I’ve been thinking about the results of the budgeting poll.
I had a go, before the poll, of pulling out one idea that could help improve budgeting, but it’s clear that much more needs to be done.
i thought I’d use this thread to summarise the broad areas of change that seem to be needed - and maybe come up with some mock ups to see what it might look like in the app. A man needs a lockdown hobby, right?
This might get involved quite quickly and will need more than one post. So I’m gonna use this post to signpost more detailed posts below but also to highlight what I think it the core things to address.
Edit: for clarity, I don’t work for Monzo and this isn’t an official thread! As far as I’m aware no one is working on this at Monzo - and even if they were it almost certainly wouldn’t look like this. This is for fun, to spark a bit of a debate and for a bit of lockdown distraction.
So what needs to be done?
Summary version: I’ll pick up on these in greater depth in separate posts if I get time
Kill the Summary screen! The features are useful, but should be surfaced elsewhere
Net worth and manually connected accounts looks like an easy win: add up all the balances of connected accounts and display it on the accounts screen. Then let users manually add a balance for accounts that can’t connect.
Introduce a new budgeting screen that brings together various budgeting functions (category budgets, permanent home for salary sorter, permanent home for end-of-month sweep, set your budgeting period, new functionality for line-item future budgeting…
Introduce more pot types (like offset pots) and allow users to pay from pots.
Introduce a more powerful search and filters on the transaction feed. Maybe including something like this. That’d fix a lot of the issues about analysing previous spend.
Introduce an ‘account health check’: something that users could use to mine their data for insights. It might be a bit of a questionnaire then traffic light system to show if you could save money on bills, or put your money to better use.
Combine the Summary previous period spend screens with the insights from Year in Monzo to give deep insights into previous periods’ spend.
Finally, tidy up some basics (for example, the 20 pot limit isn’t effective for those really into envelope budgeting, the way that “Left to Spend” is presented is confusing; assigning multiple categories is actually a sticky plaster for the real problem (splitting transactions), upcoming transactions don’t properly reflect the figures in bills pots (and elsewhere), transaction screens don’t have a running balance or ability to transfer that transaction to a pot…)
More detail in posts to come (assuming lockdown remains a thing and I have time on my hands). There might even be a mock-up or two.