Hello! I’ve been using Monzo since Oct '18. Big fan and as of last month I’m now full monzo. I made the switch and wow I should have done it ages ago.
Previously I would upload my spending money and all my bills would remain with my previous bank. When the original Investic savings pot appeared I decided to move my savings over as the interest was so much better. I guess once most of my money was in my Monzo it made sense to move over completely!
I’ve always been good at managing my money however with the app being able to tell me committed spending vs available and the spending summary it is just so transparent when you go full Monzo. I love the upcoming payments features etc.
One area I can see that I wish I could tweak however is within the ‘Committed Spending’ section.
A couple of years ago me and my mate bought a flat to get onto the property ladder and thus split the cost of mortgage and bills. Within my committed spending is the mortgage cost as the full amount comes out of my account. On the same day my mates 50% is paid in to my account.
My committed spending total does not take this into account and I can’t see how I can change it.
The standing order was set up long ago and the switch service has brought this across to Monzo.
What I would like to see is, an option where you can split the bill but rather than requesting the money (this of course is already in my account) you can select an option to add a recently received payment transaction and assign it to a particular bill. This way I could select the 50% of the mortgage and link to the committed spending total of this mortgage and my total committed spending would adjust accordingly and show the true figure.
Whilst some may say that if my mates S.O was cancelled it would throw it all out, I’d be happy to do this manually each month once the payment lands. Literally just click the incoming payment and assign to a set bill so that the totals read true.
This feature would be so handy to those who may have shared Netflix or Spotify accounts, shared bills where S.O’s are already set up, booking holidays etc. For example if your booking flights and your mates send you the money you could assign the incoming payment to the total amount paid.
Let me know your thoughts and if this exists but I’ve missed it… please do point it out!