I know this has been brought up a lot of times but are Monzo considering including bank transfers in budget categories.
Today i received compensation for a flight delay, as the money was sent through a bank transfer although I changed it to the holiday category it does not appear within my budget ie this payment should reduce my monthly allowance
Surely this can not be hard to rectify, surely it must be better just to include all payments/transfers in the budget then people have the option to exclude them from the budget if they wish
Why is it bank transfers are not included?
Monzo always want to know what we the customer would like to see and this is brought up all the time
Fixing this bug/issue will save Monzo money as I always ask people to Monzo.me any payment owed so it is included in budget but this cost Monzo per payment, as an investor I dont want to cost Monzo a penny more that what is required but until this is fixed its the only way to budget properly
I bought train tickets for my girlfriend and me -ÂŁ30 each. ÂŁ60 came off my monthly budget as expected. She then transferred the money for her ticket to me but as far as I can tell thereâs no way for me to add that transaction back into the budget, and so my budget is now ÂŁ30 out. Itâs saying Iâve spent ÂŁ60 rather than ÂŁ30.
I thought about increasing the total budget by ÂŁ30 to offset the âmissingâ ÂŁ30 - but that doesnât work as I use the setting to adjust the budget amount/timescales to change with variations to my payday. Changing the total budget to offset the âmissingâ cash would also provide an inaccurate picture of how much Iâm spending.
Also, you can change the category of an incoming payment, but that doesnât appear to adjust any stats anywhere.
Idea
To solve this problem, itâd be great to have a switch on incoming payments to say âadd to available budgetâ or something.
If thatâs switched on for a payment, you could also then change the category, so it comes off the monthly spent stats for that category.
I will use an example to explain. Say I go to a restaurant and pay the whole bill for two people- ÂŁ40. Then, I split this bill on monzo with a friend so itâs ÂŁ20 each. Howeber, my budget summary still thinks I have spent ÂŁ40 thus meaning I am said to be going âover budgetâ. Iâd love for it to update and show that I only spend the said ÂŁ20. The only was around this currently is to exclude the whole bill from your summary.
I thought this already happened. Really surprising that it only works for Monzo-to-Monzo payments. Seems like an essential feature to make budgets work.
Iâve brought this up in the past, my solution was to get the person to pay you via your monzo.me link, that will add to your budget, bank transfers do not, moved post to here
Thatâs useful to know, but itâs not ideal to have to require a third party to change their preferred payment process just to suit my budgeting habits. If somebody paying me wants to simply do a transfer from their online banking system, which they know and trust, they should be able to.
Also, my thread had 19 votes, which have now been lost since it was moved into this thread. Is there any way to get those votes back?
Agreed, this really lowers the impact of the budgeting tools! Itâs odd that you can categorise an incoming payment but that doesnât feed through into the budget for that category. Very frustrating.
Still would really like this. I only have a few friends on Monzo (however much I bang on about how great they are ) and we very often do the âIâll pay and you send the moneyâ thing. A toggle in the payment itself to âinclude in budgetâ would make perfect sense to me.
I voted for this but thought I would add text too. Adding functionality so that all income methods have the ability to be added to a category is vital for all the reasons people have listed. This month alone. I have returned something to shop and they refunded direct onto card; had a friend pay me back for part a large grocery bill; and paid in cash that I had drawn out for attending a festival but didnât spend. None of these went back into the catagories I allocated them to. This makes the whole budgeting process very unsatisfactory. I like the suggestion above that you have a button that says âadd to catagoryâ Just like there is one where you can hide an expense from the budget.
This is an issue for me too, I canât understand how you can take money out of a budget but when you get money back in any form (i.e. payment or refund) you canât allocate it back to that budget category to offset the payment.
It just doesnât make any sense to me and makes the budget tool unusable and incorrect.
I just have to post on this again. Another example. Just paid for holiday flights and car hire from current account category holidays. I have been saving for this in a pot. I transfer the money from that pot but I canât allocate it to the holiday category. I also just bought flights to care for my father in Spain. He paid me back by bank transfer but again tho I can allocate it to a catagory it doesnât effect the budget. Just as any payment out of account can be categorised, for budgeting any income must be too and affect the total in that catagory. Please Monzo can you comment on this thread as to whether you are even looking at addressing this??
Really surprised this still isnât a feature after so long. I really like the category budget tools even with the categories not being perfect, but I very rarely get to actually use them properly. This budgeting period itâs been 3 days before the feature was yet again broken because I bought I ÂŁ100 item on Amazon for my parents and they transferred the money.
I mainly switched to Monzo because of how well it encourages me to budget. Every month I am always checking my outgoings, whether Iâm on target, if I could put a little extra in my pots etc.
This not yet being a feature is the main thing that really bugs me, because as soon as I receive just one bank transfer in a month, the budget is knocked out of sync for the rest of the month.
I like that I am able to categorise each transfer, but it seems a completely redundant feature if it doesnât actually make a difference to my budget.
Asking all of my friends and family to only transfer money to me using the monzo.me links is just not viable as it a nuisance for both them and myself. Not only that, but sometimes I transfer money to Monzo from other bank accounts of my own, and using the banking apps to transfer that money as a stored payee is just so much simpler and efficient.
The other alternative is just ensuring that I am never the person to pay for something up front if itâs being split between others, which can seem a bit selfish.
Not that Iâve seen yet, but I havenât sifted through enough threads to say with certainty.
I agree; I donât get why budget inclusion/exclusion doesnât apply to all transactions in and out of an account.
I find it difficult to keep an accurate track of my actual spending when I canât include non-Monzo transactions to my account.
) and we very often do the âIâll pay and you send the moneyâ thing. A toggle in the payment itself to âinclude in budgetâ would make perfect sense to me.