Custom Categories would be great, as many have said before me, I am loosely categorising stuff because I can’t be more specific due to lack of categories.
Example: I categorise Bank Transfers as ‘Expenses’ because I don’t have a bank transfer category.
I could achieve this with tags, HOWEVER, it won’t work for me if I have to manually tag them. A very simple machine learning could take care of this and auto tag.
Another example is FUEL. It goes to the ‘Transport’ category, but my transport category also contains TFL charges and Uber, so the only way I can know how much I spent on fuel this month is by manually tagging it.
It would be ideal if I could create a ‘Car’ category, and in there I would add all car related costs such as Tax and Insurance (which currently goes to Bills), MOT, fuel, maintenance, etc. This way I can know exactly how much am I spending on my car. Then as soon as I manually move my insurance bill to the ‘Car’ category, the machine learning will take note of that and automatically categorise my next insurance bill as a ‘Car’ expense.
This would be seriously cool. And I know at least 3 or 4 friends whom I could definitely convince to come to Monzo by showing them that feature.