are estimated using a simple model and found to be mostly determined by the value of the isotropic exchange. The exchange and anisotropy parameters are used in a toy model of finite-size periodic chains to study the low-energy excitation spectrum, including single-magnon and two-magnon excitations. At low energies, we find that single-magnon excitations appear in the spectrum together with two-magnon excitations. These excitations present a gap that grows particularly for large values of the magnetic anisotropy or anisotropic exchange, relative to the isotropic exchange.