I respect your views, of course, but I couldn’t imagine anything simpler than Google Sheets for recording spending and projecting cash-flows, and it has the power when you need it. But each to her own. I just wish there was a more direct route rather than through a csv download.
I fully get where you are coming from! I also have a range of Google Sheets for my finances (together with Wave accounting as I have multiple accounts and credit cards) and I find it much better than the simplistic approach of Monzo, because I can fine tune it to fit my needs, rather than Monzo necessarily having to make assumptions about my needs.
I think for power users “do it yourself” is incredibly useful. But how many of us are there? For lots of people “something” is better than “nothing”.
I partially agree with you there. Most banks don’t care what you do with your Money so long as it’s legal and you’re keeping it with them.
Monzo on the other hand seem to have a business model which actually has their customers best interests right at the core so creating graphs and helpful tools enable us to better manage our money. By helping us be to more in credit they’re helping themselves earn interest off of our collective higher balances. Only if we keep the money in Monzo of course.
Although I have personally created my own graphs to calculate when I’m going to clear my credit card balance and how much I need to repay in order to clear by a certain date as there’s nothing ready made available that I can find.
I’m grateful for the comments on my view that it is not the bank’s job to do graphs, and it has caused me to think. It seems to have come to pass that if a person borrows money and can’t pay it back then it is not the fault of the person but the fault of the lender. Lenders now have to do due diligence on borrowers’ ability to repay otherwise they are in trouble, at least in the UK.
So perhaps by providing pretty graphs, Monzo is demonstrating that it is helping the customer with their finances. Well, yes I know that Monzo isn’t primarily a lender, but the principle applies nevertheless.
I personally think the actual exercise of doing your own management accounting is the key to understanding your personal financial business. Somebody once said “plans are useless but planning is everything”.
That’s true and you and I would do that regardless of Monzo or anyone else trying to help (successfully or otherwise) but that doesn’t hold true for everyone which is where this sort of function is trying to make an impact, I think.
I understand individual users always have different views but I always think that any company has to stick with the core of their own interpretations of their goals rather than bowing to customer pressure on everything. The customer being ‘always right’ can only ever take you so far.
Agree @Theodore and also the suggestion of landscape. Personally, I like this feature - I’m sure pulse graph will, as everything else, continue to evolve
As someone who budgets month to month, the burn down graph is one of the best monzo features for me. It projected trajectory allows me to quickly see at a glance how much I’ve spent, and when looking back at data over time, it makes identifying big purchases and the date that they occurred very easy.
I’ve seen a lot of comments about it taking up too much space, but given the size of most phones these days, certainly the three that I’ve had whilst using monzo, it’s felt perfectly well proportioned.
I get that it’s not for everyone (I appreciate that it can be a bit more frustrating if you’re not working month by month), and thus maybe an option to turn it off could work, but I would lose so much value if it was removed completely.
Just shows the diversity of use cases within spending saving and banking…
For me its useless… I spend in bursts, of no predictable pattern. My earnings come in chunks, over random timescales, sometimes once annually… Or I make some bets and get a windfall (or shortfall)…
Last week, knowing I would have some GBP expenditure, and trying to keep my GBP outgoings all inside monzo… Dropped 5k into the account, spent 4xxx of it… leaving my usual slush fund of a grand or two for spending… Now I am not spending GBP I might not touch the account for a month, unless some big ticket travel item goes into GBP, when the process may repeat.
Cant for the life of me see how a pulse graph has any benefit whatsoever for my personal use case. If I earnt a fixed repeatable amount, paid into my bank on a fixed repeatable day, and gradually spent that money while waiting for the next ‘cycle’ sure it might be beneficial.
I can’t see the point of it then either
I know right… Its hard to imagine what subset of users that could fit !!!
My real point is that peoples banking needs and finances are wildly different, getting a one size fits all isnt possible… For me the graph is useless.
Yep. For me all it needs is the “patient has died” continuous tone like on a hospital monitor
This is getting a little repetitive now
Monzo certainly knows best
Are Monzo able to elaborate on any of the new features that will hang off the graph yet?
After Fitbit Pay there will be news
I’ve asked about this before and although I think Monzo are brilliant, I love the way features are developed in the open and think think that in general the team are doing a great job, my view has not changed: the graph is not useful to me nor can it ever be.
The amount of money in £s in my Monzo account is not a number I care about or track. It is meaningless, I add to it when I need to, including sometimes for one off (large!) expenses that massively skew the view, and often move money between Monzo and various investments and assets (not to mention the fluctuation of buying something for a group then getting paid back, or due to large business expenses, which are not interesting to me when trying to understand my financial situation).
I get that a historic graph of some sort with events on is useful and could be the anchor for some features but unless this can be changed to something like daily or cumulative spending, net of expenses and bills, it’s going to remain useless for me.
For example, here is the last month — and I do almost all my banking, including day to day purchases, one-off purchases, holidays, most bills, and rent with Monzo, so this is “real” data — what am I supposed to do with this? What possible feature or addition could make a graph of my balance interesting or useful to help me manage my money?
I agree with a lot of the sentiment in this thread. Take a look at my graph for example -
I’m not a fan of the graph either because all it goes is go downhill. However, and I’m not sure it’s been mentioned here (sorry if it has) it doesn’t look like it’s been planned to act like this. See below:
This is from overdrafts but to me it looks like there will be some sort of “predicted income” in the future.
It’s crazy to me that the graph doesn’t show Direct Debits and Standing orders yet.