Our life is generally busy with daily family activities; however, we have adhoc bills coming in that are known but are usually a surprise when they need to be paid.
For example - My son comes home with a letter explaining that his fees for £300 are due for his Cricket lessons to be paid in 6 weeks’ time. The note gets left on fridge and forgotten, 6 weeks later we get a gentle reminder that the fee needs to be paid in full. There are usually a few swear words/heated conversations involved and £300 is paid.
Can Monzo consider adding a budging tool that you are able to input a future date and value when a bill is due and it automatically calculates how much you need to put aside each day/week/month/year to reach the target of clearing the expected bill.
Money can automatically ( if required) start to be moved aside into a separate pot to cover the expense by the end date. The option to share a feature like this with friends/family would be even better!
This will help soooooo many people who are generally “not so good” at keeping track of multiple bills and adhoc payments. This could be tied with money coming in/out the account and give upfront warnings if the payments will cause the account will go into zero balance etc or if I can afford it until I get paid. Payment plan completion notification would also be well received ( it would also remind me to pay the bill !!).
In a Nutshell
I input an amount and end date, verify if I want the payments to be moved to a pot in small payments over the duration of the time (Special Monzo calculations happen in the backround) and I hit go and forget about it! .
The results of the analytics associated with this will only make the way we bank every day a much better experience so a win win situation!
Please vote for this!
I’m keen to hear if anyone else share the same issues as us!