yeah this is the one i was talking about! this is what is really needed
Awesome, thank you everyone for the insights. I think the conclusion of this is what I expected: the majority of income is paid monthly, but on the last week so the date changes and it gets messy, and there’s a big chunk of us getting paid on a different schedule. There are also substantial outliers and the main necessity with spending periods is flexibility. I like to think we’re quite smart at Monzo so we will be able to do smart things like triggering a new period when your income/salary hits your account, as @anon4562461 suggested. The trade-off of this is that it means one period is 28 days, the next is 31, the next is 26 etc, which slightly invalidates your data and targets, but perhaps that’s okay.
Assuming we can still edit the spending periods once they’ve been set automatically (without impacting previous periods), just like the Target’s amounts, that won’t be a problem for me
Looking forward to see this implemented live in the system
I have the same issue, throws it all out a little. I get paid on the 25th sometimes earlier so it can be almost a week of spending that I am ‘out’ by. Thoughts I’ve had are having two options in spending view
1 ) Set to calendar month
2) Set wages month- which takes user inputted date
Hi! Is there an update on the progress and likely rollout of this feature? Monzo.me solved 90% of my problems with the app, having “Month restarts on the 25th” would finish things off nicely
We’d love to release this in line with the current accounts, which we’re aiming to roll out over summertime
Thanks for your reply!
Have you considered people that get paid every 4wks not monthly?
@RahmsMusti I think idea is that eventually there will an option to set targets to whatever time period you like. As Zander mentions, there will likely be tradeoffs for having this degree of flexibility and we’re considering smart ways to add this feature in a way which will minimise the effects of these.
I get paid on 28 of each month or earlier if that is a weekend. I still spread my spending from the 1st to the end of each month so it overlaps my pay day by a few days.
It’s not difficult to do and I’d have thought anyone who gets paid in the last 5-6 days of the month could easily do this.
Totally agree with you Nick. I have always budgeted in a monthly basis (not from the 1st of each month but from the 6th so that it ties in with the tax year and I don’t have to split the April month into two) and it does not matter if I get paid on the 15th or the 25th as the pay date does not matter, it is just a matter of the total income v expenditure across the whole month period.
This feature is very important to me, because the appeal of having this budgeting application is to help better manage my money. Some people don’t quite have the luxury of moving their spending around such that it’d make sense at the beginning of every month. The point in getting this app in the first place is to help people manage their finances and requiring moving around payments or expenditure based on the month start puts up a bit of a wall in people being able to do that. The app is the place for that.
Unfortunately, seeing my spending over a monthly period does not indicate to me in any meaningful way whether i have overspent in a particular category, which greatly diminishes its usefulness. It’s a shame that this feature does not appear to be on the road map for the next 12 months at all. Please somebody tell me that it doesn’t necessarily mean it won’t make it in soon?
It looks like it’s coming soon, for the current accounts
A lot of businesses (e.g. retailers) pay their staff every 4 weeks.
I get paid on 15th and would very much like budgets to start on that day.
I get paid every four weeks (on a Thursday). Rather than trying to dictate to all of us, can we not have a setting so we can personally decide our spending period?
I get paid weekly so would be nice if I could set that
Hit the nail on the head - everyone will have a different use case. There will have to be some way for everyone to be able to set their payment period individually.
I get paid every four weeks
I get paid whenever my clients pay me, how will this work for me?