Honestly, it feels like there’s a layer missing in Monzo. There are all these disparate parts - pots, the bills pot, scheduled payments, salary sorter, the budgets feature (such as it is), IFTTT integration, “Other accounts in Monzo”, and so on. It all feels like different aspects of a whole, but the complete whole is missing. That erstwhile mission of creating a “Financial Control Centre”.
IMHO what is really needed is for Monzo to take a step back from the coalface of individual accounts and pots, and to provide a higher-level interface, one where you can really see your overall financial picture. I think that things as they are at the moment are too wedded to the nitty-gritty of payments flowing in and out of specific accounts and pots, too much at the day-to-day, or single-month level, and not enough at the higher levels needed to actually have an accurate picture of where you are, and where you’re going.
Some questions that I think Monzo could do a much better job in making it easy to answer:
- “What’s my mandatory vs discretionary monthly expenditure”
- “What’s my effective savings rate”
- “What’s my net worth”
- “How long would it take me to save up for X”