I’ve been thinking about the cost of living crisis, the mounting energy bills… and Trends.
I’d like to pitch to @avb and team an idea for a new tab called… Bills!
But firstly what problem are we trying to solve?
I think we need an easy way to track bills over time. I’m a frequent switcher, so often move broadband or other utility provider if I can get a better deal. I want to be able to easily see all of my bills categories over time (electricity, gas, broadband, mobile phone etc) including when they change provider. The current set up doesn’t really allow for that as the merchants change and I don’t have enough categories to have one per bill.
The second thing I want to do is to understand what my personal “inflation rate” for each bill is - i.e how much it’s going up or down. I then want to see how that compares to similar households (a bit like the BBC does here) and to clearly see if I’m paying too much or have a good deal.
Thirdly, I’d like a place where I can take action and switch providers if I want to, or be taken to links about saving money (e.g. a link to my water provider’s offers or water saving suggestions).
Finally, I’d like to be able to tell Monzo what my bills for future months are likely to be. This could be, for example, my credit card bill that will always change but, when I tap that value into Monzo, let’s the Spend graph projection be accurate. Or it could be for months ahead when I’m trying to model how much money (if any) I’ll have left over after energy prices rise again.
What could this look like?
- A new bills tab in Trends
- Some lovely long term graphs, perhaps with the option to overlay average bill value, or normalise for inflation
- A breakdown by bill type (e.g. mobile phone) over time and projected to the future, and to combine bills (electric and gas to energy; airtime contact and device repayment for mobile etc)
- I think there should be a standard, Monzo curated list, of bills. That would then let Monzo (with permission) provide some comparators to see how much average bills are and whether I’m over or under
- A button to tap to explore switching offers. Monzo makes money, we save money. What’s not to like?!
- The ability (perhaps for Plus or Premium) customers to create custom bills categories so I can track other stuff too.
- A future bills section, so Monzo can accurately predict my outgoings in future periods.
I think something like this would really help us get on top of our committed outgoings and make sure we tamp down on excess bills.
What do you think?