Daily budgets / forecasting / exclusions


(Will) #1

I think it’d be really helpful to see the available daily budget on the home screen of the app. Something that clearly tells me the most I should spend today to be able to stay within budget by the end of the month.

However, in addition to this it’d be useful to be able to exclude certain expenses from budgets, particularly when it comes to forecasting and notifications.

What I’ve found recently (since pretty much completely switching to Monzo as primary bank) is that once my mortgage and bills leave the account, any expense on any day triggers a notification telling me I’m going to overspend, presumably because my average spend per day starts off super high.

If I could exclude these expenses, maybe from my target budget, then I’d get a better view of what I should be spending on a daily basis.


#2

Yeah I always thought the targets were pretty useless on their own. I’d forget about them constantly and ignored the traffic light notifications. The monthly values would change constantly to be useful.

An optional daily budget that adjusted daily to what you spend previously would be great. If you spent more yesterday the next days budget would reflect that. Obviously it would exclude committed spending.


#3

This is already possible in Monzo Labs


(Richard Kattan) #4

Yeah, a daily budget indicator would be excellent.


(Joe Mac Mahon) #5

Completely agree - this would be a brilliant addition. If you simply took your monthly budget and spread it over 30 days you could then have a tracker on whether you’re ahead or behind your goal. Underspending one day should increase your daily budget for the remainder of the period. Overspending should reduce the daily budget.


(Joe Mac Mahon) #6

Posted too early - having a daily tracker like this also allows an element of gamification - being frugal one day earns the reward of extra to spend later in the month - trying to combat the classic “drag” until pay day.