Bills Account and Budget managing

(Bobby Demosthenis) #1

My biggest problem I have, I get paid and then I’ll spend a bit here and there, and before I know it, my bills are taken out and it leaves me incredible short or not able to save etc. What would be a great idea, is on Pay day, my money gets out in. Now I’ve already told Mondo what bills/standing orders or ‘rules’ for saving etc and then my Bill money is calculated, and transferred to my bills account and savings into savings account. So whatever is left, I know I can spend and budget accordingly.

Also, a rule for putting X amount of money into the card every week for help budgeting.

(Adam) #2

This in theory can already by done by setting up a standing order with your existing bank to credit your Mondo account. Their bank details for the SO are within the app itself if you look under ‘Top Up via Bank Transfer’.

Edit: I also understand you could have meant the entire post for when :mondo: offer banking services in the future

(Tristan Thomas) #3

Thanks Bobby! I’m sure @ole and @hugo will be interested to see this as they start work on new budgeting features :slight_smile:

Budgeting tool suggestion
(Bobby Demosthenis) #4

@walderston yeah. It’s just an idea. I am currently banking with another bank and I pay for this feature, the budgeting, where bill money is taken away etc. And I pay for this happily.

@tristan It’s my understanding that the vision for Mondo is to be the bank with everything people want, to use your example, like uber, so perhaps these ‘features’ can be a list of extras people can ask to be added to their account or taken away. Initially the account should come with a set amount of features as standard, but other features could be added on. This is purely from an understanding of programming in php, with modules etc being added, not from this kind of banking programming but an idea all the same I have no understanding and therefore no idea that this is possible in this environment.

(Sean) #5

I think this would be a really helpful feature and for people that need to budget :moneybag::money_with_wings: - Like myself would help them be able to pay the bills and not go into the red before payday has even been :blush:

(Fin) #6

Budgeting is something I’m quite interested in, and for the moment (until Mondo becomes a full bank) it’s less about bills for me and more about day to day spending. There seems to be lots of threads on this and I haven’t read them all, so apologies if I’m plagiarising, but I think it would be great if you could set a daily ‘limit’ which Mondo keeps you aware of.

Given Mondo isn’t a bank yet, I am using my account for general spending. Bills and other stuff gets sorted with my other bank, and each pay day I top up my mondo account for spending. I think what would be really cool, is if you could set a monthly budget (e.g. £600) and Mondo splits that out over the days until your next pay day. Let’s assume 30 days, so £20/day. I’m envisaging this as an alternative function to the “spent today” calculation in the top right of the home screen. Each day you get closer to your next pay day, the average over the number of the days left is recalculated, so if you spend nothing for three days, you can see your daily budget has risen to ca. £22 – equally, if you have a big expense that takes you off course, your daily budget would show less than £20, and you know you have to work to get back to an even keel. In this sense the daily limit is obviously not a hard limit (as Mondo won’t stop you spending on the big item), more a soft limit, or target.

I think this feature is still relevant for when Mondo is a full bank – but maybe then you can squirrel money away into other Bills accounts within Mondo, and just use your ‘main’ mondo account for spending – I don’t know.

Apple Watch App
(Hugo Cornejo) #7

I feel we’re all getting to kind of the same solution, it sounds really really similar to what we’ve been working lately. More details :soon:

(Fin) #8

Awesome! :+1: look forward to seeing it in action Hugo.

Great periscope yesterday btw.