This is what I see:
New users are being given summary by default, or at the very least there is some A/B testing going on. They wonât see the option in labs.
Weâre gonna need some new stuff to test!
I really like the design of the summary screen but it would be useful if there was an option to set the wheel to represent an overall target (like there used to be) OR your salary âleft to spendâ.
As a student the left to spend wheel is pretty useless at the moment and being able to set a target would make it useful again and also possibly help cater for all the other users with unusual pay schedules without over-complicating the salary stuff.
Sorry if this has already been mentioned elsewhere - this is a pretty big thread!
liking the summary. However, when I look at the monthly bar charts its a bit odd. I saved money in a holiday pot, moved it out, and then deleted it. the month showed that I have -ÂŁ500 pounds in there and the bar chart shows positive?
A killer idea! From the summary screen provide a âsweepâ option and the end of the month to put the balance into a nominated pot!
Yeah,I get paid on the 20th of each month so long as it falls on a week day. If it doesnât I am paid on the first weekday before.
Bit of a downer thinking that itâs likely to be something Monzo canât work in as I doubt many people will be the same!
This scenario is already promised since it covers most monthly paid people. Iâm not so sure about the last Xday of the month though, it depends of the âfloatâ they add in to cover the weekend type variation case.
I love the idea. But I think the following could be improved;
-
The prompts make little sense. âYou might run out of moneyâ. Balance = ÂŁ0.00. I did already!
-
The design is awful. Too many colours!
-
People get paid in different ranges; daily, weekly, monthly, etc. And even then payments change due to a weekend or bank holiday.
-
I kind of miss the old target, I think elements of that previous design worked better.
Hello @Melton
There is a minimum transfer of ÂŁ200 required. If itâs any less than that you canât pick it for your monthly start date right now
We are continually iterating though!
It may or may not have been mentioned, but the black status bar for targets (Letting you visually see where you are in a catagory relative to your spending) looks like a glitch when itâs black. The rest of monzo is lively and beautifully colored. The black just looks like it hasnât successfully loaded the color. Even grey would look better, if you want to avoid over doing the colors.
Also, on the dial i would find it useful if you showed the average money per day i have left to spend for tge rest of the month (money in account/ days left) i know i can do it myself - and currently thatâs what i do. But i know what, roughly my daily spend should be. So i can correct myself based on that metric. ( this is ofc only useful after bills etc have been taken off)
So then - now that everyone has Summary, whatâs next for Labs?!
My guess is that summary will stay in labs for a bit longer for us to try out further changes as itâs consistently being improved on.
Always up for new things though
By the way -
I know the subject of a watch app keeps coming up but I think that the info displayed in the summary screen would lead itself very well to a screen on the watch app. Being able to glance at your watch and check your financial state without having to pull out phone, navigate to, and open, the Monzo app would be great!
And Iâd like to add another vote to showing average money available per day as it gives a good quick indicator of how you are doing.
I was thinking this the other day too. Would love to be able to quickly check my remaining safe cash for the month and having a screen with the circle on, and then swiping left to reveal more detailed stats from the summary screen, would be perfect for a watch app.
Add a âPayâ screen and youâre good to go - nobody wants a transaction feed on their wrist, do they?
I think maybe Iâm missing the point a little bit with using a transfer as the start date.
Suggested alternative. Select change date, a calendar pops up. The user then manually selects all known payment dates. Is this not the obvious solution, solves issues with payments on different dates and different use cases?
Weâre working on a different approach at the moment. We used the transaction as a quick MVP shortcut, but itâs clear it doesnât work for everyone. Watch this space!
Thanks to all of you who have tested Summary and given us feedback so far. Weâre now at a point where we think Summary is ready to be enabled for everyone. Thatâs not to say weâre finished! at the bottom of this post is a list of what weâre working on right now, to improve Summary further.
Now that Summary is leaving Labs, weâre going to close this thread. Weâve set up a general feedback thread, which you can find here.
Here are some of the improvements weâve made over the last couple of weeks:
- Weâve adjusted the thresholds for when your Summary status goes from green to orange to red. We heard from a lot of you that you were being warned prematurely, especially early on in the month. This should feel a bit more realistic now.
- We also changed the logic that decides whether or not to show a description of your current status. Sometimes itâs too early to know if youâre going have money left over or not.
- We added a time ticker to your target progress bars, to see if your ahead or behind your monthly budget, and highlight targets that are about to run out by changing the bar red.
- We stopped showing you the âAdd your salary!â message if you have eligible transactions to change you monthâs start date.
- Weâve added Transaction export, which now works with the custom start dates of each month.
- At the end of each month weâll send you a report giving you a summary of your Summary
- We added some more points to the onboarding tour, introducing targets, and excluding transactions.
- We made sure that a negative starting balance is clearly negative.
- We fixed up bugs where some transfers would be counted twice towards your
Income
- We fixed a bug where you could end up with short, 1-3 day long months.
As a recap, here is what what the current version of Summary includes:
- Income, Spending, Committed Spending, and Pots summaries
- Your monthly starting balance listed under Income (we heard this location doesnât quite make sense, weâre yet to find a better home for it though!).
- Calculation of âLeft to Spendâ which takes your balance and deducts upcoming bank transfers
- A dial which shows how much your your âspending moneyâ is left, compared to how much time is left each month.
- The ability to start your current month from a recent deposit over ÂŁ200 (more flexibility coming soon!)
- The ability to exclude large one-off payments from your Spending section, targets, and daily budget calculation.
- Categorising inbound Monzo-to-Monzo payments will now credit the same spending category, to handle people paying you back for things.
- Spending Targets for each category
- Target-aware notifications and monthly reports
- Transaction export
Whatâs yet to come
Whilst we feel like Summary is an improvement over the previous version of Spending, thereâs still lots we can do to make it better! Thanks to the feedback we received from you, weâre currently working on the following:
- Predicting Direct Debits and Subscriptions, as part of your Committed Spending
- Setting an overall spending budget each month
- Clearer design for the Pots section
- More flexibility over when your month starts and ends.
Look out for some sneak peeks soon for more details.
Thanks again, and happy budgeting!