So in Spain, there is a unique system whereby you receive your salary not in 12 instalments, but in 14, with a double paycheck arriving in one summer, and one in December - the idea being to help families with times of the year where spending is high but where pay would not otherwise correlate.
One idea I had is that Monzo could actually automate this:
Select the months you wish to receive an increased salary (say, June and December)
Select how much you want your salary to be increased by in each of these months (say receive 1.5x in June, 2x in December)
Monzo displays how much lower your salary will be in the remaining months of the year to make up for these increased payments
Any thoughts on this as a feature? I’d imagine it’s fairly feasible from a technical perspective. There would be problems to solve should a customer e.g. decide in October that they want their December salary to be doubled, but those shouldn’t be showstoppers by any means.
Is this something people would like to see? From my perspective, the Spanish payroll system seems really appealing, but implementing it here with current banks would require a lot of faff and manually setting things up.
That’s actually a pretty awesome idea Certainly we’re probably best placed to offer such a service compared to other banks. Given that @hugo is Spanish, I wonder if this idea has been brought up internally already…
Apologies, you are right. I’ve asked a friend and it does seem to be a thing in some industries and companies.
My mother is Spanish, I’ve plenty of family and friends there and never heard of this. Then again, I don’t go asking people how often they get paid
In Spain is less and less common nowadays. Only government employees and big old corporations are paid on 13 or 14 salaries instead of 12. To give you an idea, I worked there for a decade and never had a contract with “extra” salaries.
The important bit remains though, people spend more on certain periods and it’d be great if we can give them the right tools to budget and allocate money in advance. Not sure about the right formula yet though
This is something I try and correct for myself at the moment in monzo - i set myself different targets per month depending on whats going on (e.g. December much higher to account for christmas - going on holiday one month - increase the target)
It might be nice if Monzo at the beginning of each month had a prompt for that (e.g. going on holiday? Add X amount. Its December - should you increase your budget? Our users spent Y% more in december than average months)
Ahhh, thanks for the update @Hugo! I was going off what I knew from my old Spanish teacher and a brief Google search. Delighted to hear Monzo is working on ways to allow people to anticipate higher spending periods though :-))))
Certainly we’re probably best placed to offer such a service compared to other banks. Given that 
