Expected income

Feedback & Ideas
1

It would be good to have a feature like committed spend, but for expected income.

I don’t know if I’m in the minority, but I’m self-employed and my income comes from clients paying invoices. So at the beginning of the month, I know how much I expect to receive but not when I might receive it. It means that summary is constantly telling me that I’m about to run out of money, which makes the budgeting feature difficult to use.

I would be interested to know how many people are in the same boat and what kind of solutions they would like to see.

2

I just set my budget amount to the amount I expect to get that month and it works fine

3

Budgeting feature on monzo doesn’t work for me because its a spending feature, not a budget feature. So im unable to actually budget all my money with it :confused: You might be better with a 3rd party tool.

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4

I should clarify, when I say “summary” I only mean this bit at the top of my feed. I don’t really use the rest.

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5

Yep. Just pop your expected income in here

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And the bar will work off what you’ve told it you’ll be getting

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It’s been an expensive week :see_no_evil:

6

I think I agree with you, but I’m not sure what you mean. Could you elaborate?

7

Thanks! I tried this, but the maths didn’t add up. I think maybe because we (it’s a joint account) have a slightly atypical bills pot system? Excitingly it said we have over £1000 left to spend, but sadly that is not the case! :laughing::see_no_evil:

Both incomes minus committed spend gave a really weird figure so I will have a look in the morning to figure out what is missing.

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8

So it’s never really worked for me and I think the primary reason why is that it’s set up for spending money, ‘Spending budget’ rather than budgeting your available income.

If it just let you budget what you had then you could budget according to your actual available income rather than essentially a made up number.

You could I suppose set the money to spend to the amount you expect to get over the month but this seems backwards as your setting money to ‘spend’ that doesn’t exist and may not be the same every month.

Right now for example I can set a spending budget of £800 and it tells me I’m doing great and have £797 left to spend this month.

The problem is I don’t. I have £120 and £100 of that is a bill it doesn’t know about and I can’t tell it to remove that from available to spend.

So the problem for me is that you can’t budget based on you actual real available money, it budgets based on made up non existent money.

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