I love that monzo categorises your expenditure, but I find a lot of my daily spending (small amounts that add up to be a large portion of my expenses) gets catagorised into “general”. It would be really useful if I could create my own categories for more insightful analysis of my expenses.
This is an idea that has many supporters, including myself, take a look
Following on from Tom’s answer, here’s why we don’t have this feature at the moment -
But the categories will be reviewed, after the current accounts launch so if there are any in particular that you need, please do share them
In the meantime, you might find adding emoji to your notes solves your problem, in some cases
Hi @Tombrown94, apologies if it sounds daft/obvious, but you know that you can change category for particular payment? You just need to tap category icon on payment details. I know I was confused for a bit, until I accidentally tapped category icon.
Since them, I’ve been moving Generals to more correct categories when I have spare time. I think it will be always slightly off, just because even associating one vendor with category might not be good enough, for example M&S shops could fall in many categories.
I don’t get it, didn’t you say you can move a “payment” into a different category, but then you say it’s no good because the payee will always be associated with only one category. This doesn’t make sense to me.
Sorry about confusion, I made awful shortcut when writing that post!
You can move transaction to another category easily. I’ll use M&S as example. M&S has few sections bundled in bigger shop, selling clothes, food, home products. But there’s only one default category for merchant (M&S) and there’s no way to be ‘smarter’. Your payment to M&S for clothes is pretty much the same as paying M&S for groceries. Monzo can’t put transaction into correct category because there’s not enough data to figure it out.
If your M&S transaction gets Groceries category by default, and you made grocery transaction - no problem. If you make another purchase and bought clothes, you can change it from Grocery to Shopping (it will not affect existing transaction Groceries). However, next transaction from M&S might be… any of the two, Monzo won’t know which one anyway. It somewhat means that as a user we have three options:
- be ok that transactions from M&S all go to Grocery (and ignore that sometimes it’s Shopping)
- be ok that transactions from M&S all go to Shopping (and ignore that sometimes it’s Grocery)
- manually recategorise transactions after every purchase, to make sure all of them land in right category.
It’s totally not a problem when you are buying from ‘one dimension’ merchant, for example, everything bought from British Gas will be ‘Bills’. However, from Shell you can buy petrol (‘Transport’ category) or buy lunch for the day (‘Eating out’). That’s what I meant in my response.
OP’s original concern was that many transactions get ‘General’, so main remark that any transaction can be get category manually assigned (with caveats explained above).