Iāve just turned it off again.
- I noticed the same bug as @danmorrissey (duplicate General categories):
- There seems to be something buggy with calculating the time periods between paydays (presumably this should be 1 month?):
- Feature request: It would be useful to have the ability to list all excluded transactions the same way we can list all transactions in a spending/income category for a given month.
- Are there any plans for detecting various recurring payments as ācommitted spendingā? e.g. direct debit, subscriptions as card payments (e.g. Google Play, Spotify)
1 Like
Excited to see this evolve month after month. As a first month user, I am presented with this dial. Here is my initial internal dialogue.
I get that I have X amount left to spend.
I get that it says it is from 1st until the last day of the month
What does the green dial represent? It says 2 days to go. 2 days until the end of the month or until payday? Is it a calendar month?
Why is the green ring completed its circle if I havenāt yet completed the 2 remaining days?
Does the green represent that I am āin the greenā for this month? Will that change in segments throughout the ring or will it always be a binary status?
Why does the green ring also start at 4 o clock? What did that represent? When I activated my account? If so, why does it say 1st until 30th April ?
In essence, I understand throughy my assumptions that
- It is trying to show me I am going to be financially stable until my next pay check through the green and money left to spend
- I have 2 days left until next month
- That some activity in my account started later than the beginning of the ring. Before that it was a blank.
- The circle represents 1 calendar month.
- The extended circle beyond today represents that I will be in the green until the end of the month. This took me a while to figure out.
In summary after reading cements on this that itās intention is to get an engine oil light check on my finances until the end of th month. However I feel that the 3 ways of trying to convey this : through colour, prediction from today until end of the month and through text is a lot of decoding as I am am having to figure out each one and arrive at the same result.- I have enough money left over until beginning of next month.
Is that answering my fear of having enough money until I next get paid though?
1 Like
Dial is amount of money for the period, notch is how many days left, itās per calendar month unless you set the payday.
This is all probably clearer once you see a new month start, or some of the intro screens.
Thanks. I still donāt quite get the amount unless I could see a few months as you say. Would that dial be green or amber or does it change in segments as your balance changes from negative to positive?
I agree with you there I get paid 4 weekly
1 Like
For comparison:
Summary assumes a month-to-month lifestyle
You will need select your salary payment first.
On Android, you can do so by selecting the Calendar icon on the Summary screen, then āSET PAYDAYā, which should then give you the option to choose your incoming salary transaction.
I pay myself on the last working day, so calendar month is correct (giving at least 1 day to shift stuff into pots).
I donāt think salary detection is accurate ATM? It just goes you got paid on 6th so youāll always be paid on the 6thā¦
2 Likes
Yes, thatās how it works at the moment.
From what I heard at the Monzo Labs event livestream, they intend to improve this continuously, so hopefully, more fine-grained payday options arenāt too far off.
1 Like
Apologies if this has already been raisedā¦
Say you get paid Ā£2000 on 1st of each month, your regular payments (mortgage, utilities) of Ā£1000 come out on 2nd/3rd/4th of the month. Half your income has been spent in a couple of days and the ring now shows red for 2 weeks until you are halfway through the month. As I understand the ring shows green only if you spend, per day, one thirtieth of you salary. This does not make sense at the beginning of the month because bills come en mass.
I guess you could mark your regular payments to be excluded from spending summary 
But regular payments have their own section, why would you not include them in the summary?
Have I missed something?
16 Likes
My understanding is eventually that will be in planned spending rather than just spending so that will stop going into the red from paying regular bills
4 Likes
I expect them to employ machine learning models to make these predictions, so they should become more accurate over time, in addition to continuously being optimised by Monzoās data scientists.
Okay, so that says to me that I have Ā£8.63 although the ring says I have nothing and in one day I may be in trouble. Regardless of the algorithm, this ring idea with highlighted segments doesnt sit well for me. Itās not quite there yet.
Iād expect nothing to be a dot, not an arc? Not sure if anyone has shared a screen while in overdraftā¦ The ring is half way from the top to the notch. Ā£8 is very roughly 1 days (average) spending. It goes red if it thinks you are really in trouble.
Better to think of it like a clock than a chart.
But yes, more work needed.
1 Like
For information
2 Likes
Out of interest, would it help to see if you were spending more overdraft than the same time last month? A kinda overdraft mode for the spending ring?
1 Like
Yes that would be helpful 
there isnāt much use to the rings when in your overdraft
If you have say a Ā£1000 overdraft and you have used Ā£500 does the screen show you having Ā£0 left or Ā£500 left? It should show the latter to be useful. It needs to show available funds not actual funds.
4 Likes
Although there should be something to signal you are in your overdraft in case the hard of thinking (me) think they have the overdraft on top of what it showsā¦
1 Like