Making Monzo: Plan ahead better with flexible budgeting tools

A change I’d like to see is “Holiday” and “Expense” categories getting removed and replaced with toggles. That way you can keep track of your “Eating Out” spend while on holiday etc.

I think there was a WIP a long time ago on a monzo blog (see below):

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So the things that would make me use budgeting more often would be these types of features:

  • Custom Categories (have some that you can’t change, and some that are totally customisable perhaps)
  • Split transactions - for when I spend £100 at Sainsburys and half of it is on my beard maintence, and the other half groceries.
  • Some way to consider savings goals too - right now the budgeting is all about Spending. Savings could be a purposeful “I need to ensure from my £X income, £Y remains in my current account”.

The main thing that’s important though I think is a proper ‘system’ that connects all the budgeting tools together that ‘just works’. Right now you have Summary, Pots, Bill Pots, Savings Pots, Goals on Pots (which could be expanded again!), and setting target spending.

I feel like those things don’t all holistically work together yet. Part of that is the fact that categories are limited (for me at least), the other part is that movements into/out of pots seemingly confuse the account activity and stuff.

I like the idea of a toggle for expenses and holiday - but I’d still also want to select it as a one off.

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I could but it’s not especially clear what’s going on once I hide amounts. You’d just be looking at a line graph.

Broadly speaking it does what I’d hoped the Monzo pulse graph could have been.

I’ve told it all my regular outgoings - and from which account/pot they are taken from - and what my base weekly salary is. I’m given a clear line graph of balance over time for the coming months and what is basically a bank statement from the future with balance for each day. I can add or remove accounts/pots from the view so I can view a pot’s future in detail, or get a full net worth over time. I can adjust individual predicted transactions if I know my groceries is a bit more this week, or if I’ve done a bit of overtime.

If I’m thinking of doing something stupid with my money like I am currently doing with buying a new car, I can also temporarily add a theoretical transaction or regular payment to see how it would affect my finances.

I’ve done what I can, but it’s kind of hard to explain exactly how extremely useful I find MD’s Planner.

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:point_up: This is extremely important to me too. Being able to apply “what-if” scenarios is uber-useful.

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