Ability to set overall budget instead of spending budget

Currently, if we want to set an overall budget we can’t. What Monzo enables us to set is a spending budget. This is only for spending not classed as committed spending (scheduled payments).

If a spending budget is set, left to spend = spending budget - spending that hasn’t been classed as committed spending.

This works ok if committed spending does not change month-to-month. However there are several reasons this is not always the case e.g. upward creep of bills, and quarterly or annual direct debits.

Request: I’d like to be able to set an overall budget that includes my committed spending. My left to spend would then be

Left to spend = overall budget - spending - committed spending

The advantage is my left to spend figure would then account for month-to-month variation in committed spending.

Currently this can be achieved in a ham-fisted sort of way by not setting a spending budget and moving excess money to pots at the start of the month. The balance at the start of the month then becomes the de facto overall budget. In this case

Left to spend = Balance - committed spending that hasn’t yet been spent (upcoming scheduled payments)

However I dislike this approach. I prefer to keep some excess money in my current account.

I like categories, but my spending should go to the same total figure as for now it is divided :thinking::crab:

I prefer the way Emma handles this. In Emma, once a committed spend has been spent it gets moved into the spending section and doesn’t remain in the committed section.

2 Likes

Oh that sounds like exactly what I’d want. I agree with the above that I’ve always found this distinction unhelpful.