Set Start of Month

Spending tab is going through an overhaul :muscle:

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Does that mean customizable month dates then?

Mhm, amongst other things. We don’t have a timeline on it yet but I was very excited by the presentation in the all hands meeting.

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As someone who gets paid weekly , I would love this feature, we’ll set payday as a new “month” although it would be 13 in a year. This drives me mad with normal banking as nothing lines up.
Combine that with predictive DD so it works out in which paypack it it is taken out of, and how much I have left, would be amazing.

Everyone gets paid on different days. So why would spending targets be the same for everyone?

If i get paid on the 22nd Feb, I’ve already spent a week’s worth of my salary before the month resets on March 1st.

I think it would be great to be able to set monthly (or even weekly!) timeframes for spending targets.

Please make it happen!

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Sorry sure this is covered somewhere but is there an eta for when you can set month start date, ie when your salary goes in? Targets are a bit pointless at the mo as all out of skew

Coming soon

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What would be a good idea is to have the option of your spending to be reset every 4 weeks opposed to every month as some people like myself get paid 4 weekly.

Hi Matthew,

Some employers just love to be awkward! :slight_smile:

I know some research has been carried out by Monzo regarding freelancers, and the findings were that although freelancers are paid on a very ad-hoc basis, they still measure their spending monthly because that is the frequency of all their direct debits. In other words, when it comes to spending, it’s not when you get paid that matters - but the frequency of your recurring bills. Does this resonate with you?

I think an interesting workaround to this would be to reset the spending whenever someone receives £x,000 from their employer. In practice this could be quite difficult to implement and might not work with some other app features, but possibly something to explore.

Yea that would work. Almost like a stop watch function where once you press an icon it stops adding to the current spends and starts new so you can still scroll back to the previous period. Either that or just have options as a lot of people get paid weekly but do not have any regular bills but would still like to budget. So a reset frequency option would be nice.

Hey Monzo!! :wave:

I love the spending categories bit within the app…it’s so helpful to see where my money is going and in helping me curb my wayward spending habits!

What I do struggle with though, is the fact I get paid on the 15th of the month.
Ideally, I’d like to be able to select the dates I want my spending analysis to run from (i.e. change it from calendar month to my pay month)

Reckon that could work??

Cheers!
Laura

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I’d like to see on top of a countdown to next payday the ability to offset standing orders and direct debits. So if I pay in 1000 monthly and 500 is for direct debits, monzo would let me know how much money is not committed. As DD and standing order are on the same day it could update the forecast as the money comes out.

Currently the budgets and spending tracker is set to the month. However, i think it would be a good idea to be able to set your date range (weekly, two weekly etc.).

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I’m eager to give the Targets feature a go (from next payday). The thing I’d like to see added is the option to budget weekly. Would be a great help for me.

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Hi. As I get paid mid month. It would be useful to change the date that my spend resets. Is this upcoming?

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Hi Luke ,

your request has been asked for on multiple occasions over the past few months by a lot of users, Targets are in the process of being redesigned as they don’t really seem to work at the moment with credits not coming off debits , dates not working for some , not being able to catergorise credits or Monzo.me payments etc etc , Monzo are fully aware of the drawbacks that have been mentioned on the forum and have indicated that as soon as the prepaid system is finished users will see solutions coming :slight_smile:

Hi Luke

Coming in the upcoming redesign here:
https://community.monzo.com/t/redesigning-spending/32756/108

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Thanks for the heads up :slight_smile:

I do really agree! But I think a great feature would just be the ability to choose your budget! Aka. Fortnite, weekly, monthly, X date to X date. I’m self employed and that means I normally put my budget into my monzo, weekly, according to how I’ve earned. I think having the ability to edit the budget weekly each week would help me! As I don’t have the luxury of having the same budget every week. It fluctuates frequently! Just a thought!..

All friends I have that use Monzo (bout 20 at my company ) get paid on the 28th. If I have a budget to stick to this is hindered by that missing couple of days when the month rolls over :grimacing: Especially with a PAAAAAYDAAAAY SPLURGE :grimacing:

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