Results in! Budgeting, financial planning and expense tracking poll

As a free text challenge:

  1. If Monzo could do one thing to improve budgeting, what would that be?

  2. If Monzo could do one thing to give you better insight into your previous spend, what would it be?

Free Text Challenge:

  • Allow unlimited pots - which would allow so much more flexibility in how I can budget, using both categories and pots.
  • Show me trends in my spending in real time; Merchant and Category spends through the month, and show me how it varies month to month.

Huge agree with both of these suggestions. Hopeful for the second at least given that sneak-peek from god knows how long ago showing the ability to switch feed from chronological to ‘by merchant’ or ‘by category’.


Ooh, I’ve not seen that sneak peak. That would be interesting. Would be a huge improvement in my “find the missing transactions” time in my budgeting.

The thing I’m currently obsessed with, and it partially links back to budgets and Plus, is PowerBI - had it thrust upon me for work so I’m going to attempt a Dashboard with that, that will have a bit more flexibility to it than I can get with Google Sheets export.

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Here! We're working on a new look for the Monzo app - #282 by JordanFish


Thank you! I just spent 10 minutes unsuccessfully looking for it :man_facepalming:

While I’d love to get that in the app (it’d genuinely add so much to see more breakdown) I’m presuming it’s not gonna happen (at least not any time soon).

The core app team doesn’t seem to be around any more, but we do have the squad working on the Payments tab. And this mock-up is based on an early design of the new layout. I imagine it was a classic Monzo situation of moving off too quickly, then getting pulled into the need to launch paid accounts, followed by the P word.

(I’m also reminded that @bruno was previously doing some thinking about this - and active work had started on budgeting. But I suspect it never got very far due to 2020).


I don’t know what my budgeting method would be called

Just after payday I allocate some of my income to long term investing, some to short term saving (e.g. for a holiday) and some to a monthly bills account. All of these are generally fixed on a monthly basis and influenced by my long-term knowledge/experience of how much I need for more general spending. My general spending includes groceries shopping and discretionary spending. I don’t really budget this in a granular way (i.e. don’t split my general spending into budgeted categories). I just aim not to overspend overall and therefore not to have to dip into savings.

I don’t know if this falls into one of the options in poll number 6?


Sounds a bit like the percentage split option.

Perhaps, although I don’t think about it in terms of percentages. When my salary goes up I don’t scale everything up to preserve a constant percentage split. I usually just increase the amount that goes into investing.

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I want desperately to use Monzo more for budgets but sometimes little things just make it exhausting.

Case in point; custom categories and split transactions it does :clap: my :clap: head :clap: in as it makes no sense when you enter one category amount that it alters a random category in a way I don’t want. It takes too long, is fiddly and then when done it seems really unprofessional to have a > next to some categories but not all:

Yes I am aware this is small, but if you’re paying £5/£15 a month you want to budget and plan with Monzo as easily as possible.


Aaagh, I forgot about that. One of the reasons I’ve abandoned custom / split categories again. Not only is the way it’s handled in Google Sheets really poor, the splitting itself is painful.

Just tried it out as an example. Steps explained: (Can post a video that shows the frustrating thing if people want).

With the transaction selected that I want to split, I pick the 3/4 categories I want.

  • First item in the list, I type the value I want, say £4.
  • This automatically adds the remaining value to the last item in the list.
  • I move to item number 2, and add the value for this, say £2.
  • This then reduces the first category by the £2 I just added (because Item 4 in the list is populated already automatically). [repeats for every item but the last one]
  • when I get to the last box, this has auto populated to the amount remaining in the transaction after I typed in the very first category £ amount.
  • I change this to it’s new value, and it then auto adjusts category 1 again.

It’s like one of those puzzles where you have to turn all the lights out and hope you press everything in the right order

Edit to add: I’m totally spoilt by YNAB, but transaction splits are handled much more beatuifully:

Transaction from earlier today, first line is the total spent, and each line is the category split. Select each category as you need, and type the amount. You can do basic arithmetic in the value box, and it will keep a running total for you of how much is left.


Truly one of the worst interactions in the app :mask:


I tried YNAB but I just found it very complex; I really want to love it.

That’s fair, the style of budgeting, and the app, aren’t always the most straight forward.

I think to get the most out of it you need to spend most of the time on the YNAB web app, rather than phone. it just makes more sense when in a full desktop view.

It took me about 3 solid months to get used to it, but they do have some very useful starter guides to explain everything. But it sort of requires a level of granularity that you may not want (I think that’s the biggest criticism I hear of it).


Monzo budgeting is something they claim to help but it doesn’t really do much.

“Left to Spend” has no insights. It just divides the amount you have left by the days left. I can do that quite easily.

How am I doing compared to last month? Have I spent more on clothes/food/transport?

“You’ve already spent more on Starbucks than you did all of last month”

And then at the end of the month, my “coffee” category could say I’ve spent £300. Is that because I went 100 times and bought the smallest thing they do? Is it because I went 20 times and bought lunch and extras?

Is my “eating out” budget blown because I had a £300 valentines meal or because I didn’t cook for a month?

The data is there but they don’t show any insights. I track everything (and probably more than I need) with Google Sheets and it’s the most on top of my money I’ve ever felt. But this has taken effort and know how from me (And Google/Ben) to get it there.

The Plus/Premium tab does nothing and it could be so much better.

My one “simple” improvement would be to have a hierarchy to categories.

I have an Amazon category because I buy a lot from there and I want to track it. But when I buy things for the house or presents for people that’s different to buying yet more things I don’t really need.

Amazon > Presents
Amazon > House
Amazon > Toys

Would make things a lot clearer for me.


Including incoming Faster Payments transfers and BACS credits in Budgets (including some way to sort the issue of salary dominating a budget - possible solutions could be a “Salary” category or scheuled income which automatically toggles scheduled income to be excluded from Summary.

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I have a bills pot and a groceries one, that’s the limit. Any money not in those 2 pots is free to go wherever.

I think the Core App squadis the squad working on the Payments tab.

At least that’s how they introduced themselves in the thread:


Couldn’t say it better myself.

It’s things like this why Nested categories / hierarchies as so so valuable. You can sort of force it in Google Sheets, by manually grouping the lot together. But not easy or ideal.

But lets talk some real world use cases for it. Categories like:

  • Personal Care
  • Eating Out
  • Groceries

Can be so vague and wide, that it doesn’t tell you much about the health of the category, or even if all your needs are covered.

Eating Out as a master category; I have that split between “Coffee”, “Takeaway”, “Meals Out”, and “Drinking”. I know in a given month I want to allocate only £x on the whole category. If on Day 2 of Month I go for a big slap up meal, I know I’ve spent 85% of budget and need to tone down the rest accordingly.

Or say a Personal Care category; I can split that into Fancy Moisturiser, Subscription Pants, and Hair Cuts. I know I need to allocate on Feb 1 some money aside for a hair cut booked for Feb 13th. Without the ability to split things, I can get carried away on buying Fancy Moisturiser and still be in budget, but don’t have enough to cover the hair cut when it comes.

That’s why I like sub categories anyway.

All that to say; the System Monzo has doesn’t really let you plan for everything you need your money to do that month.


To be honest as much as id love to see budgeting and insights i feel monzo have a few things they could do which could help more with financial planning:

  • Pay from a pot (transfers or card payments)
  • Bills pots w/ subscriptions

These two items i think would really help the short to medium term budgeters massively