I have still not used the feature yet but was wondering how it exactly works.
My situation is I am getting married in Kos in October. I currently have a number of family members/friends sending me payments for their part of the holiday.
I have at the moment been using a hashtag ie #WPmum so i know exactly how much my mum has paid and been transferring her payments to a pot. This is the same for about 30 other people
I would like to set up a tab with her for the full balance she owes and each time she pays it will deduct from the amount she owes.
How does the screen appear for her and rather than sending a standing order does she pay direct to the tab.
It’ll be ideal if when she transfers any money the amount goes straight into a pot so its not in my main account, can this be done?
She pays direct to the tab. However, I don’t think you can add incoming payments or Monzo-to-Mknzo payments to a Shared Tab yet and it’s not possible to pay off part of the Shared Tab, so I don’t think this feature can work for this use case at the moment:
This cannot be done yet and I’ve seen nothing to suggest that Monzo is currently working in this feature.
I take it you can settle the tabs then, say I pay £100 for something and the other person pays £50 and we agree to go 50/50, can you settle then so that it tells the other person to pay you £25
Been using shared tabs this week, a few things I noticed that are potential bugs/improvements.
Too easy to swipe and delete an item which messes everything up and makes the tab irrelevant. I’ve had to start 3 different tabs for the one trip due to accidental deleting of things which have already been settled.
Unable to settle a tab or leave with an outstanding balance. I’ve had a few friends pay me cash so there’s no way to note this in the tab.
Apart from the above it’s a great feature and easy way to track things
Just noticed today the total cost of a transaction is added against/to to your monthly budget/spending.
Should the amount you are owed on the transaction be added to your spending, not the total transaction cost?
This is an issue with Shared Tabs. After thinking about it I think your solution makes the most sense.
Some types of transfer are deducted and some aren’t. I think if you change the category of an incoming bank transfer from General then the value of the incoming transfer is deducted from the spend in that category. This definitely works with incoming Monzo-to-Monzo payments.
Only thing to watch out for is if you add the transactions straight away before the final amount has cleared in the foreign currency itll mean sometimes the splits dont end up exactly like theyre intended and can be out a few pence from tbe final figure
I’ve used Splid before which has a nice interface.
Follow up question - in Splid you add an expense and say who to split it with (perhaps it’s not for everyone in the tab).
It seems in Monzo it splits between everyone in the Tab. How do you remove certain people from the split? Is it by changing the amount they owe to 0? If I do this, does it redistribute the rest evenly?
If I do the above on Bill Split it seems to just add it back to myself, and not share it evenly?