Hi, to start off I mainly use a range of credit cards for things like interest-free credit or benefits. 99% of my transactions are through these cards. A lot of my friends do not use monzo, and most my friends transfer to my chase account just because thatâs the account Iâve had for a while and the details everyone has.
There is quite often cases like I would pay for a meal out, or say book our ski trip on one of my credit cards, and then friends transfer to a wide range of one of my current accounts (whichever account details they have). Almost all of the bank transfers I receive are because Iâve paid for something and people are paying me back. What I would like to be able to do is have an easy way to go through my incoming bank transfers, and associate them with an outgoing transaction (and even better if monzo can figure out what outgoing transaction the incoming transfer is most likely for by looking at the amount and date, and list its top suggestions for me to select from). That way, in the analytics the portion that I paid for my friends, and the transfer that came in from them cancels out.
I understand this is essentailly what the âshared tabâ feature is supposed to solve, but this also relies on friends having to go through some form of monzo payment, and is more work for them rather than me. I can imagine some friends just thinking 'ah just let me transfer the way I always do instead of having to go through this payment link). What Iâm describing is essentially nothing changes, but I get to associate incoming with outgoing for my analytics.
Additionally, while the âexcluded from spendingâ section works fairly well at excluding things like credit card payments and transfers between bank accounts at different banks, but it is not able to perform groupings between bank accounts within the same bank (e.g. moving from one of my chase accounts to another). If I move money from my account called âsavingsâ to my account called âmainâ within chase, the analytics currently considers this as an incoming and outgoing transaction.
I would also like to easily be able to exclude certain transactions from analytics with ease, similar to how moneyhub allows. One way could be when I click on a transaction, just a simple button which says âexclude from analyticsâ
Apologies, lots of feedback within one post Currently, to perform these analytics I take my transaction data in csv format and use a Python tool I wrote to do these operations I describe, and also gives me the flexibility to easily go through transactions and add exclusions / change the category. After completing that, it will output various graphs and reports for me to look at. I do this once a month, but really think monzo has the potential to do this whole thing directly within the app