I have set budgets for categories of spending eg transport. I then set up a standing order to make regular payments for a car service plan which I tag as transport. However the amount paid out shows under committed spending and doesn’t get included in the budget for spending on transport. Is there any way to show this?
If you wanted it to work this way you’d need to turn off repeating payment in each direct debit and then they would show in regular spend rather than committed spend
Once the money goes out it will be included as part of your budget, and your £ remaining will drop.
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No it hasn’t sadly. Stayed under committed not regular
Mine does this. I’ve always presumed it was an ill thought out feature.
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Essentially committed spend isn’t money you are budgeting so it doesn’t show up in the budgets. By very nature committed spends are those over which you have little or no choice. I can’t decide how much I’m going to spend on energy this month, it’s going to be whatever my direct debit is. Similarly I’m committed to being a member of the National Trust, I could cancel my membership, but until I do I have to pay it.
Budgets are for discretionary spend, so things you can do something about. If your grocery budget is getting low you can eat baked beans til payday etc.
I think it’s well thought out, but not very well taught or explained. It works best a particular way that is either how you think about money or it isn’t!!
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[Hope I’m not necrobumping this, but] I had the same confusion and luckily found the answer here
I agree that this is not very well taught, and maybe Monzo could do a great service to people and explain this nice concept better for their users!
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Yeah, i prefer committed spend not figuring in budgets for the reasons outlined above, but the real reason I’m commenting on this is to applaud the word necrobumping
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Good explanation, there is a little catch though. Scheduled spends happening once in a month also fall under committed