Is there a way to edit the scheduled amount of a payment on the app? Some of my Direct Debits can vary, most notibly my credit card payment. Monzo will assume it’s the same each month however this is never the case.
It would be good to be able to adjust the scheduled amount once known. For example, last month may have been £200, and the schedule will reflect that. However after some larger purchases, may be £500 the following month which can make budgeting an issue. This is especially if the credit card payment is particularly high that month. Would be good to be able to manually amend this based on what’s reality.
This would also work for monthly payments which may change annually (e.g. Council tax and utility bills) so that you can know what to expect when viewing the summary.
You can’t edit direct debits as they are controlled by the company that sets them up.
As soon as they update the amount that they will be taking, Monzo will adjust everything automatically so you don’t need to do anything.
If you want to budget for future spending increases, increase your spending budgets in the app and utilise paying from pots - eg. Create a ‘credit card’ pot and have your direct debit taken from there
The budgeting tool isn’t the best for this. The categories are quite limited so the usefulness of this isn’t very good.
I have a separate app I use for monitoring expenses but want this for a purely cash flow purpose. It allows me to know how much I can move to my savings that I can then leave there. Personally don’t like having too many pots, I just have one interest savings account and my current account.
It would be handy to just edit the expected DD, I know it’s determined by the company collecting however would seem to be a small additional feature.
As you’ve just admitted, all the tools are there for you to budget for this but you don’t want to use them.
There is one called ‘finances’ which is perfect for credit cards, or you could put it under ‘bills’ as technically it is one. Don’t worry though, if you need more then custom categories are coming
Sadly I can’t see this ever happening as it’s out of their control and it will just make things so complicated and messy in app if you could “fake” the amount being taken. It certainly isn’t a small additional feature either
Who knows though, I guess time will tell if this is something in high demand
Just tried adding a pot and using the pay from pot feature but by doing this it seems to lose the ability to see the amounts committed in spending summary which is what I’d want. I’d like to see all spending, not just what’s left in my current account. I’d also have to keep transferring money across to it each month, manually calculating it all the time.
Also, the budget feature is very time consuming and would be good if it auto populated committed spending in there so you don’t have to manually look back at all the bills. This is before working out what you’ll spend on non committed spend.
Personally it’s just useful to know what your cash flow is after all committed spend is removed and then you can see what your disposable income is.
This is exactly what budgets and the summary allow.
I think you’re misunderstanding how some of those features work and you seem to have conflated some which leads me to thinking that perhaps you are not using/setting them up correctly?
What you’re describing as issues isn’t what I experience at all and I have a credit card pot that I pay from and all my budgets adjust automatically and I can see exactly how much I have left to spend after all my expenses.
I need to go out now and run some errands. But I think it would be beneficial for someone else to step in and help as they might be able to explain it all a bit better than me (or help me to understand if I’m in the wrong).
Back on topic though, I found a topic where someone suggested similar to what you want in the past and Monzo said it can’t be done due to regulations - sorry
The problem I’m finding is when adding your budget in, there’s no way of seeing what you actually have left to start with after committed spending. Lets say I have an income of £2,000 per month, Monzo shows committed spending of £1,200, but not in the budgeting feature. So if I didn’t know what my monthly commitment was, I’d be manually working out whats the difference between what Monzo estimates my commitment is and what really is coming out. It also wouldn’t work if it was going to be less. Lets say the next month my credit card bill is only £50 but last month was £500, I’ll have £450 less showing as available.
Also, If I put in an amount for the “most you want to spend” function, it’ll always show that as left to spend until you start spending and it’ll reduce. Whilst I can see the use in some cases, personally this doesn’t solve the issue. There’s no way to see when you budget for all the categories, what that totals up to. So in essence, I could say my max is £500 after committed spend, but all my category totals could equal £750 and I wouldn’t know I’m going to over spend. Either way, it doesn’t show what I have left in reality.
What if there was a way to add into expenses you know are coming up which could reduce your left to spend? You could then once the money goes out, as an example tag it to your budget so it wouldn’t further reduce your left to spend. This could be a large purchase in the month, lets say some presents at xmas for £100. You know you’re planning to spend that, but you want to know what’s left after. From my understanding, you wouldn’t be able to tell.
Alternatively, maybe when you add things to spending categories in budgets, it could total up and reduce the total from left to spend.
To stop any confusion on stuff which may or may not happen, you could split each category to be what you know you’ll spend and what you may spend. That way in your left to spend, you’ll know what you have left on anything after your guaranteed costs are gone.
I just transferred what I knew was coming out for credit card variable spending for the month into a bills pot. This took it out of my main balance which was reflected in my left-to-spend figure since I don’t use a budget.
This is what I do, I’ll use round numbers for the sake of ease.
£2000 in as my salary.
Salary sort
£1000 to bills pot where all my direct debits are
£300 for food/fuel into a pot
£200 to savings pot
This leaves me £500 for spends. So I set my budget to £800 (food/fuel + spends) and then effectively ignore my bills pot. There’s enough in there to cover everything and that suits me fine.
Maybe there’s a better/easier way that others do it, but that works for me.
(or help me to understand if I’m in the wrong).