TL;DR – ‘Family’ should be renamed ‘Household’. ‘Gift’ category should be introduced. Everything that would go in ‘Family’ could fit in either ‘Household’ or ‘Gift’ along with many other transactions. Other two changes to categories are good.
A few thoughts on the new categories:
– Great new category. Fills an obvious gap in the previous categories. I haven’t seen anyone have an issue with this one.
’Cash’ to 'Finances’
– I think this is a good change. Having a category for things like transfers to other bank accounts, ISAs, paying off credit cards etc… was sorely needed.
– ‘Cash’ category wasn’t particularly useful in my opinion, since you could just categorise any ATM withdrawals with the category of the thing you spend the cash on. making the ‘cash’ category pretty useless to me.
– Has the added benefit of discouraging cash withdrawals which cost Monzo money.
– I imagine the idea was for the category to be used for stuff like mortgage/rent payments, pets, stuff for kids like clothes etc…
– I don’t think this is a very good category. It’s not particularly useful for younger or older people without a you + partner + kids living at home relationship.
– Renaming the category as ‘Household’ would solve this problem.
— Mortgage/rent payments, pets etc… could go in ‘Household’
— Stuff for kids would be divided up into other categories
– Only thing I can think of that would go in ‘Family’, but not ‘Household’ are gifts for family members. This could be solved by having a ‘Gift’ category, which would also include charity donations.