Maybe. Still there are general things that people on the whole do that if they knew how much specifically might be useful for budgeting. Usually that’s something like alcohol or cigarettes or coffee. Not everyone but most people I know would probably say “God I spend way too much on insert one of those”.
I know there will be other things liked but we could at least start with the ones most likely to be used. I think alcohol is one. It might be useful for budgets and actually for health too, once you see how much you spend on it. And how often.
This app could be amazing. But honestly I need custom categories 1000% more than I need data visualisation and feedback about how much other people spend. I understand the challenge that custom categories pose for the features you want to develop, but I think your insistence on denying users this feature is going to be your downfall. Why not allow both options so that users can choose the functionality that makes sense for how they personally manage their money? I can think of a few ways this could be accomplished off the top of my head, and I’m sure you could to!
I want Monzo to succeed and I want to stay with y’all, but I the second someone else enters the market with an app that allows custom budgets Im out. Please don’t make me do that. It’s a common sense use case, listen to your users!
I appreciate monzos view on custom categories but surely subcategories would be a compromise that works for both sides we can customise our own sub spending targets but keep the overall main categories for monzos use…
Entertainment… drinks, dates etc
Personal care… dental, haircuts
That way monzo could still work there overall algos and he users would have a more personalised experience.
I know i know this is what tags are meant to do but lets face it tags are useless in terms of planning only for totalling up past spend
there is an “expenses” category which could be used - you would have to shop separately - work / home - for groceries to allocate to expenses , but you could then search category and find out how much you are spending exactly ?
Hi,
I was using “expenses” to divide my personal shopping from the "shared-house shopping”.
I will give it a try and I will use “expenses” for the work shopping.
Thanks
Absolutely think custom categories are needed. Without it the budgeting isn’t as useful (and sometimes just completely inaccurate).
We’ll end up with loads in “general” because it doesn’t quite fit anywhere else. Things such as charity, gifts etc.
I actually think “general” should be removed because it doesn’t say anything. Everything should be able to get categorised, and if it can’t be, should end up in an uncategorised state rather than general.
I’d very much like custom categories, or at least much more fine grained categories than the current ones. I still use You Need a Budget heavily and would like to reflect the spending categories in Monzo that I have in YNAB. Maybe you could do some sort of survey for the most desired new categories and then add these?
Categories in my opinion are extremely limiting when organising threads on forums and as a result should be kept to an absolute minimum. Categories act more to restrict the reach of the conversation rather than to expand it.
What monzo should do is enable tagging within their discourse community instead. Tagging is a much more dynamic and natural way for organising data and will allow for a natural evolution of the organisation over time as interests change.
Also by tracking the popularity of tags gives monzo an insight to the few essential categories they should create since it’s based directly off user demand.
Just a couple of suggestions from me - would be really good to select the names and icons of my own spending categories such as Credit Card Payments or Loan Repayments etc. Also, separating our House Expenses from Bill’s would be great.
A purely cosmetic one here - but it would be great to be able to add a picture to the standing orders like the Direct Debits.
Thank guys - great Bank! For the first time I am excited to get my salary paid into my bank and leave there instead of spending it all!