Breakdown


(Toby Toller) #50

A useful category for current accounts would be ‘Transfer between accounts’. Would avoid transfers to an alternate bank account being classed as ‘Spending’ and coming out of targets :upside_down_face:


(Alex Sherwood) #51

A post was merged into an existing topic: Remember Payee Info + More Spend Categories - CA


#52

The entire Sneak Peaks category is a candy-shop window, frustratingly out of reach for Android users. :candy:


(Alex Sherwood) #53

C’mon Awn, as a regular user, you must have seen this by now? :weary:


#54

Candy-shop is opening soon. :tada:


(Scott Griffin) #55

I have a current account now but it seems the spending periods are not customisable yet. Any news on when this is coming? Would really like to match it up to my paydays rather than monthly.


(afonso) #56

Same. crucial for the feature to be useful…


(Aleksandra) #57

I really like the screen shots, really easy to see where you are. Excited for the countdown thing, as will really help with budgeting. Great work!


#58

Periods matching the payday would be awesome indeed. I’m paid on the a specific day every month if that’s a weekday, or the last working day before that day if it happens to fall on a weekend or a bank holiday. Surely Monzo is taking that into account? :slight_smile:


#59

If you have direct debits and standing orders give a balance net of these at the start of the month so you know what your available to spend is …


(Alex Sherwood) #60

I’ve moved your post here because as Gareth mentioned, it sounds like the breakdown will display the info that you need. I hope that helps :slight_smile:


(Simon Woodward) #61

What about an option to see an “expected” or “predicted” balance (depending on what you want to call it) for current accounts.

This would use (very predictable) standing order data and (semi-predictable) direct debit data (based on either previous month, or last 6 month average for example) to give you a running balance total once all expected deductions have left by the end of the month.

So from day one after my salary goes in, this total is what I have left after all expected regular debits are made by the end of the month.


(Shaun McDonald) #62

I suspect things like pots will help with this, as future payments can be allocated to a pot, then you would have what you have available to spend based on another pot.


(Simon Woodward) #63

If you could have a pot that dynamically included all your regular payments, then maybe. The important thing here is this is automatic.


(Ian Lyon) #64

As far as I’m aware this is already in the plans :thinking:

From what I’ve seen, the idea is that Monzo will predict your balance based on your direct debits and standing orders, and it’ll look at your current balance and tell you if it thinks you won’t have enough to cover the payments; it’ll then offer an overdraft to cover these costs, and tell you exactly how much the overdraft will cost up front.

I’m not totally sure if an exact balance prediction is on the cards, but I’d imagine that’s roughly within the scope of the existing idea to let you know if you won’t have enough money to cover your upcoming payments :smiley:


(Jamie 🏳️‍🌈) #65

Which is why the overdraft has to be a fixed cost per day, 50p.


(Ian Lyon) #66

Spot on. Having that kind of certainty removes a ton of financial anxiety up front.


(Tom ) #67

Hey Simon
I’ve moved your post here - Breakdown sounds like it will be just what you’re after.
Tom


(Simon Tomes) #68

Still McLovin the Current Account.

I find monthly targets slightly less useful than during my pre-paid days. Why? Because I have to manually deduct Standing Orders based on how they’ll impact how much I can spend a month. Particularly as in my case I have two mega Standing Orders coming out on the 25th of each month. It’s only after that date do I have a better picture of how much money I have left to play with for the month.

Perhaps “Pots” will help solve this problem.

Here’s a quick fix idea:

Allow a “Target less Standing Order” tap or swipe action on the “Left” figure on the Spending page. This action displays a “left” amount less any Standing Orders.

Maybe this is similar to a “real feel” temperature on a weather app. While it says I have £2,202 to spend, it’s actually a bit chillier at £502 once my Standing Orders come out later on in the month.

What do you think?

As a side thought, perhaps once Monzo works out what is typically coming out each month it can also include these in the calculation.


(Hugh) #69

I think the idea is that these will eventually be taken into account. I guess they’ll need a couple of months worth of data to actually be in any way accurate but AI and ML should really help in this regard.