Making Monzo: Plan ahead better with flexible budgeting tools


(Splodf) #102

Not yet.

That is an incredibly random day to be paid.


#103

I didn’t think it was. The HSC gets paid that way (70,000+ employees), the organisation I work for (1400+ employees) and I know of others.


(Michael) #104

So in November it would be the 28th, but in September it would be the 27th?

And then the weekend effect takes place?

Oh boy!

Before this forum I had no idea quite how variable pay arrangements were across multiple businesses


(Splodf) #105

I’ve never heard of it before.

HSC where I am from get paid the last Thursday of the month.


(Richard) #106

I currently get paid on the 8th and if that so happens to be a weekend I get it the Monday after. So latest I can get paid is the 10th.

However, in one job I worked at, we got paid the first Tuesday after the first Friday of the month. So if the 1st of the month was a Friday I would get paid on the 5th, but if the 1st was a Saturday, then the first Friday would be the 7th meaning that I wouldn’t get paid until the 11th at the latest.

Was a nightmare to budget for!!


(Michael) #107

My entire time at work has been fixed at the 27th, or earlier if weekend or bank holiday, so I kinda tended to presume that other businesses would go with something like that (or the 8th in your case)

That other case is mad!


(Adam) #108

Android 2.28.1 beta unfortunately doesn’t have any extra budgeting frequency choices.

Maybe next release!


(Tom) #109

My wife gets paid on 26th (or earlier, if a weekend), and I get paid every Friday. We basically budget based on my weekly salary, and her pay covers all the big monthly bills like mortgage etc.


(Nick) #110

Is there any likelihood of these more flexible repetition frequencies coming to scheduled payments? I have one Direct Debit that is set to Monthly, but actually comes out on the last working day of the month, same day as my salary. Since my Summary period is now accurate, but the DD isn’t, it’s currently showing up in this period rather than the next.


(Anthony Coleman) #111

I know it’s been mentioned several times but can we get more frequency options (weekly, fortnightly etc) as for me and many others the summary feature is somewhat useless. It’s been a while since the last rollout.


(Jami Welch) #112

Hey Duncan,

Sorry for such a slow reply!

I see you point, and think it highlights one of the main shortcomings with how past summary periods are summarised (gah!).

The money in, money out, into pots definition don’t really work if you have more money coming out of pots than in, or you use Pots as more of a flexible budgeting tool rather than a pure savings tool.

Joint account transfers being treated as spending also makes this weird.

The trouble with crediting pots directly is it opens a potential can of worms with account numbers, sort codes, and a bunch of new details to use and update at various places.

I think one approach could be to not treat pot movements separately from money in and money out within Summary, and just have something like:

  • money in (deposits to your account, including pot withdrawals)
  • spent (out going payments categorised as anything other than ‘transfers’
  • transferred (pot deposits, and any other payments you categorise as ‘transfers’ - like moving money to savings elsewhere, joint account, etc).

Pulse is a whole other thing, and I totally agree it either needs a big rethink or to be removed, I’m not sure it’s useful now that Monzo isn’t just a one-way spending card.


#113

I get paid on this Thursday (20th) this month instead of the usual 25th or the working day before. Is the new setup going to fall over still? I’m not sure how to deal with it :neutral_face:


(MikeF) #114

I’m in the same boat. 21st instead of 26th (or working day before).

I expect I’ll just get two incomes in the current period with the balance carried over to next. I suppose we could start a new period on payday and it would be correct until the end of January but I’m not then sure how it would cope with the reset in January. I’m tempted just to leave it.


#115

I might just whack this week’s pay into a pot and withdraw on the 24th to match a normal month.


(Brandon Fosberry) #116

Just wondering if it could be changed so it better suits students too. Like my student loan is every 12 weeks on a set day so could you not enable a option so set a customer time frame?


(Adam) #117

Not a bad shout.

As a workaround for now, have you considered putting the whole loan into a pot and paying yourself a monthly “salary” from it?


(Brandon Fosberry) #118

The way I currently do it is I have pots set up with the amount I plan on spending for a single type of thing. So for instance I have pots for groceries, barbers, vaping, rent, bills and so forth. The problem I have is I’m a minimalist so have like 8/9 pots kinda sends me crazy :joy:.


(Adam) #119

Do we have any updates about when we can expect more options are coming?

I’m not sure if the developers read these threads and can let us know!


(James Johnson) #120

You can set the summary to every four weeks. On the summary tab then touching the calendar top right in the app and change the start date to custom. There should then be an option for every four weeks or every month.


(Duncan) #121

Indeed.

Yes, that’s definitely added complexity. But you have to deal with the complexity at some level. I’d argue that although this is more work for your engineers, it’s ultimately less work for all the users. You don’t even need to allow all pots to have account numbers; just one.

I think that this just adds complexity for the user. So many categories to deal with; it’s a messy surface area for the user to have to interact with.

So, as I see it, you’ve got two types of things conflated in the current account - money movements and spending. Money movements don’t affect your overall total held within Monzo, whereas spending does. I think you just need to separate those two in a clean way.