adding a note is not suffice as it does NOTHING to the stats and thus means your budget is off. It will say youāve spent more than you have so what is the use of that? If someone has sent you money via paypal or bank transfer then you would most likely add it back into Monzo and your funds would be correct. Surely amount spent is the key stat here and thus a note is useless.
Feels like could end up with 2 ledgerās for an account, and that could get mega confusing
Iāve honestly no idea how this would ever be confusing haha. You spend X amount on card but got some back from someone else. Therefore your expenditure is actually X minus the amount you received back.
This is SO simple. Not to mention if itās confusing for some reason then people can simply not use it. I canāt work out why anyone would want Monzo to say āyou spent X amountā when that clearly isnāt true. It gives a false total in the stats.
are we talking got back as in a credit to the monzo account (like monzo me), or outside the monzo system ? If the first I see where your coming from, if latter your going from managing your mozo account to all personal finances, which imho would confuse the view of the monzo account(bit like expecting credit card spending to show on your current account)
Option B. I see that point but Iād say thatās a bit extreme for a comparison. The targets you set within Monzo must surely be a way of saying āright, I donāt want to spend more than X amount on groceries a monthā (for example). If you pay Ā£100 for groceries but your partner gives you half back outside of Monzo and you ignore that fact in the targets, your targets are utterly worthless because they in no way represent your spend. If you can edit it down to the half you actually paid, your targets remain correct.
Also, if this is eventually going to turn into a current account, surely this becomes even more relevant as it could potentially store ALL your money and not just whatever you top up
And would you also want to record none monzo spending, say partner gives you your half in cash, would you want to be able to add that you spent Ā£5 on food Ā£20 in pub etc ? Would need a bit if thought display wise, to track spending and account transactions so they make sense and can also be split out
Nah, i donāt think i personally would want that. My usage would be something like:
Get paid my salary
Top up Monzo with X amount
Do all my day to day spending so itās tracked
If i pay for someone else and they pay me back, they give me cash or a bank transfer
I edit that transaction to represent how much i personally spent on that meal/etc
i can choose to top up Monzo with more money as and when
That then shows me my day to day spending in categories and is accurate.
For me itās about seeing how much i spend on everyday items out of whatever i budget for that month. I donāt mind if there is cash given to me or a bank transfer as it will ultimately end up in Monzo.
@mcrummett Iām not sure how this would work from a practical perspective, but one possible solution could be a feature where the payee could send money and link it to a certain merchant/location. Say for example, you go to the cinema and pay for two tickets, then your friend pays you back. The payee could select a merchant location for the cinema when they transfer. When the money arrives with you, the app recognises a match between the location they selected and your feed item for the cinema tickets, this money would automatically be added to the associated category budget.
thatās certainly one way. Although iād be happy enough with just being able to manually edit a cost and have the stats change accordingly. Not as automatic but would do the job i think
That would be solve your record keeping problem but you can imagine how much confusion that could cause, if users made mistakes
And you donāt want your balance to display a different amount than whatās actually in your account.
haha ah yes but thatās down to the user! The balance wouldnāt change because that amount HAS left your balance. it would purely affect your spending total
Arenāt you talking about reducing the amount of a transaction after someoneās paid you back, even if theyāve paid you in cash so itās not in your Monzo account?
okay that reply probably actually reveals why so many replies say it would be confusing. I am ONLY suggesting that the change in total spent for that transaction would affect the amount spent/targets and NOT the balance total. I am purely interested in the targets being correct
Ah ok. In that case, why not just increase the Targets when these repayments are received? You can do this now & changing a Target one month doesnāt affect the other monthās. The alerts will still work as they should tooā¦
You can only adjust them in increments of Ā£5 but that should be pretty accurateā¦
iād say that is a good work around but a work around none the less and not a feature fitting for the requirement. Sadly i canāt use targets at all until i can do it from payday to payday as a custom range haha
You could do something similar to deal with that
but again, not ideal.
You may know this but for anyone else who reads this, a solutionās on the way for that issue -
Anyway, I see what youāre asking for now
cheers! was aware of the targets change in the works :). itās early days for the platform so itāll be nice as it evolves.
What about adding secondary, user-modifiable data-points to a transaction (similar to being able to add attachments to it) without affecting its main important data but having an effect on targets?
I know this would complicate things, but could be a solution to this problem.
The amount field on all records stays always the same, non-editable, having no effect on balance. A data-point āPercentage responsibilityā (or whatever you want to call it) could be added where the user can manually (maybe with the help of a slider) choose a value between 1 and 100, but default value is always 100. This value would then be multiplied by the amount and contribute this figure towards the targets.
Bill splitting and monzo.me could be integrated to these editable fields.
Example: I settle the Ā£200 dinner bill but I am one of four, I would want to manually go to this detail transaction editing screen and slide that value to 25 (if there is four of us), then targets will only go up by Ā£50 but for every other basic account data (transaction feed in app, statementsā¦), the transaction remains a Ā£200 restaurant payment.
Perfect, exactly that!
I would like to be able to record my cash payments and have that tracked in the same way as card payments. So if I withdraw Ā£10 and spend Ā£5 on lunch Iād like to be able to record that I spent Ā£5 on lunch and tag it with the appropriate category. I think itās similar to this idea, but perhaps not exactly the same!