I actually wish there were a way we could remove all the data from the prepaid cards because I (and many others) didnāt use Monzo much or exclusively until they offered current accounts, so data like my total spent at McDonaldās altogether is completely inaccurate unless I filter it down to when I got my current account (December).
Is there a list of known issues for Summary anywhere? I see a post above mentioning a bug with direct debits. I saw a bug with a direct debit before it went out, but Iām seeing a more pressing issue with a standing order:
My standing order for my rent went out on May 1; however, Summary still shows that as planned spending and itās now 2 May. The standing order has definitely gone out.
Another issue I deem quite major:
The dial tells me āit looks like you will run out of moneyā when I have a decent amount left in there and āit looks like you could run out of moneyā when I definitely have enough in there (hundreds more than I spend on average in a month).
Iām trying to cut down on my spending, so Iām putting everything in a Savings pot and leaving less in my account than I spend on average in a month. If I meet this target and I do spend less, and I keep that up every month, will that dial start to show up in green telling me it looks like things will be good?
Considering the dial shows up in amber when I put ~Ā£400 more in my account than I usually spend, Iām concerned. I would definitely expect to see the dial be green in that case:
I apologise if this has been mentioned before, Iām a little late to the party. As with many I get paid on a set day of the month or one business day prior to that, so just wanted to make sure we could set something like that set up via the planned custom date function. As an example I get paid on the 15th, right now the app can correctly see that I was last paid on the 13/04, which was a Friday but it has incorrectly set my current budget period up to 12/05 (when it should be 14/05).
I canāt see the precise (2 decimal place) total per category for a month anymore from the tab. Iām forced to do multiple searches to get it which is far less practical.
Also, does the rent expense fit in the āFamilyā category? The symbol is a house after allā¦just wondering what you guys had in mind for it.
Yes I enabled it, now works not sure if the app updated or it was the force close.
I also noted transactions due out on pay day are showing as due to come out which I donāt believe should as I get paid on that day. They should show for the following month not the month I am currently in where I have been paid.
Hey Calum, This is less of a bug but more a problem of unclear naming.
Scheduled payments that show up in that section should stay there after theyāve happened, in order to separate monthly āfixed costsā with your ādiscretionary spendingā - Weāve renamed Planned Spending
to Committed Spending
to try and make this clearer, and will continue to refine things to be a bit more predictable.
Hope this makes sense!
I think thatās up to you, could either be Family
or Bills
- I think it comes down to whether or not you want to separate it from other Bills or Family costs
More flexibility with monthly start and end dates are on the way. What we have now is just a quick fix to get a feel for a custom start date for your months. It handles being paid early (you can change the date when youāre next paid), but doesnāt handle being paid late very well yet.
Thanks for this feedback Calum. Weāre going to update the rules here to add a bit more lenience to the dial and its colour scheme (especially earlier in the month, when itās totally fine to spend a large % of your budget).
One question I have for right now - Do you have larger bills/expenses in your Spending
section this month? Our hope is for these to eventually all fall under Committed Spending
and be automatically excluded from the dial, but right now if you spend a largeish % of your monthly allowance early on, the dial will assume youāre going to spend at the same rate all month and run out.
If you do have some bill payments under Spending
this month, try excluding them and see if the dial makes more sense to you.
Thanks again
@Jami A great fix for this could be adding the ability to attribute expenditures directly to pots (after the fact) - these spends could be automatically excluded from the summary but still visible in pulse and spending history.
Make a purchase ā open app ā tap on spend ā assign to pot
It would be great to then be able to go into a pot and see where you have spent your holiday savings! Also has the added benefit of not showing an extra stage for each spend:
- Ā£ into Holiday Savings
- Ā£ Spend
rather than:
- Ā£ into Holiday Savings
- Ā£ out of Holiday Savings
- Ā£ Spend
+1 for this
Almost like the effect of setting up a temporary account for Holidays, and then going back to your day to day once home again without wrecking your overall summary
That does make sense. Good to hear itās not a bug! (In fact, it appears to have just updated to Committed Spending in front of my eyes )
I canāt see a running total of Committed Spending next to that heading, though, like I can for Spending and Excluded; is that because I only have one item in Committed Spending, or is there just no total there?
I think a total in that heading would be useful; however, as I will suggest in my next post, I think we need a full total (including Committed Spending and Excluded) to be visible in Summary somewhere, just not in a prominent place.
Adding a bit more lenience to the rules sounds great!
To answer your question, I wouldnāt say I had many large bills come out, but I did have several smaller bills. A fair few for streaming services (5 for streaming services at around Ā£8 each, my phone bill at Ā£15, my iPhone Upgrade Programme bill, and my gym membership). Excluding them from the summary did result in the dial making much more sense to me (I was able to put a massive amount back in my savings pot and it was still green)
It now shows amber when I ensure my balance left (minus what Iāve already spent) is a couple of hundred more than I would usually spend in a month; however, if I bring that balance down to what I spend on average in a month, itās red. If I bring the balance down to less than I spend on average in a month (because Iām trying to spend less), itās red.
I think in both of those cases, the dial should be green until either closer to pay day or until I start spending so rapidly that itās clear my money will run out way before pay day. Having said that, I have spent way more over the past week than I plan to for the rest of the month, so maybe Iām skewing it a bit. Either way, your post suggests you have that covered.
The dial learning from the previous month would also be great, so if it shows red for most of the month now but I end up not running out of money, it wonāt show red or amber as quickly the next month.
Suggestions:
I love being able to exclude large, one-off transactions and recurring bills from Summary (when that feature comes), and I love that those excluded transactions arenāt included in the total spent for that month (in the dropdown with the bar charts at the top); however, I have some suggestions around this:
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There appears to be no easy way to see the full total of what Iāve spent for the Summary period (payday to payday) including excluded transactions and recurring bills. I wouldnāt want that total in the dropdown at the top, but I think itās important to have it somewhere in the app that can be seen with a quick glance, whether itās in the Summary section or at the top of the transaction feed (perhaps tapping the āspent todayā could turn into āspent in this periodā). Itās important this total doesnāt show the total for the month, rather the total from payday to payday.
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I love the focus on āleft to spendā in Summary, but I find it really useful to see āspentā (excluding excluded transactions and recurring bills) as well, and itās frustrating having to click on the This month dropdown to check that every time. Itād be great to be able to see this at a glance.
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It would be great to be able to ask the app to exclude all of the transactions I make while away on holiday before they happen. Iām going abroad towards the end of the month and itās going to be annoying to have to exclude each individual transaction I make.
Overall, I just wanted to say, I am absolutely loving this feature, and itās much more useful to me than targets for individual categories and what we had before overall. Thank you so, so much for your hard work on this, especially for the hard work involved in getting out a preview for us so soon!
Oh, also, there appears to be no way to set Summary to go from the start of the month to the end of the month again, after setting a payday Some people might find they prefer to track their spending throughout the whole month rather than payday to payday and they might like to revert back (although Iām personally loving going from payday to payday so far).
Iāve just seen this post, so please ignore my last post about resetting the start date. Iāll start following the first post in this thread for updates
Hey all, Thanks again for all the feedback youāve shared the last week. Hereās a run down of some of the updates weāre planning based on what weāve heard so far. Just as a reminder, a first version of Targets are on the way, and will be included in the next iOS and Android releases. Shorter Term updates Weāre going to change the Set Payday flow to be called Change start date, and reduce the feeling that you need your salary to be paid in for it to work. We will also make it clearer that yā¦
I think its all in the works, but itād be great to be able to select which pot direct debits come from and also auto fund pots on a regular basis. i.e. say my annual car insurance is Ā£1k (or holiday) and i want to have a standing order to that pot for monthly contributions.
Or you add a goal and a date to a pot! Like other well know budgeting apps, say i want to pay that Ā£1000 pa, if i add a date it calculates how much i need to save on a monthly basis and a wheel like the summary can be added to the pot which represents whether i am on track for the pot goal or not.
Or come payday the funds over and above monthly salary is removed from the main pot and added to the coin jarā¦ or towards your pots/goals so they are auto funded when you under spend in a month - removing the temptation to spend.
Or summary shows filter options for left to spend - i.e. left to spend this week, left to spend per day. That would be a good feature, knowing your daily average spending (excluding committed) and what is available to you daily would be really useful! People donāt actually realize how much they actually spend on a daily basis!
Or get on the robo advice bandwagon and hold pot money in a vanguard style etf (after risk analysis etc) so that they provide a bit of growth to those pots!
Ps more categories please!
Didnāt realize i was so passionate about Monzo! I will have to check your careers page out! :o)
Ps more categories please!
COFFEE. Not exactly eating out, not exactly entertainment (sometimes I work at a cafe, sometimes I go there to read, sometimes to work on my masters)
Already put this on Twitter. But thought be good to have it here for other fellow Monzonians to seeā¦
The summary page would be better if you could select widgets. Such as a widget which takes your remaining balance and divides by total days till payday. I do this anyway. But would love it to be part of the app.