Custom Categories 19


#1

Hi there, I desperately want to be able to add my own spending categories, I only seem to have eight fixed options or 'general’
I also want to be able to set budgets to each category, I presume you will be adding this feature, how long until this add onay happen?
Thanks


(Phil Johnson) #2

I really like this idea. I have just been looking at ways to budget and like the look of YNAB so something similar to this would be great! +1


#3

If you use the search function at the top of the page you will see it has been suggested about 18 times before, so your idea has good support. Reading thru these previous threads will give you an idea of peoples pros and cons and past Monzo feedback on this.


(Alex Sherwood) #4

Monzo will be adding more categories, once the current accounts have launched -

But it looks like they won’t be giving users the option to add their own categories in the foreseeable future & here’s why -

Subcategories seem like a more likely solution but apparently, the Monzo team haven’t come up with a final solution yet. In the meantime, you can add emoji to your transaction’s notes to track some types of spending…

In the meantime, please do share the categories that you particularly need so that they can be considered when the new categories (I expect new ones will be added) are set up.


Additional Categories
#5

Hi, I can share my most needed categories if necessary, but when I used to use Expense IQ, which was the best app available for the job, it allowed me custom categories. This is essential to track my very individual budgets, and I had it spread over 20 categories, a few of which I don’t expect you to add to your list, like money I spend on rock climbing or my fish tank!
I understand you want to aggregate your data but is this more important than giving your customers the choices they need??


#6

To add to this, putting those under sport and fitness and /or hobbies doesn’t cut it as I need to know what I’m spending on individual pastimes. For example, I spend money on different forms of sport and fitness, but if I end up spending over 60 a month on using the climbing gym, then I know I’m better off joining that gym and being a member for extra benefits. I can’t work that out if it’s lumped into sport and fitness…etc etc


(Alex Sherwood) #7

I suppose an alternative way of looking at this is Monzo are choosing a constraint which will ultimately save you money, over saving you from having to apply a workaround, in order to carry on budgeting using the approach that you want to.

Between adding emoji to notes as tags, the additional categories that I expect will be added, the ability to export data (iOS only, for now) & the functionality that 3rd party developers will be able to build, once the API is ready, I think we’re in a fairly good position to get to the analysis that we want.

I’d hope that Monzo will provide a more flexible solution themselves though & I know it’s something they’re trying to figure out. I’m sure my approach to budgeting is more simple than others too.

Hugo has been pretty clear, in the post that I provided the link to above, that custom categories won’t be added in the foreseeable future though so it’s definitely worth sharing your ideas for additional categories :slight_smile:

In case it helps - you might be able to worth this out by checking your transactions based on the merchant, rather than the category there?


Posts can be edited here btw :raised_hands:


#8

The ease of adding custom categories in Tide is something that would be great in Monzo, to provide what customers want rather than tell us what we want :slight_smile:


(Alex Sherwood) #9

If you’re going to insist on going there :wink:

“If I had asked my customers what they wanted they would have said a faster horse”

Henry Ford possibly.

It’s really hard to design products by focus groups. A lot of times, people don’t know what they want until you show it to them.

Steve Jobs

Which is not to say that Monzo shouldn’t listen to customer feedback - as we’ve seen in this community, they do - but I think we should reserve judgement on which is the more beneficial feature until we’ve seen what Monzo are able to do, when they start offering these insights based on the standard categories & then if it sucks, say so :slight_smile:

Choosing an approach that the designers think will benefit the majority of users does not mean that Monzo’s “telling [the remaining] users what they want” either - it’s a compromise.


(James Billingham) #10

It’s been a bit of a pain in Tide for us tbh. We now have approx 30 categories as one of our team members is quite category-happy!


(Tom ) #11

A post was merged into an existing topic: Custom Categories - 1


(Tom ) #12

Continued here Custom Categories - 1