I use the summary pretty much everyday to check how much I’m spending, however at the end of the month I always have the same issue.
According to summary I could go over my budget
But my own chart that equally divides my 4 weekly budget shows I am perfectly on schedule
It seems the summary goes on a similar chart but goes on how much you should be starting the day with, not ending the day which seems odd to me? Every new budget period starts with the pointer at the very top, indicating no spend, and with this, I will always go past the marker unless I don’t spend anything on payday (which is never going to happen )
Personally, I feel it should calculate how much you should have as a minimum at the end of the day (just like my table above) what do you think?
@TheStrider, I can see what you mean. It does look like it’s not working quite as intended, so you get my vote.
To be honest, while I’ve played around with the budget feature, I haven’t yet been able to make it work for me. The main issue I have is that I like to put most of my spending on my credit card, and the bill only comes through once a month - after which the app tells me it looks like I’m on track to overspend. The other issue I have is that I haven’t yet fathomed what’s included in the budget, and how it takes committed spend into account. Grateful to anyone who can point me towards some guidance.
It’s never made much sense to me as it assumes you’re going to spend some average including bills every day, so spends half the month telling me I’m going to run out of money and the other half telling me I’ll have increasing amounts left… As a predictor it’s not much use.
Another thing to add - the market moves at some (seemingly unknown) point during the morning. Although the first pic shows after midnight, the “days to go” has changed but the location of the marker hasn’t. And later on in the day, the marker has now moved to the correct location.
Out of interest, is your budget working down to a £0 figure? As in do you budget for everything in that month until pay day?
Also do you only ever spend within your budgeted categories? Have you budgeted every category and never go over?
I think it is working as it should, its worked out that over the course of a month you are going to hit £0 before your next pay day and hence you always seem 1 day out of touch with the budget as compared to the “days to go”.
I had a similar problem and so removed the budget completely and just go by the “left to spend” figure.
I know but I’ve only seen that hapen since the locks changed hence the theory. I suppose I ought to saty up until 1 to test it but even I’m generally asleep by then.
I give myself a monthly spend of £250 as a general budget. I can spend it in which ever category I like. The only thing I’ve bought this month is parking which is what the £53 transaction is.
In theory, at the end of the month I will finish with £0 left but I usually underspend by about £40 or so
Sorry I was looking more at the initial pictures of the £500 and not the £250 ones - the reason it is off is because over a 28 day period £250 equates to £8.90 (ish) a day. You’ve spent £53 in 4 and therefore have thrown the budget off and hence your actual amount left (the circle) has depleted past your “expected spend” (the dash).
I think when you go for a £0 budget by payday, the “alerts” are a natural course of the budgeting Monzo are going for - at least that is how I view it.
I understand that but to me it appears as though I am not on budget unless I pause for a day. It’s a monthly occurrence regardless of whether I go under at any point in the month
Arguably though you are not on budget - at least on an objective assessment over the course of a month - you’ve spent over the “daily” budget and so are in danger of going over.
And in the case you don’t go under and spend you £8.90 each day - you are budgeting to a zero balance so you’ll be one day out - if you “added” a contingency into your budget that was say £10-25 that would sort the issue as you wouldn’t be witling down to a zero balance.
As I said above, if you budgeted say £10 in a category you don’t use (say “Expenses”) I think that would solve the warning - although the warning is justified as you are, by the end of the month, near your budget limit.
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