Ideas: "Planning" to Replace Summary

Regulars will know I like to do an occasional mock-up of what I (think) I want to see in Monzo. Mostly to stimulate debate. Or provoke Monzo to do something.

It certainly doesn’t seem to have the latter effect, so you’ll be happy to hear this post has no mocks. It does, though, set out what I’d like to see for budgeting.

Put simply, I don’t want to budget, I want to plan future spend to see if I’ll have enough cash.

What does that mean in practice?

Imagine, if you will, a new tab. Called Planning.

On that tab you have a time-period view, a bit like Trends. But it’s for the future.

Each month has three categories: expenses (stuff you need to buy), goals (things you’re saving for) and one-off outgoings. The first two category names shamelessly borrowed from Das Budget (thanks @while-loop). (I don’t know if the following is how Das actually works or not, because not 'merican so sorry if I’m recreating that tool).

Say I want to have £20k in savings by December 2035. I create a goal for that date in the future, then Monzo calculates how much I need to save every month, adding a future transaction for each month in Planning and setting up a standing order or Pot transfer for me if I want it. Every month it reconciles the actual transfer with the predicted one and (optionally) alerts me if I’m off track.

Under expenses, I have all my usual outgoings (the stuff that’s in Summary at the moment). But here’s the difference - I can edit each individual future transaction in Planning. My council tax is paid over 10 rather than 12 months. I can go into the months that it’s not paid and delete those expenses so Monzo can predict better. And, a bit like my calendar, Monzo asks whether I want to delete all occurrences or just this one.

Under one-off outgoings, I am able to plan for one-off spend. I know I’m going to buy a new laptop in October. It costs £1000. I’m going to pay for it on a credit card. All done and budgeted for. Monzo might even ask me where the money is coming from and set up an automatic transfer from a Pot, or expect to receive some money from a savings account. Or, using open banking, I might be able to set that up directly from within Monzo.

So imagine a nice, month-by-month, or period-by-period screen. But also a summary (no pun intended) screen, showing all the goals and how they’re ticking along. And the total value of monthly expenses. And upcoming, known, one-off purchases.

And, for those of you who like budgets by category, whack those in there, too.

What’s not to like?

(@tjvr can we have this plsthx?)

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OMG

This is my YNAB-esque running total / manual ghost transactions / vision from 2019 for ‘planning’
(although I tend to term it forecasting - ‘what if’, etc.)

Do it :monzo:

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Side thought: I miss @bruno. Absolute community superstar. :hot_coral_heart:

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This is what Monzo should be (or should aspire to be). This is the kind of great big picture stuff that Monzo used to be so good at :muscle:t4:

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Oh wow, let’s be able to save different scenarios and plot them superimposed on different graphs. Total “what if” wonderland!

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I’m actually surprised that none of the UK aggregators have gone down this route. Potential game changer for them.

Liberally tagging @edo1493 (Emma) and @CR_Lumio @tomr1 (Lumio) to see if any of them are up for the challenge… (This might be on the Monzo Community but anyone can have the idea for free…)

I really like this, combined with trend intelligence to show what you spent vs predicted.

Would be a game changer for me

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Sidenote:

Any form of movement on the whole merging trends with Summary would be great too.

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Question: if we had this and Trends, would anything be missing from Summary? :thinking:

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Well it wouldn’t need to exist in my thoughts of
your proposal. Or perhaps a combo of the two with the line at the top of trends replaced with a forecast with the actuals below.

This would be the ideal for me

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I don’t care about monthly budgeting personally (strange that I use YNAB - but only for the running balance feature which extends into the future) - the single-monthly-cyclic envelope ring-fencing mentality is weird to me. But the :monzo: Bills pots feature provides a massive safety-net for me which is arguably similar.

I run finances like - I’ve accounted this month for all known bills (Bills pot/subscriptions) and whatever is left over is left over. I can spend it or save it. Totally disposable. But what happens if I run on the same Income/Outgoing plan for the next 6 months? Can I afford to increase a credit card repayment by £50 per month in that period? Can I afford to put a larger percentage aside into savings without affecting our quality of life now? The house needs a big spend in 6 months time to increase its ongoing value overall and how best do I save/spend to get this…?

How do I look forward (forecast/plan) for the next 6-12 months myriad of ‘what if’ scenarios using Monzo? None of this thinking is provided by the current ‘current-month-only’ budgeting.

Lots of future questions which Monzo can’t currently provide (even-estimated) answers at this stage. It is tricky, because no financial status is the same between anyone, but some good results could be achieved with clever application using available data.

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Hey @Peter_G - thanks for the tag and sparking the conversation… also kind of coincidental. I am always conscious of discussing Lumio on what is a Monzo community thread and a place to discuss this exceptional bank, but given the reach out and the relevance, I thought I’d share some more context.

Our rollout of Lumio 2.0 [Coming soon :eyes:] is all about truly personalised saving and investing. i.e. Saving & Investing every penny you should be (& can afford) based on your entire financial life. To accompany this, customers will be able to set goals and tweak spending/savings based on the forecasts.

We actually spent the best part of 6 months speaking to and surveying thousands of our customers (many of which will be in the Monzo Community) and one of the biggest learnings/pains our customers face is never truly knowing how much they can afford to save, invest and set aside. Most of their committed spending (bills & subscriptions) were coming our their bank (20%+ from Monzo) and the majority of their day-to-day spending, was done on credit cards - not simple math working out what you can really afford to save towards your goal. So Lumio 2.0 is about helping customers save/invest every penny they can afford to contribute towards their goals in life.

Would obviously love for people to test the product but please reach out directly as I don’t want to use the Monzo community forum to promote Lumio directly.

Thanks again for sparking the conversation.
Charlie

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