For the monthly spending targets it would be useful to be able to “change the dates” for the month so they align with people’s different paydays. Therefore you know how long you have left on each target before you get payed again.
Instead of working in monthly cycles it would be better to customise your targets. For instance most people in the UK get paid before the end of the month so the mentality of a new monthly target starts before the 1st. The issue with having the dates set by month means the notifications and ‘left this month’ aren’t accurate and can’t be used as a true reflection of status.
I love the monthly budgeting tool because I am a bit of a spender and getting warnings and reminders really helps. And the budgeting process itself was also a bit of a eurika moment for me when I realised just how much I actually really would every month!
It is currently defaulting to calendar month start and end, which works for most people, but for people like me, who get paid mid month for example, it becomes quite hard to budget because the monzo budgeting cycle and my salary cycle do not line up. Would be great if we can customise our own “month” or period, so it fits more with people with awkward pay days.
I disagree. If I want a quick scan of monthly spends then it doesn’t show what I spend under one paycheck (unless I search with parameters). If I look at July spending this is distorted because it’s split over two pays and two different expenses being paid back, bonuses etc. I want to see how much I spent, and the areas I spent in, over each pay period, not month.
It’s a very popular request, and there is a reason almost all budgeting apps allow you to do this.
I get paid 4-weekly, every 4th Wednesday, which complicates things further.
I spoke to Hugo a few weeks back about this and was assured that Monzo are looking to make target dates customisable in the future.
We know this is designed because it’s in the
Spending Breakdown preview -
When is that coming online?
But seriously, we don’t know yet. I’m hopeful that it’ll be rolled out for the current accounts, once everyone has one
Awesome… and Indeed!! Look forward to it.
I would find it really useful if I could adjust the dates for my monthly spend to reflect my pay day. I.e. I always top up my card with my monthly budget on pay day (which is not the first of the month). It would really help me to track my spending if Monzo was also accounting for my budgeting in this way. It would also make the targets and notifications more meaningful as they currently don’t match with my month pay budget.
Not really the place for it but (in case any one from Monzo is reading) I’ve also seen posts about having multiple cards for one account, and being able to see total spend per company. These are both great ideas and would be super useful!
I know this is an old thread and it’s definitely something they’re working on, but I want to +1 my desire to see this worked on asap! When I switched to my current account I set up all my targets then realised a week after pay day it was pointless as the new month started and everything went back to 0 and would stay that way until almost the end. I know I could adjust my thinking but that’s not the logical way monthly spending works (same reason I’ve never managed to get on board with YNAB despite trying it repeatedly!).
Having a start and end date for each target period will be invaluable.
Please roll this out soon, it’s so useful to me! I get paid on the last Friday of every month, so was paid today, but this one has to last me 5 weeks. Being able to adjust targets and month start dates would be so helpful, particularly in the early stages of learning to budget well and track your spending!
I really like the the ability to spend spending targets for a month - but I have an idea of how it can be improved… At the moment it is simply per calendar month, but I think a lot of people would fine it really useful to be able to set it to match the dates they are paid each month. This would come in two potential ways:
- Ability to set a specific date for the counter to be measured by
- Ability to set a day to set it by (e.g. have it roll over on the last Friday of every month).
What do people think? I know personally it would incredibly useful to me!
I’d like to upvote this feature also. My employer pays us on the 25th of each month or the earliest working day. An example being if the 25th is a bank holiday Monday I’d get paid on the Friday before.
On the subject of the term for ‘month’. Perhaps the term could instead be used to the month paid, for example ‘my spending from April pay’. But as an option to switch to.
I get paid on or around the 26th of each month. I love the targets/budgeting functionality but it would be really helpful if I could customise my month start and end. At the minute I manually work out of my disposable what I add as calendar month target for time between pay day and month end, and then set a new target from month start to pay day on or around 26th.
Customising timescales would be a really useful benefit for me.
This is exactly what I was going to post, adding that you can view a weekly statement too.
It would be really helpful to set custom months for the budget tracking function - I get paid in the middle of the month but the tracker resets at the start of a new calendar month
Hi, I’ve not found this question been asked before but as I get paid monthly on the 15th of each month the spending tab would be useful for me to show my month from 15th to 14th. Is there any way this can be done currently or possibly for the future?
Hello Paul, welcome to the community and thanks for posting. Your feature is well-discussed. Hopefully this post
has the answer you’re after, about halfway down.
I find the ‘spent today’ in-app display and in-notification text mostly useless, as I don’t think about my money per day - I think about it in more digestible, budgetable timeframes like week or month. It would be good to be able to change what is shown in that top right total, and in the notifications. Additionally, if it could tell you in the notification how much you’d spent in that category (eg eating out) for the time period, that’d be far more useful than ‘spent today’, but I’d settle for it just telling me the total for my chosen time period irrespective of category.