Currently there is no way to track cash spending inside monzo, the closest you can get is to assign an ATM withdrawal to a single category with a note. Which is okay if you’ve spent the whole withdrawn amount on the one thing.
What if instead you could assign that amount to a pseudo pot where you could manually add custom transactions (like we can on a shared tab)?
It would be even better if these transactions would also interact with your budgets but wouldn’t affect your left to spend, I think the left to spend should remain focused on your card balance but it would be nice to see how your cash spending affects your budgets.
You could also add other sources besides ATM withdrawal to the “Cash Pot”, such as birthday money, bet winnings, someone paying you back for something else in cash, etc.
I usually do all my spending on either my card or Google Pay but yesterday I went to bingo with a few mates and they don’t have a card machine inside, so I withdrew £20 in cash before going in. The bingo cost me £10 and I ended up winning £150. Woohoo .
So I ended up with £160 in my pocket with no way to track my spending. It would be great if I could add these custom transactions to monzo so that I’m still held accountable to my budgets.
You could say that I should just deposit the cash but for anything less than a few hundred I’ll just spend it and then go back to using my card again.
What do people think? Would this be useful to anyone else?