Hi I’m a bit new to Monzo, but I am very confused by it. How can I tell how much money I have in my account right now? Is it the balance in black at the top of the screen, or is it the ‘left to spend’ balance in green at the bottom of this?
I almost had a heart attack today as it looked like a big chunk of my money had gone missing from the ‘left to spend’ section. But after doing a lot of reading (I shouldn’t have to do this!), it turns out (I think) that this green number is just some kind of forecast of how much the app thinks I’ll have ‘left to spend’ at the end of the month, if my spending continues at the current rate?
But that number is complete nonsense! Last month I spent an unusual amount on Amazon shopping. It also isn’t a month until I next get paid! I get paid next Monday! I won’t always spend this amount on Amazon and my spending varies a lot from one month to the next!
I would rather just see my single, real, actual balance and let me decide what money I do or do not have to spend!
Is this right? Is the top balance in black my actual current balance?
The 2nd number is a calculated value based on any repeated debits (direct debits, standing orders etc) and taking into account the pay period. This is why it tells you what you have “left for X days”, because it’s deducted any predicted debits from your main balance.
If you don’t want to see that item at all, go to your profile, then preferences (the cog icon), then to Monzo Labs. You can hide “Left to Spend” there.
And yes, the big number in black is your actual balance.
It’s a slightly crazy and not very useful feature. It doesn’t really work. As I said it’s predictions appear to be based on assumptions regarding expenditure that might change from one month to the next. Even after 2 months of regular payments, it still assumes I only get paid once a month too, which puts this green number totally out of whack and leaves customers feeling nothing but confused.
But thanks for the reply. It seems I do have enough in my budget to last until I next get paid after all.
Not really. I use it and it works for me. I have direct debits and standing orders (paid via a Bills Pot), recurring card payments, it’s all handled properly. I have no complaints but I have a very “standard” monthly income, monthly outgoings, situation.
Agreed, the system is designed for people who get paid a single time per month as I understand it, it’s not really designed to cope with people receiving multiple amounts. That said, I am hopeful it will be redesigned soon to encompass a greater range of needs, including people paid weekly etc.
Thanks for the response. As I said, I nearly died from a heart attack this morning. I thought either I had been completely irresponsible in my spending, or I had been robbed, or there had been some major glitch.
What actually happened it seems is that the date just changed and the ‘money left’ sum was recalculated for another full month!
At the very least this is a feature that is both poorly implemented and barely explained in the app.
You can turn it off in the labs section (tap your avatar, then the settings cog). I personally don’t find “left to spend” at all useful and the way it’s calculated is opaque to me at first glance, so I am happier without it making the screen busier.