Recategorization of transactions

Feedback & Ideas
1

I wanted to learn a bit more about recategorization of transactions.

I know that Monzo currently lets me recategorize my spending, in cases where I feel a transaction has been erroneously categorized by the automated transaction categorization ‘engine’.

A few questions/thoughts/ideas:

1.) On recategorizing a transaction, would it make sense to prompt me, and ask me if I’d like to apply the recategorization rule to all future similar transactions? This might save me the hassle of having to make lots of one-off recategorizations of the same transaction type…

2.) On recategorizing a transaction, would it make sense to prompt me, and ask if I’d like to apply the recategorization rule to all previous similar transactions? A form of retrospective recategorization, if you will! I could see how this might become disruptive though, if it impacted past budgets etc.

3.) Does Monzo use the recategorization data from individual users, to inform how it categorizes transactions at a community level? i.e. if X% of users are recategorizing Oddbins from Groceries to Entertainment, you might change the categorization mapping for all customers?

4.) Would Monzo consider letting customers split a single transaction across multiple spend categories? i.e. my spend at a Tesco Superstore that covered Groceries but also Shopping (cushions, mirrors etc.)

1 Like
2

I thought it did this already? I remember once changing the category for a cash withdrawal to Eating Out (because I was using the money at food place that didn’t take card) and noticed the next few cash withdrawals were saved as Eating Out and I had to switch them back.

Although this was a while ago and haven’t tried recently.

2 Likes
4

I believe it does already do this, although a prompt for this to happen would be nice.

On occasions I buy non-grocery items from a supermarket, by default they come out as grocery but if I manually change it to general, the next time I shop there it will categorise as general - at which point I have to recaregorise as groceries.

I would like it to ask me if I want to change for future transactions so when I buy non-grocery items and recaregorise as general, I can select no so that the next time I shop there it automatically goes for groceries and not general.