I had the same thing yesterday. I paid for a wedding gift and received half from my wife, but that income isn’t factored in
Would love to see Monzo make this a priority… If I split a bill only my half should come off my budget, otherwise it doesn’t make sense
Does anyone else wish the budget system had more allowance for ins and outs? By that I mean:
If I use £10 to deposit into a gambling sites pot, I’ve used £10 of my budget. However if I play and end up withdrawing £50 (ie £40 profit) back into my bank account, my budget should now be +£40. Instead it remains -£10.
It would be nice to have an option to mark incoming money as positive for the budget…
I second this. This currently makes my summary look very messy so a feature to cancel out certain spending with income would be very welcome.
It seems to be a subject that comes back very often on the table. I fully agree with the suggestions above. With my partner, we very often split payments for groceries, but when he reimburses me, my summary doesn’t take his payment into account and net my budget off. It’s a shame because my summary always shows wrong figures, so it’s no longer a useful tool.
Hi Catheline, (@Bassenherbe ) when he pays you the payment will come in to your app as a “General” category - if you change the category to Groceries it should be reimbursed to your Groceries budget as a credit ??? - thats how mine works - assuming its all in the same month - expenditure / credit / budget
similarly Mark (@mcrummett ) as my post above if you use the same category ( for your gambling ) and then categorise the credit as the same category back into your account your budget amount would / should show as a credit (green ) balance in your budget
To be able to categorize inbound deposits would be very useful, so as to affect the budgets set within the app.
This may be useful if I use Curve and refund myself, or if I am paid back by someone else.
awesome did not know that. tested and worked, hero!
Doesn’t work for me sadly. I put all my credit card payments as ‘Finance’, put all my partner’s payments as ‘Finance’, but Summary thinks I’ve spent way more than I have.
Along similar lines:
My legacy bank has recently implemented a 3D Secure system that clearly doesn’t work, and I found myself unable to pay off my credit card as usual today. Ended up transferring the exact sum from my legacy account to Monzo and paying off through Monzo instead, as that 3D Secure implementation worked.
The resulting payment mucked up my summary for the month and fiddling with budget settings didn’t seem to work, so as it was a one-off I ended up telling the app to exclude the CC payment from summary instead.
Hello! I do assign a category. For instance, even if I change the category to grocery, my summary still shows the total I spent without removing what was effectively paid back by my partner.
Thats strange - Do your budget “targets” change to show that you have been repaid having re-categorised the incoming payment ? thats what they are meant to do.
I think that the summary amount shows your set total budget amount for the month, less the total of the budget targets that you have actually spent so far this month ( “spending” ) + some predictive bills / standing order outgoings and shows whether you are going to be under your budget or over for the month on that sort of spend rate - if your budget targets change when you re-categorise ( I think they should change if you re-categorise incoming payments ) it should also change the “spending” amount thats taken off your summary ?
It won’t however change the amount you have spent in your home screen feed, you will have spent that amount and you will then get a green credit amount when you have been repaid that amount from your partner
lol my head is starting to hurt now
When I receive a payment and categorise it, that amount should deduct from my spending summary for that category. E.g. I overpaid my tax bill, then received a rebate, but the rebate doesn’t deduct from my ‘bills’ summary so it looks like I spent the original amount.
When you ‘split’ an outgoing payment with someone, the linked payments are deducted, but often friends will pay me back, not through the split function, just as a separate payment.
This could also be achieved through enabling linking of incoming payments retrospectively as if they were split
(Retrospective bill splitting, including from non-Monzo accounts).
Any news on timelines for this being fixed? It appears to have been on the to do list for a couple of years now, but I can’t see it upcoming plans anywhere. Seems really bizarre, whats the point of categorizing incoming payments if it then doesn’t register in the summary (or in my case, sometimes does and sometimes doesn’t…). It makes the entire category system not function properly if its showing inaccurate figures for your true spend…
+1 for this. Starting to make budgeting very difficult.
Spoke to a Monzo staff member via help chat - seems it does count under categories if the payment comes from another Monzo account holder, but doesnt count under categories if it comes from a non-Monzo account. Which is why above, some people saying this works and some people are saying it doesn’t.
As far as that staff member was aware, this wasnt going to change any time soon. Which is odd because doesn’t seem like the most complicated problem, and it would certainly solve a lot of problems for the budgeting tool!
I’ve given up using the categories now. Any transfer in from external sources or even joint/solo moves just breaks it and Monzo don’t seem to be in the process of fixing it