Breakdown


(Hugo Cornejo) #1

Hi everybody,

As promised (sorry for making you wait), here are a few screenshots to share with you some of the good stuff that we’re planing for the upcoming Monzo current accounts.

So, here it is, the freshly-updated and smarter-than-ever Spending tab.

First thing you’ll notice is that we are playing with the idea of renaming this tab, maybe “Breakdown” or “Analysis”. In essence we want to reflect the fact that Monzo is not just a spending card but a full bank account that will also track your income, savings, etc.

We’ll give you an update about categories :soon: but you can already see here some of them along new features and adjustments around expenses and holiday tracking.

On this other set of screens you can see how targets will work with this new approach. The main difference is that potentially a Target is not longer necessarily a “Spending” target but maybe “Savings” or even an “Income” one (if you’re a freelance and want to set as an objective earning a certain amount of money). There are tons of ramifications here but I think you get the idea with this teaser.

Additionally we’ll use the same visualisation to show you how many days are left to the end of the period (for some people this will be payday to payday, for others maybe just a calendar month, or a week, or two random dates). The basic idea is that you’ll be able to see how many days you still need to stretch that money left :money_with_wings:

I think that’s all for now, please give it a thought and let me know if you think this would work for you, ideas and suggestions :slight_smile:

Thanks!
Hugo

PS: @Naji is putting a system in place so we post new sneak peeks every week, you’re going to love it.


Current Account Sneak Peeks
Save The Change 1
The Richest Man in Babylon: Back to Basics Budgeting
Current Account Sneak Peeks
Setting targets
Set Start of Month 1
Direct Debit Reminder
Splitting Cash Withdrawals into Several Categories
Direct Debit location in the App
How would this situation work?
Additional Categories
Custom Categories - 1
The Monzo Current Account Preview
Set Start of Month 1
Which categories would you like to see?
The Monzo Current Account Preview
The Monzo Current Account Preview
Countdown
'Expecting refund' Feature
Targets
Pots
Competitor update
Custom Categories - 1
Custom Categories - 15 & New Category Requests
Payment reactions
Custom Categories - 1
Custom Categories - 1
What happened to Weekly Sneak peaks?
Upcoming standing order/direct debit notifications
2018 Roll-out timeline?
Inconsistencies with Notes
How about an income tab as well?
Remember Payee Info + More Spend Categories
Remember Payee Info + More Spend Categories
Custom Categories - 1
Pots
Monthly Budget Tracker
Suggestion for current account
Set Start of Month 1
Full Current Account Layout design?
Actual CA Users
Recurring Payments
(Adam Hockley) #2

@hugo maybe we can not flag it as spam haha :joy: your posts now thanks :slight_smile:


(Peter Day) #3

Looks fantastic Hugo! Thanks for the preview!!


(Daniel Rivers - Proud Current Account Holder) #4

Love it! I really like how we will be able to track spending with ‘days left’, will really help with knowing how much money I really have.

The committed it perfect! Not sure I have seen my direct debits and standing ordered laid out like this anywhere.

Good work! Can’t wait to see more… and to start using obviously!


(Tom - Alpha) #5

The “committed” spends is exactly what I was hoping for. Looking great.


(Rich) #6

looks awesome! I have been using other apps to display my income and spendings like this. so happy it will all be done through monzo :smiley:


(Alex Sherwood) #7

This looks amazing :heart_eyes:

On top of the things Hugo & the replies in this thread have mentioned, I spotted a new category ‘personal care’.

And following on from his comment -

it looks like some sort of sub-category functionality could be on the way, which would possibly enable custom categories :eyes:


Custom Categories - 1
Drilling down or new category type
(Zander) #9

Perhaps this could serve well as the next sneak peek :wink:


(Benjamin Doherty) #10

Looks sick. I cannae wait. The way that you have put subcategories within expenses looks fucking brilliant. Hopefully you will be able to do the same for holiday.

Like Alex I am also eager to see what the ‘personal care’ category is all about.

And the committed and income tab look brill n all.


(Simon Porter) #11

Is the whole savings pot thing coming later?

The days to go indicator looks perfect :smile:


(Bob) #12

Surely the cash marked ‘COMMITTED’ is from savings pots? We just haven’t been shown its breakdown yet?


(Richard Raybould) #13

Based on the third phone on the first image, committed looks to be known outgoings for the rest of the month? These include standing orders you set up from Monzo in addition to predicted Direct Debits and regular subscriptions being pulled from the card.


(Alex Sherwood) #14

A couple more things (I’m not adding these to my previous post because it’s already been liked)…

At first I was concerned that the circle at the top of the window took up too much space but actually they’ve packed a lot of information into it :slight_smile:

Secondly (& maybe this is just a ‘power user’ concern), I’d be interested to hear whether any changes will be made to the category :traffic_light: alerts, now that the ‘x days to go’ marker has been added.

I assume that the days to go marker will simply show what % of the month remains. But the category alerts have an assumption / contingency built in - that the user could decrease their spending, to an amount that’s 20% less than their target divided divided by the number of days in the month aka their daily allowance, if they spent too quickly at the beginning of the month - which could cause a mismatch between the alerts & the days to go marker.

In other words, the shaded section of the circle which shows what % of their target the user has spent, could be past the days to go marker - which would suggest that the user is not on track to meet their target. But the category alert would still be green because of the 20% contingency…

That’s obviously not the first question that users will have about this change :slight_smile: but it would be good to hear whether or not the contingency will be changing at some point.

Oh & breakdown > analysis - keep it casual :monzo:


(Bob) #15

Ah yeah, I see that now. But I would expect the savings pots to be listed here too, since it would be money committed to savings for holidays, new car, buying a home etc.


(James Billingham) #16

Yeah I was wondering about that. If it had gone past the line and was still green, users would likely get a bit confused. I suspect that the marker will actually be slightly further ahead than the true proportion in order to handle this.


(Christopher J. Sladdin) #17

Really interesting sneak peek, thanks for sharing Hugo.

Given that those who are not self-employed are normally reimbursed for their expenses, will there be the option to set an ‘expected repayment of expenses in X days’ somewhere in the settings which would then mean that expense transactions showed up in the anticipated income section under the breakdown?

Also intrigued about potential savings pots integration, as mentioned by others above.

Looking forward to next week’s sneak peak!


(Nick Sparks) #18

The committed spend is a fantastic feature! Thanks for sharing it :smile: Looking forward to the current accounts even more now


(not related to Monzo CEO) #19

Looking tight. Now I just need my current account to enjoy the goodies. I assume I’ll be getting that any day now :troll:


(Frank) #20

I think this is really shaping up into a usable feature for managing personal budgets. And great work on the designs @hugo.

However my budget and payments are joint. Mortgage, loans, council tax.

Are joint accounts on the roadmap?


(Alex Sherwood) #21

They’re in Monzo’s plans but not on the actual roadmap yet :slight_smile: