So, the Monzo Current Account has targets etc and it should in the future, as far as I’m aware through what I’ve read in the various forum posts, be able to “forecast” future expenditure based on what it knows is coming up in the way of direct debits and standing orders.
So, based on this, here is an example which I’m wondering how it would work.
At the start of the month I have £1000. My usual direct debits and standing orders total over the month £500; so looking ahead, I should see that I have £500 left to spend.
One of my direct debits is PayPal - and I’ve just bough something on eBay for £50. That direct debit may not be debited for a few days and is not a regular one - so realistically there is no way that Monzo would know that this £50 is due to come out in say 3-4 days time, so the future forecast of actual money available can never be completely accurate can it?
How would I be able to “mark” or allocate that payment knowing it was due to come out?
Also, direct debit payments can change, so I assume the forecast ahead will only ever be an estimate based on what it knows has been debited before? Likewise I might have a new direct debit set up at the start of the month, that will come out towards the end and as that amount is unknown until it is claimed, the forecast will never reflect this - so how do you think you could go about managing these future debits/spends within the app to keep you actual “cash left to spend” accurate?