I like the reporting we get; however, I would like to get assistance in helping me save. If you know our usual outgoings, can’t you prompt and nudge us to save a little or put money aside for another month that historically has been difficult for us?
I would like to see a digital assistant that helps us save and budget without us really knowing!
This would be interesting, so here is an example of my thoughts on this…
January and February are usually financially worse for people because getting over Christmas and higher heating bills for example. Obviously there are some fixed costs that don’t change such as Water bills and Rent or Mortgages but for those that do here are some suggestions:
Bills: If Monzo recognises that your Gas & Electric or Broadband bill (or any other bill) is significantly high compared to others in a similar situation as you then maybe it could offer you a better deal (like their partnership with bulb which I did actually sign up to).
Day to day spending: So if you’re regularly ordering on Just eat, buying coffees at Pret, or doing the Majority of your shop at a Little Waitrose then there is probably a way you could save some cash… Maybe a message like “Did you know you spent £300 at Just Eat this Month, INSERT_HELPFUL_ALTERNATIVE_MESSAGE_TO_SAVE_CASH”
Whatever the options, I’d want to be able to turn them all off if I felt like it (people don’t necessarily like being judged by a banking app) or block individual ones from appearing.
I like that. I also like the idea of perhaps rounding up and putting the change into, say, a pot. Perhaps we could have a charity pot so the odd bit of change goes to a worthy cause?
The odd bit of pocket change adds up. Some of us have redicoulous glass jars that we then take to a supermarket, get charged for a machine to count and then pocket the change.
I don’t want or need that kind of negativity in my life, thanks. Jeez, I would fall of my chair if I saw how much I spent on Just Eat!!I did go through it a few years ago, eye watering stuff.
I’m looking for to help me intelligently save! I’m sure historical data and looking at Pots will help. Say for example we know Christmas will cost us £400 next year (pressies, cards etc.) and we open an “annual savings” Christmas pot.
As we go through 2018 and approach December, having AI that says “Based on your spending pattern you will have x left at the end of the month- do you want to save now?” Would be excellent. - Having the option to sweep remaining balance into a Pot would be good as well.
Same for holidays etc. I don’t have my parents telling me to save for rainy days anymore.
Perhaps Monzo should bar us from places! My local coffee shop would go out of business if I wasnt a regular. Imagine that- “sorry, Im not going to let you have a coffee- you spent far too much here this month!”
Anarchist
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Indeed. I’d need another dozen bank accounts of that ever happened