Investments, housing, personal care and the ability to exclude transactions from analysis (useful for an aggregator when you’ve got a debit from one account and a credit to another) are what sold it to me in Emma.
I’m in two minds about a savings category as eventually I’d like to see the information directly in Monzo. (Although the same would go for investments, I suppose…)
That is Hugo’s response as to why we can’t have custom categories.
To be honest, I don’t understand how much more of an effort custom categories would require. Either way, I would much rather have something which takes up slightly more effort but is completely accurate and works perfectly to my needs than something that works “just ok.”
Or the option to create custom categories could be left entirely with the user. If the user does not create any custom categories, automatic categorisation etc could simply continue as they currently are.
And for those of us who will create custom categories, it means we are happy with the extra effort.
Me being slightly synical here, but I think Monzo wants to track exactly what we spend our money on, so they can recommend products to us when the marketplace comes out. This would be the only reason I can think of as to why we don’t have custom categories and why Monzo isn’t even entertaining the idea.
I really want a category for smoking, seeing it total up will be a really good kick and help me quit. Currently I’m using general but that means I can’t put anything else in there if I want a true figure at the end of the month.
I’m not sure if I’m doing it wrong but #Smoking doesn’t seem as useful as a category.
There are apps available for quitting smoking/drinking/other bad habits. Some have a feature where you can say much you’d typically spend on your bad habit, and it will count up how much you’ve saved as you quit. Granted, it relies on you telling the app when you slip, so it can reset the counter, and granted tracking presumed savings isn’t the same as tracking active spending. But it might be an alternative you could try while waiting for Monzo to maybe one day work the way you want it.
The current category selection has helped me spot trends for other outgoings, smoking was an example of a niche category that wouldn’t get added but is something I am categorising with a “wrong” category.
In short I’m just adding another voice to the “we want custom categories” mob.
Glad to see some movement on categories, however small.
Finances seems like a really weird name though - that means accounting, managing money, managing resources. Certainly doesn’t imply cash withdrawals. Not sure why this was renamed, what is it supposed to cover now? Anyone else find the new name really confusing?
Still hoping for saving and gifts, and maybe some income categories too. Incoming transactions should really have a completely separate set of categories.
I like finances as it can now encompass internal transfers between accounts, or investments, which until have always ended up as part of my spending. It could also be used for saving, particularly if you exclude it from your summary.
The new categories have not landed on Android yet, but in principle I’m okay with having a few extra top level categories, but finances is a broad term and would benefit greatly from the introduction of sub-categories (not #tags) to isolate and report savings, investments, cash withdrawals etc separately.
I voted for a Gifts category, but I’d probably prefer the ability to rename the new Family category to People so it covers all people (family, friends, colleagues, lovers etc.). Some of us plan on never having kids or a “partner” (a “family”), so that category as currently named is almost useless to us; however, I do buy things for friends, colleagues, and lovers, and there are no categories to put those things under. Likewise there’s nothing for charity.
The new hashtagging feature helps, but I’d really like the ability to split a single transaction into multiple categories and hashtags (or at the very least multiple categories if Monzo provide a People or Gifts category). This would be especially useful for those times we’re forced to get cash out because a place doesn’t accept card payments for less than £5 or at all. Sometimes I just fancy one pint for £3.50, but I have to put the whole £10 ATM transaction under my Eating Out or Entertainment category and #beer tag. That just does not make sense at all and it means I can’t actually easily see how much I’m spending on beer or other people.
Likewise I currently have to split my shopping into multiple different transactions at the self-service till in the supermarket if I’d like to be accurate (some of it will be under the Groceries category, some under the Personal Care category, some under the #beer hashtag, some under the #treats hashtag). It’d be great if I could put it all through as one transaction in the supermarket and later split that transaction out into different categories and hashtags in the app.