Set Start of Month

(Jack Simpson) #41

What would be good is if you could set the months spending target from when you get paid. For instance, if you got paid on the 20th of each month, the targets would reset the following month on the 20th!

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(Jack Simpson) #42

What would be good is if you could set the months spending target from when you get paid. For instance, if you got paid on the 20th of each month, the targets would reset the following month on the 20th!

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(Jake Burke) #43

As someone who’s not great at managing money, I have found the budgeting features extremely useful so far.

One thing that I would suggest as an improvement, if it’s not possible already, is to be able to choose your own budget periods rather than them being by calendar month.

I for example, get paid on the last working day of the month, which was the 28th last month. This meant that anything I spent that weekend came out of the April budget rather than May so I would like to set my budget periods accordingly.

I look forward to hearing your thoughts!

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(Stephanie) #44

Hi there, just to say I would also find it really helpful to be able to set the start of the month as my pay day :pray:t4::sparkles: This is definitely the date that I currently use and is most useful for me to budget around! Finding it very confusing at the moment and off putting having these dates out of sync :wink:

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(Katie) #45

Hi there!

I am finding it really difficult to track my spending with monzo while there is only a monthly limit available - which resets at the beginning of the month

Will there be a feature available where we a) set weekly budgets and b) set the start date of the budgets to match pay day?

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(Alex Sherwood) #46

Hi Katie :wave:

Yes there will, Hugo gave us a preview of how this’ll look one the current accounts launch & it looks pretty great :heart_eyes:

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Spending Periods
Theoretical Design Ideas for Master's Project
(Mark) #47

Another +1 from me! Should be able to set the start of the month to a specific date. So in my case, paid on the 15th - I’d like my months and spending summaries to run from the 15th to the 14th of the next “month”.

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(Jessica ) #48

Following on from Molly’s suggestion;

I don’t use the targets due to my payday being on the 21st meaning that I cant track my budgeting on a monthly basis based on my payday. It would be good to be able to set your month tracking based on your allocated start/ end date.

It would also be helpful to have more categories or the ability to create your own categories/ add pictures i.e. pets (I spend a lot on dog food/ fleaing etc).

Thanks :slight_smile:

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(Alex Sherwood) #49

Hi Jessica, I’ve moved your post here as there’s a few other users who’ve requested different start dates for targets here & I’ve shared Hugo’s preview for the fix earlier (don’t worry, it’s not always easy to find these posts :slight_smile:)

As for this[quote=“JessicaMary, post:48, topic:1144”]
It would also be helpful to have more categories or the ability to create your own categories/ add pictures i.e. pets (I spend a lot on dog food/ fleaing etc).
[/quote]

Hugo’s explained why we don’t have the option to add custom categories here but watch this space, Monzo should be revealing something that will help to help you keep track of more specific types of spend soon…

I’m hopeful that one of the new categories will a Pets category too but we’ll have to wait & see.

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(I Can't Wait Till Tuesday, Scrap The Graph Day!!!!) #50

My payday is the 21st as well :unamused:

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(Rachel Jones) #51

Hi there! I can see how it gets confusing when individuals define their months differently. However would it not be possible to let each user define their month in whichever way they prefer?
For example when im setting up a Standing order on my other bank account, I’m given to option as to pay either “every 4 weeks” or “every month”. It would be really great to see this level of customisation on the Monzo app!

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(Zak) #52

Hey Monzo. Love the targets function. Would be great if I could change what a rolling month starts though, I get paid on the 20th so I’d like my monthly targets to align with that rather than a calendar month. Thoughts?

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(Alex Sherwood) #53

@RacheelJones @Zsaucede take a look the thread a few posts up & you’ll see that Monzo have designed the features you’ve requested, ready for the launch of the current accounts :tada:

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(Patrick) #54

I’m not saying Monzo shouldn’t redesign their targets feature with flexible and customisable periods, but I would like to ask what is the need in these periods lining up with paydays? I feel like I’m missing something.

You could potentially be paid in one lump sum annualy and budget weekly, to me it doesn’t matter when you get paid as long as you keep to your targets/budgets.

I know it is counterintuitive but, for anyone getting paid on the 25th or the second last Friday of the month, does it really matter wether the last few days fall within this month or the next? Isn’t throwing the dollars about, right after payday, defeating the purpose of setting yourself a budget?

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(Jacob Harrison) #55

I’d had the ideal of being able to change my target spending date to run accordingly with my payday at work.

I’d voiced this opinion during work hours as I knew several of my colleagues had monzo and we all agreed it would be a fantastic piece of functionality.

We all get paid on the 25th of each month, but our monzo’s resart at the beginning of each month, so for 5 days all of our budgets on monzo alert us for over spending, but we’re just having a weeks spending before the monzo resets.

I think a lot of people would have this problem and having the facility to set budgets to a custom date and to weekly/monthly would be a valuable addition to the user experience.

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(Belén) #56

It is, you cannot budget if you cannot set the times to when the money comes in.

Also, you cannot personalise categories, so budgeting and stats is way behind.

I have hopes in Monzo though, let’s see what happens

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#57

Commenting here as have been using Monzo “properly” for a short while now and given the monthly summary yesterday, which prompted me to think that calendar months are not very useful for my usage. Budgets are rarely calendar based.

Disappointed to see this thread is so old and nothing has been implemented, at least in the Android version anyway.

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(Alex Sherwood) #58

Again, if you look a few posts further up you’ll see that the feature’s been designed & will presumably be available when / soon after the current accounts launch :slight_smile:

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(Daniel) #59

Allow users to set their payday so that allowances run between these dates instead of just defaulting to the 1st of the month…?

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(Oisin Anderson) #60

I have been playing around with my targets and just think that it would be good if you were able to change the dates of when your targets start and refresh. I feel this will help people manage their money better payday to payday rather than month to month.

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