When I first joined Monzo, the big selling point to me was budgeting and money management (I’m generally rubbish at this) and thought Monzo would help.
While the budgeting feature is good to identify if you’re looking to go over budget, and pots (and roundups) are amazing, when used together, the budgeting feature goes out of the window
I don’t know if I’m alone in this, but I use pots to stagger my pay into my account over the month. So on pay day, I send X amount to my joint account and then 90% of that goes straight into pots. Then each week, I release a little bit more.
But with the budgeting feature, because it’s calculated monthly, it permanently shows me running out of money because it doesn’t take into account my pots and money coming in later.
Also, the graph constantly just has a spike every week and doesn’t show my cash generally reducing towards the end of the month.
I see two ways to potentially improve this
being able to set custom time scales for the budgeting (eg weekly in my example)
setting a pot with a flag that says “this is actually monthly spending money” and then the budgeting and graphs take into account both the money in the account + the money in the pot.
Am I the only one who struggles to find a use to the budgeting functionality in its current form?