I’ve been using the budget feature to try and have a better understanding and control over my spending lately, and it’s really great.
I’ve noticed that there are some use cases which are currently not supported and some others which could be improved in order to ensure the accuracy of the budgeting tool. In my case, most of the problems I’ve been having are related to splitting bills with non-monzo users, although maybe they apply to monzo users too, but I haven’t had the chance to use any form of bill splitting with monzo users yet.
While I understand that bill splitting with non-monzo users is tricky, I’m not trying to solve that problem but rather to find a way to ensure the budget is adjusted to take into account those situations. These are some of the cases which are currently not covered or could be improved:
- When I pay a bill and someone pays me back to a non-monzo account or with cash, I can’t tell the budgeting tool to consider only a specific amount for the bill instead of the whole amount.
- When I receive a payment on my account and assign it to a specific category, the spent amount is never adjusted. This one is particularly bothering me as it should be relatively easy to implement and would really help get most of the budgeting inaccuracies sorted.
- When someone pays the bill and I have to pay them back. If I pay them through Monzo, I can assign the payment to a specific category and it works just fine, but it would be great if it were possible to somehow link the payment to a specific merchant so that the statistics are still kept (amount spent on a specific merchant).
- Finally one which is not related to bill splitting. When I pay for something using a credit card (or even a different account) because it’s a bigger purchase, I would still like to be able to use the budgeting tool to account for it, maybe it could be solved by adding bills specific to the budgeting tool which don’t appear in any statements. I understand this one is slightly unfair, but until Monzo comes up with their own cashback credit cards there’s really no solution for this. Loans aren’t an option as I usually pay everything back before any interest kicks in.
Just to clarify, I am an android user so I’m not sure if any of these apply to iOS.