Labs Feedback: Summary 📊


(JoeO) #606

Thanks Jami -
Appreciate the response (and seems to be a decent solution).
Definitely looking forward to the return of Total spending target as I found that much more useful than setting targets for individual areas - too much like hard work :slight_smile:


#607

One more thing I noticed this morning - couple of cancelled orders. Excluded transactions from summary. Received refund but I cannot exclude that refund from summary. So now I have to e
re-enable the original payment and set it to an empty category of general along with the refund to just to zero sum it. Would be great to have an option to also exclude the refund because essentially the transactions overall is as though it is null and void and never happened.


(Jami Welch) #608

Yeah, we’ve heard this a few times. It’s on our list :slight_smile:


(Jami Welch) #609

Hey Peter,

Thanks for all this feedback, I’ll try and answer each point.

The intention of Spending targets is to use them as an upper limit you want to spend. I agree the name is a bit odd. In terms of Savings, we hope to have savings Goals in the future, which are a little different (“I want to save £x by date y”)

The point about deviation from a precise budget is interesting. Something for us to think more about.

Agreed, this is something we need to improve. Soon we’ll at least prefill the stepper with your average monthly spend to reduce the amount of taps, but the ability to enter a custom amount is definitely required.

Nice idea, will discuss it with the team!

The next app updates will improve upon this, showing how much of the month is left, so you can compare that with how much target you have left. The ‘progress bar’ will also go red if things are looking critical.

The idea is that Committed Spending stays in there, so your monthly fixed costs are separate from your day-to-day spending and targets. Then you can better work out how much money you have left over to spend/save after bills etc each month.

What you described about setting your targets with an understanding of available funds, and committed spending is what we’re aiming for, it’ll just take a few steps to get there.

Hope this helps, and thanks again!

:bowing_man:


#610

Thanks @jami, much appreciated!

I get that you’re thinking about fixed vs variable costs, but (rightly or wrongly) this isn’t how I’ve been interpreting Summary. I’ve been looking at it as Committed Spending being stuff that’s coming up, and Spending as transactions I’ve already made.

On a more practical level, it doesn’t (seem to) work with targets. I transfer a regular amount to savings each month (tagged as Finances category). These only appear under the Committed Spend section, not under spending - so aren’t counted for Targets purposes. Basically, there’s nowhere to see a total of all transactions under each category, or to get an accurate view of progress against targets if recurring standing orders are involved.

Some random wonderings from a feverish mind:

  • I might like to see a logical / template month, maybe (i.e. to see recurring incomings / outgoings for a basic month - not a real month, but basically the template before any discretional stuff).
  • For the current month, I think I’d like to see transactions move from committed to spending once they’ve happened. If we’re looking at a monthly view then it feels like the app should represent the live version of what’s happened (but see previous bullet 'cos that info would be useful somewhere!)
  • I’ve mentioned this before, but seeing future months, so we know what we’re committed for in those periods (particularly as I have some bills that are quarterly - Thames Water, I’m looking at you…) would be useful…

Hopefully this is helpful for you in seeing how I’m interacting with the app to date. As always, very happy to give more feedback! :smiley:

:monzo:

PS Keep up the excellent work!


(Nick) #611

When in the new Summary (Labs) screen; how can I manually set the start and end dates for the budget.

I get paid on the 28th of each month, but still like to budget from the 1st to the 30/31st of each month. Therefore I don’t want to choose my salary date but would like to manually choose the date of 1st.

How do I do this please?


(Alex Sherwood) #612

You can’t yet but this is coming :soon:


(Nick) #613

OK - shame it did not make it into todays update then…


(Alex Sherwood) #614

Actually, sorry for the dodgy info - it sounds like if you select your payment from the 1st of the month, the Summary period will run until the 1st of the next month etc.

Is that not what you’re seeing?


(Nick) #615

Confused… so how do I choose the payment to be 1st of the month?


(Alex Sherwood) #616

Assuming that you were paid on the 1st of the month this month, you set the start date for the summary period by tapping ‘this month’ at the top of the Summary screen, then selecting your salary payment from the list of available transactions. That will set the start of the summary period to the 1st.


(Jami Welch) #617

By default, your month will run from the 1st to the 1st (normal calendar months). You don’t need to do anything for it to work that way.

However, if you’ve shifted your month to match your payday already, it’s not currently possible to go back to calendar months. We’ll add this soon.

You can force it back next month, by transferring £200 or more to your account on June 1st, then using that payment to change your start date again.


(Nick) #618

OK so it has to be a minimum of £200?


(Jami Welch) #619

Yup - but we’ll be adding more flex to date ranges soon!


Summary - Feedback thread
(Nick) #620

OK thanks.


(Alex) #621

Just a random two pence but I wanna say that I miss old targets so much.
I understand they’ll go red now if going over, but why not have the green and amber too?
The black bar is a lot less eye-catching and not at all helpful for easy or at-a-glance checking, which is surely what you’re going for here?

And I’m not sure if this has been explained before, so feel free to shoot me down, but what exactly is the benefit of the dial over the old targets bar? It takes up a ridiculously large amount of screen real estate, again making me have to work harder to quickly see targets and spending progress, and doesn’t seem to have any benefits?


(EJ) #622

Really glad to hear that [quote=“Chippy_j, post:543, topic:36841”]
income?
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(Chris) #623

I like to download statements so I reconcile with accounting software (YNAB) (statements are the only thing to contain running balance). By turning on labs it removes the button to download statements so I have to keep turning labs on and off. Will this option by reinstated within summary?

PS I’m on Android.


(Jami Welch) #624

Transaction export and bank Statement export are in progress. We wanted to update them to work with the flexible month start dates that Summary offers. Coming Soon!


(Chris) #625

Great, thanks.