Spending Targets Still Unusable

[Grantritchie]

I love Monzo - it’s a fundamental part of my day! Last year I decided to move a lot more of my financial activity to Monzo. But recently I’ve been getting so frustrated with the targets feature.

All financial tracking seems to be done purely on outgoings. If I spend money but then someone sends me a payment for half of my that outgoing, my spending records don’t update positively but still show me spending the full amount. This makes it impossible for me to track my spending accurately and I’m soon going to be forced to find another bank/app to give me a realistic view of my spending.

I’m sure the team at Monzo must be aware of this but please can we see this updated soon?

I love the bank, the app and the customer support and I don’t want to leave. But please can you sort this out soon - seems like the biggest gap in the system right now.

Thanks

Grant

[Peter_R (Peter Roberts)]

This is being worked on as part of something called ‘breakdown’. It’s basically a revamp of spending for current account usage

[alexs (Alex Sherwood)]

As Peter’s said, a fix is on the way

Zancler’s given a really good preview of the changes that’re due to be made to the Spending features, acknowledges this issue & says that they’ll fix it (at 13:20) here -

Redesigning Spending

Hello! For today’s Sneak Peek, we’d like to share a presentation that @zancler gave recently, showing off some new designs for the spending tab. Highlights: 4:30 - new look spending tab and dial 5:00 - spending tracking demo (and an open call to suggest names for this feature!) 7:00 - the new breakdown screen (Spending/Scheduled/Income/Pots) 8:20 - new categories! 10:45 - user testing 13:00 - what’s next? I’ll also merge in some comments that have already popped up about this …

You can help the team with that by voting on this poll -

Design Poll: How often are you paid and pay bills?

Hey all, We’re in the middle of rewriting the Spending analysis to make it better suited to current account usage, adding an understanding of Income, Planned Spending for bills, and money you set aside to save. One of the challenges we have is deciding which time periods to split up your transactions into for analysis. We’ve explored a bunch of different ideas during our design process; but as most Sci-fi tells us, playing fast-and-loose with time can get very messy (why aren’t all months the …

Lastly, there’s been lots (lots) more discussion about this here -

Set Start of Month

So like a lot of people, I get paid at the end of the month (26th) - could there be an opportunity to define where I want my month to start? I got my Mondo card on the 26th Jan at the office meet invite thing and it’s a little bit tedious now that its the 14th Feb and my expenditure is split over two months so far, so really think having the option to define when my month starts would be cool. Might just be me not having the card for a long enough time and I may come to realise this is a stupi…

so please feel free to join in there.

[jzw95]

@Grantritchie

I’m soon going to be forced to find another bank

I’m not aware of any other bank that has budgeting built into their app, what did you have in mind?

(Note, this is not to deny your central complaint that the budgeting in is unuseable as is, I have the same problem.)

[WillP79]

As I’ve said elsewhere, until Monzo deliver this, you can fudge it with Emma to some extent

[Peter_R (Peter Roberts)]

Emma is better at telling me what I’ve actually spent our saved than Monzo is right now! And I use Monzo for almost everything

[Ganey]

@jzw95

I’m not aware of any other bank that has budgeting built into their app

Lloyd’s TSB has some pie charts and spending categories for a while a few years ago. Not sure if they still have it though I closed my account last year.

[anon44204028]

@Ganey

Lloyd’s TSB had some pie charts

that is what’s missing from Monzo, a good pie chart!