Hi all,
I have an Idea / Feature Suggestion for Budgeting - Long post alert.
At the moment, you can manually set your own budget (regardless of main balance) - for both total (left to spend) and categories.
Problem:
It has no connection to the real balance and it gives you only an idea of your expenses without being absolutely accurate.
(see example below)
Feature Suggestion:
Monzo already categorises expenses automatically.
- So based on data from the past 3 or 6 months, Monzo could automatically set limits to each category (with an option to change it manually).
- Additionally, for the top ‘Left to Spend’ section, please consider the below example:
Monzo says excluding your fixed and variable expenses, you have £200 remaining. How much would you like to save from this for the current month?
You choose £50, then the circle shows £150 Left to Spend. (£50 is moved to a dedicated pot called Budget Pot)
-
Until the budget from a category isn’t reached, the £150 stays intact.
-
When you overspend in a category, the Left to Spend balance is deducted. Also, that category is coloured red.
-
If you exceed the £150 Left to Spend budget, then excess amount is first taken from the Budget Pot.
-
If you mange to succeed in almost all the category budget goals and by then end, you have £100 remaining in the Left to Spend, then that £100 is added to the Budget Pot and the cycle is reset for next month/time period.
- The Summary page could include 2 more categories:
-
Income: it shows total earned in that month/time period. You click/tap to open > it shows the break-down (how much earned & when - in that month/time-period)
-
Pots: on a scale, it shows how much money will be added this month/time period to all pots (based on past data). 1st click/tap to open > it shows the first break-down (total amount added in individual pots). 2nd click/tap on a particular pot to open > it shows further break-down (how much added & when)
Thank you for taking the time to read.
If you have any questions or comments, feel to free to ask. 
