Great idea! And totally in keeping with our bigger goals as a bank. We’ll be reviewing categories fairly soon, this is definitely one to consider.
- 1 for charity category
Would be nice to have some integration with Givey. Its a social charity giving platform. Anything that encourages frequent donations is good. Maybe a rounding up to the nearest £ feature.
This is the sort of thing that I expect Monzo will leave to Givey / 3rd party developers to set up, once they’ve launched their marketplace.
The API’s not ready yet but once it is, they’ll be able to build their own app which does the rounding & transfers the change to Givey’s charities
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.
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?
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
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.
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.
hashtags may become too messy, agree
However, when I am trying to check how much I am spending on takeways during my office hours, I am a bit annoyed about Eating Out and Groceries classification-> Pret is classified as Eating out, Starbucks and ITSU as well, and my average bill there is 5 pounds. I naturally just want to put it together as “food on the go” or “lunch at work” category.
Then a proper restaurant can be classified as Eating out, where the bill exceeds 18 pounds, for example.
I see where you’re coming from
Perhaps you could change the category for those merchants to Groceries (which is where I put all of my minor, everyday spending) so that you can see the total you’re spending on the more expensive Eating Out purchases?
Once you’ve set the category for a merchant once, Monzo remembers it so you won’t have to keep changing it every time.
This would be a cool way to not only keep track of what you give to charity if you’re a regular donator, but also to encourage people to give more to charitable causes.
It would allow people to budget for charitable donations and see what they can afford to spend on it.
It would be great if you could add this, and I think it could make a real difference!
+1 for charity category. Would be really helpful for tax!
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??
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
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
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
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