Spending


(Vojtech Vrbka) #29

I found a small bug.
“Your spending” analytics doesn’t consider refunds.
If I get a refund, I would expect the amount to be deducted.


#30

For me, the other side of the “where is my money going” coin is “how much of my remaining balance is already spent before I get paid again”. A cool feature would be some kind of forward looking spend view based on:

  1. Scheduled payments (once account supports DDs, SOs etc.)
  2. Historical spend (interesting challenge to come up with an algorithm that doesn’t simply average previous category spends)
  3. User input future spend (holidays? dinner plans? etc.)

A few banks have tried this, but lack the richness of data and elements of AI/Machine learning to create a properly useful feature.


(Hugo Cornejo) #31

@vojtech_vrbka Yeah, you’re totally right. We’re working on that :slight_smile: Well spotted!

@Matthew That makes a lot of sense. It’s still a bit difficult for us to create that kind of feature because your salary can’t be paid into your Mondo account (yet) but we’re definitely working into budgeting, “left to spend™” approaches and things like that. Stay tuned!


(Philip Amour) #32

Looks good. Sketch for the win! The only thing I would be careful about is using the current navigation that is not that obvious to the users. Research and think about using a TabBar. Even I would not figure out that I could press the two tiles up top (which is not convenient especially on a bigger device.) Product Design is not just about making a pretty product, it’s about solving the user’s problem and making something that is intuitive and easy to use.


(Hugo Cornejo) #33

That sounds exactly like our job ad, we’re hiring :wink: https://mondo.workable.com/jobs/189070


(Philip Amour) #34

I am genuinely interested into the problem you’re solving and I really like the perks; however, I am currently unavailable (working full time at Snupps as a full-time Lead Product Designer.) We can keep in touch and see if the possibility emerges at some other point of time. :wink:


(Nick Petrie) #35

It could be interesting to try and tie up emailed receipts that we’re starting to get from some stores (say when you pay in person at an Apple store) this could be one way to start breaking down what an overall transaction amount was spent on. 'You spent ‘xxx’ at Tesco, of which ‘x’ was on groceries and ‘x’ was on DVDs.

You can already give apps like Tripit access to your emails to pull out trip confirmations and build you an itinerary, so in theory should be doable.


(ben.foulkes) #36

Hey guys,

Looks good - have you considered adding a feature to allow the user to enter their own budget for each category, then alerting you if you go over it (either by push notifications or the text turning red for example on a category you have overspent on)?

You could then use this overall spending vs budget to allow users to make easy decisions relating to savings… e.g. you were £100 under budget in this category this month…would you like to transfer this to a savings account? etc.

Or pre-warnings, such as "you are reaching your budget on ‘eating out’ - and maybe even ultimately partnering with merchants to push discounts and savings offers to those who have almost run out of money that month!

They would be really useful features for me at least! (The penalty for living like a king first two weeks of the month is you have to live like a pauper for the last two!)


(Hugo Cornejo) #37

@ben.foulkes those are all awesome ideas, thanks!!

We’ll definitely try to build them the moment we start giving budgeting functionalities :slightly_smiling:

TIL “The penalty for living like a king first two weeks of the month is you have to live like a pauper for the last two!”


(ben.foulkes) #38

Great - let me know if there’s anything I can do to help shape / contribute / get involved when you get round to the budgeting stuff… Genuinely think there’s massive potential there, both for a customer/user perspective and from the business side, I’m sure the likes of Aldi and Lidl would love to be able to target customers directly with offers in that situation!


(Neil Stewart) #39

I’d really like the ability to categorise transactions at a higher level. I.e food etc as they are are great but an expense category would be good to be able to apply as a secondary category.

That way I can easily see overall my expenses but how they breakdown into food/travel etc.

I have an idea to use the API to search for these and based on the sub category, it can make expense claims for me


(Christopher J. Sladdin) #40

Sounds similar to this Mondo Hack (http://slides.com/richarddingwall/mondo-email#/) but unfortunately not implemented in the app as of yet. Mondo team, any thoughts on when something like this might be available?


#41

It would be great to break down holiday spending (and probably the same for work spending). So for example, you select ‘holiday’ and then you’re given the normal options like entertainment, travel, eating out, hotel stay etc… Such a feature would be really useful for future holiday budgeting and simply understanding how holiday spending breaks down


(James Billingham) #42

@Seb1 see: Travel reports


#43

I like the travel reports idea but would generalise it and allow custom buckets like seb1 suggests.

Could we have a rules based system, such that we can define some logic to assign the spend to a bucket? Or even a bayesian type learning system, which spots that I usually assign lunch in the week at the second office to ‘business expense’ and tries to anticipate it?


(John ) #44

Would be good to just have summary spend for each day as you scroll down looking at individual spend


(Harvie ) #45

I would also like to see pie charts encorperated in the app so i can see where my money is going on a monthly basis.


(Sebastian Beck) #46

Please add automated receipt scans for times where all sorts of stuff is in the receipt!


(Tom Morgan) #47

I’m a CRM consultant and couldn’t agree more with NOT including tags being helpful when attempting reconciliation. A great point on multiple tags per “line” creating numerical disparities (something I’ve faced in the past on implementations)

Also, to provide tags is a bit like providing a free text box where mondo has already provided an option set of spend categories. For me it would provide users with too much flexibility, resulting in overly granular reporting and a “data porn” situation. Having semi-broad categories allow not only for concise self-reporting but also opens the door to later big data comparrison for mondo to use for features mentioned elsewhere such as xmas spending patterns in each category etc.


(Jozef Lackovic) #48

Hi just an idea,

In section spending, you may add option to change a view into weekly/monthly/yearly spending graph…to see how is your spending for groceries,eating out,shopping,entertainment… raising/faling.

Also ability to add own categories.

Thank you