Non Monthly Budgets


(If there's the wrong end of a stick, you'll find me holding it.) #21

I think @jamiemathieson is suggesting that it’s optional, so if you do your shopping through the week (or month), you can see how much you have in your budget per day.

I tend to work this out from the Summary tab myself, so having a toggle to work it out for me would be useful.


(Jamie Mathieson) #22

Then obviously you’d have a much larger overall budget and it’d work exactly as I explained? :joy:


(Jamie Mathieson) #23

Precisely the point I was making, there would be the weekly/monthly/daily breakdown to use whichever one you’d like — just to see the info differently as like you said right now I’m having to calculate what I have daily from the monthly amount but having the app do that for me with a variation of the summary page would be perfect :ok_hand:t2:


(dragosM) #24

Very nice idea :+1: I would also like to see Monzo develop more ways to manage your budget and anticipate payments. So having daily/weekly/monthly/bimonthly/quarterly and even yearly budget tools would very useful. I also believe these tools would make Monzo stronger in regard to Business accounts where stronger budgeting tools are required.

Another way to manage your budget would be this:


(Jamie Mathieson) #25

Yeah, I think this sounds great! :smile: Thanks for backing up the idea :bulb: Hope to see Monzo implementing these features over time :clap:t2:


(Jack Stride) #26


Have seen this feature in this bank too, the gif on their Instagram show how over spending or underspending on each day alters how much you have for the rest of the month/week. I currently do this manually by dividing my monthly budget by 28 (as I get paid 4 weekly) and then have a spreadsheet that shows what my balance should be on each date. Lengthy process but it’s how I like to budget myself. Really hope this feature comes to Monzo!!


(dragosM) #27

I like your idea but I would see it implement with an opt out functionality or some way to turn it off.

If I am on holiday or if it is some sort of family event and I want to buy more that I should, having the Monzo app tell me I can only spend £30 but I want to spend £100 will make me feel guilty.

There is a point where too much management and to much machine learning will be stop being beneficial and start causing stress and overwhelming


(Jamie Mathieson) #28

Yes, that’s exactly why I said I want there to be an option to switch between weekly, monthly and daily budgets.

Thanks for your feedback :smile:


(Jack Stride) #29

The way I see it working would be that the daily budget would fluctuate depending on the days when you underspend or overspend. If it says £30 per day but you spend £100 then the rest of the month would decrease slightly to £26.70 or something. And then days when you spend less than the budget would then increase it. You’d never get told you’re spending too much because it’d only be affecting the following days spends which is the same as what you would do for a monthly budget


(Jamie Mathieson) #30

That makes no sense? I’d just rather it be a breakdown of how everybody calculates budgets. You work out how much you wanna spend on something everyday, giving you your total monthly budget. So, the daily budget is the monthly budget divided by the total number of days in your summary reset period.

And if you don’t want to view this you can easily toggle back to the monthly summary.


(Jack Stride) #31

I think it would make it easier for people to stick to their monthly budget. This is what I do manually each month and I find it helps a lot when sticking to a monthly budget.
Starting budget £500 (£16.12 per day)
I spend £13 on the first day meaning £487 (£16.23) - an increase due to the underspend on the previous day.
This would continue throughout the month and would fluctuate meaning several days of underspending would mean a higher budget for the remaining days.
1 big spend day wouldn’t drastically affect the daily budget as the “recovery” would be spread over the remaining days.


(Jamie Mathieson) #32

I understand this now, thank you for explaining.


#33

Hi, I was wondering whether a feature for weekly budgets will be available at some point as many ppl are paid weekly rather than monthly so this could really help. At the moment the circle which changes colours and the predictions on committed spending are incorrect for me due to the calculations being based on monthly income