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.