As a public Monzo user
I would like to catogorise a withdrawal transactions
So that I can balance my monthly budgets accordingly
I’d like the ability to apply a catagory to a green (credit +), transaction, such as a pot withdrawal. This seems to be a feature for refunds at the moment, but not for pots. For examples, I spend £20 at amazon - my shopping budget goes down - I return the item because I didn’t want it - my shopping budget goes back up. Perfect at the moment.
However, let’s say I have a pot for a really fancy DMC watch I’m saving up for, completely separate to my budgets. I save up £200 over 6 months and finally I’m ready to crack open that pot.
Let’s say my shopping budget is £100. I withdraw the £200 from the pot moments before I go marching into the shop. I buy the watch for £200. Then I look at my budgets - and here is the problem - my shopping budget of £100 is now completely blow up - having taken the transaction for £200, it has counts the purchase as “shopping” and makes me look like I’ve way over spent.
This has always been a problem for me - put money aside ready for something, then when I’m ready I withdraw, and my budgets just go way off, making them useless. I’m suggesting that the pot withdrawal has the option to adjust budgets accordingly.
I save up £200 for my watch, and my monthly shopping budget is £100. I crack open the pot, and I take 200 - catagorising my withdrawal as shopping - then my shopping budget goes up to £300. I walk into the store, buy the watch for £200, and I have £100 left in my hopping budget for the money.
So there are workarounds, I sometimes have to go into my budgets and manually adjust them upwards to accommodate - but then I have to mentally add up all the budgets and change the number at the top. I’m open to seeing how other people deal with this.
I have about 12 pots set up for different occasions, and I mirosave to them all year round, ready for those events. It is just withdrawing is such an disruption to the overall budget and balance, it is such a pain!
When I noticed my uber transaction returning to my account under the ‘transport’ budget, I thought - man I wish pots did this.