I pay bills for my flatmates and they reimburse me on another account. (they don’t have Monzo) So I have to artificially inflate my Targets to account for the money I will spend for other people. That’s fine when I can predict it (house bills) but breaks down when I end up lending money to others for random purchases.
Possible Solution (kind of a simple workaround for now)
I know bill splitting is coming but that still won’t solve it when dealing with non-Monzo users. (until current accounts arrive at least)
What I’m suggesting is to add the ability to categorise top-ups!!!
I pay £60 for 2 train tickets for a friend and me. My friend then owes me £30. I bought the ticket with Monzo so it shows up as a £60 holiday expense in the app. My friend then reimburses me the £30 on my HSBC current account. I then top-up my Monzo card by £30, categorise it as “Holiday” and VOILA my holiday Target is safe!!!
The requesting money feature is on the roadmap to be delivered very soon and currently in development. The name is provides a little misinterpretation of how it’ll work as it’s intended that they can just send you money without you having to ask for it. Furthermore, it’ll even work if your flatmates still don’t have a Monzo account by then, but seeing that maybe they’ll be convinced
But rather than a functionality of topping up to fix the target, it would be great if you could choose the expense, like in your example the £60 train tickets, and then within that payment select that my portion of this is 50%, or 25% or anything etc, and to then be able to send a request for the money from there would be great.
i.e. you send a even split request to three others and that £60 you paid is then split 25% each so it only appears as £15 of your spending (after you have actually received the money you requested) - also being able to see who hasnt paid up yet and ping them to remind would be great too.
Yeah defiantly, I was meaning it only reflects the totals once you have actually received the money - so say two people paid you back for it but one didnt - if you selected that £60 payment you would see the two who had paid - which would effect your targets based on tying the credit to that initial payment, and you could see who hadnt paid - but their amount wouldnt be reflected in the totals until they had paid.
Yes, and also how much money you owe to other people. Pending In/Out tabs possibly?
Also, it could possibly be used in conjunction with this feature -
Thereby it becomes aware of how much money you’ll have spare until next pay day and then prompt you to repay your lenders (mates or lending organisations), or even if you were given the option for to automatically repay what you owe out of your spare cash?!
I may be wrong, but given their history of keeping amazing surprises secret, but this may already be in the pipeline to be added to the roadmap, perhaps on their secretive “badass ideas” board? I’ll defer to @tristan and @hugo for that answer.