Hey community, it’s me again - Rore the Product Marketing Manager for Monzo Plus and Premium.
Today I’m excited to announce the latest addition to Trends. Introducing… targets, the tool to help you set a budget that’s right for you and help you to stick to it.
You’ll need to be on iOS 5.4.0 or Android 5.4.0 or newer to see targets.
We’re slowly rolling out the feature and as you know, Trends will be permanently replacing Summary in the near future. With balances, spending, and now targets, Trends is now the place in the Monzo app to understand and manage your money.
And on that note, I’d like to share all the key benefits of using targets to set and track your spending.
To make your budget easy to manage, targets lets you set one total spend amount for the month.
You can control which accounts and spending categories you include, and choose when to start each month’s spending target. That means even if you schedule payments from a Pot, you can include it in your target.
Targets has an interactive graph to show how you’re doing against your budget.
Similar to Summary, it shows the amount you have left to spend before your next payday. But the Trends graph better visualises the pace of your spending and provides clearer warnings when you’re off track and close to running out of money for the month.
With Monzo Plus and Monzo Premium, you can create customised spending categories and include spending from your other connected bank accounts and credit cards.
Unlike Summary, targets works with Monzo Plus and Monzo Premium features for more personalised and comprehensive spend tracking.
Also, with Monzo Plus and Monzo Premium, targets can even recommend an achievable, personalised target by analysing your past spending behaviours.
It can also suggest an amount to reduce your spending each month which could add up to big savings over time. You can then use the extra cash you don’t spend however you like, perhaps to top-up your savings Pots!
We want to make sure you get the most out of Trends and over time we will continue to improve its functionality.
We’d like to thank you all for your continued feedback on Trends. We read all the responses we get and it’s helped us build something to help manage your money better. We want Trends to help you get the most from your money so please keep your feedback coming.
Monzo Plus is £5 per month • 3 month minimum • Must be aged 18+ • Ts&Cs apply
Monzo Premium is £15 per month • 6 month minimum • Must be aged 18-69 • Ts&Cs apply