Hi everyone I’m Jack, an engineer working on Monzo Plus, Premium, and Trends.
Since we announced Targets in December, we’ve been thinking carefully about the next big
thing to bring to Trends, and today I’m delighted to present (drum roll)…
Category Targets
You’ll need to be on version 5.19.0 or higher of the iOS or Android Monzo App to set
category targets. We will be rolling this feature out gradually so if you don’t see it yet,
please check again soon (and we’ll keep you updated in the thread below).
Track your spending in more detail
Similar to category budgets in Summary, you can now set individual spending targets for
any, or all, of your categories! (Note: you can’t set a target for a category which you are
excluding from your overall target).
With category targets in Trends you can also visualise the pace of your spending per
category with the same familiar interactive graph as your overall target. Simply tap on any
category in the breakdown section which you’ve set a target for.
With Monzo Plus and Premium, you can set targets and track spending in custom
categories, and also include spending from your other connected bank accounts and credit
cards.
Personalised recommendations
By default, each category will show the amount that you spent in the last month. You can
then adjust the number up or down (or enter something different entirely) to suit your needs.
With Monzo Plus and Premium, we will recommend personalised target amounts for each
category by analysing past spending behaviours. Therefore, your initial targets are tailored
using your average spending over the past year, and the overall target that you have
selected.
Try category targets for yourself
Head to the target tab in Trends and set up a new target or edit an existing target. Once you
have chosen an overall target, you will be able to select which categories you would also like
to track - perhaps to spot areas in which you tend to overspend.
As always, we’re very excited to receive your feedback. Your thoughtful insights often
influence what and how we build features at Monzo, Thank you
Monzo Plus is £5 per month • 3 month minimum • Must be aged 18+ • Ts&Cs apply
Monzo Premium is £15 per month • 6 month minimum • Must be aged 18-69 • Ts&Cs apply