Not sure if this has been covered elsewhere (I assume it must have been, but I just can’t seem to find it…)
Might it be possible to have customisable (or creatable) categories for spending, beyond Transport, Cash, Groceries etc.? I, for one, tend to shovel money out of my Monzo account into a savings account with another bank, since my salary (now) gets paid into my Monzo account. But there isn’t really a good way of categorising this. I was wondering whether there might be a possibility of having categories that can be created – or having the ability to change existing categories. Apologies if this has already been covered…
Thanks for this. In that case, might I just take this opportunity to suggest that a “savings” category would be particualrly helpful to me? Even if it isn’t ultimately something that Monzo decides to go for, it’s nice to feel like I’m being heard, so thanks for taking the time to respond, anyway.
@SWPhilosophy no problem! And thanks for your suggestion - I will update this thread once we can share details The new categories are part of a bigger overhaul of the Spending tab and should offer a more holistic overview of your account activity, greater control and visibility.
I am new to Monzo community, so apologies if I am getting it wrong. I would like to be able to add more spending categories. Maybe there is already a way, but I haven’t spotted it?
Would be great to be able to offset the cost of some of the money that appears in spending with money that you receive in.
For example if you are paying for 2 peoples meals and then get transferred their portion.
NOW:
Spent = £16
New payment from XX = £8
Total contribution to spending = £16
FUTURE:
Spent = £16
New payment from XX = £8
— Ability to tag this payment as an offset for an expenditure ----
New total contribution to spending = £8
This new way will allow things such as pay slips to be ignored in the calculation but not costs that are immediately reimbursed through transfers.
PLEASE DO THIS as I find it really frustrating that my spending is higher than what is should be!
using split the bills link is great, but once you get reimbursed it doesn’t come up in your spending. This makes the whole spending amount you get difficult to realistically use.
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.
Hi @hardya
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).