Splitting Cash Withdrawals into Several Categories 3

[pintsizedmoo]

I’ve just received my card and used it for the first time . I see there is a “cash” category. Will you be able to further breakdown cash later on - if you have a vague idea of what you’ve spent it on? And maybe leave what is not re-categorised as simply cash?

[alexs (Alex Sherwood)]

If you’re withdrawing cash for a single purpose, you can categorize it already. So you could of course withdraw several amounts separately & categorize each one differently, assuming that you’re going to spend multiples of £10 on something.

But obviously that’s time consuming and you might not know what you want to buy in advance so I’m guessing you’d like to have this feature

Custom Categories - 1

Hi, Two features I think we need: The ability to create custom categories. The ability to split a transaction across multiple categories. Eg a big shop at the supermarket could well contain several categories of spending rather than just all be groceries. Cheers, Mike

The last comment I can find from Hugo on this (quite a while ago) was

@hugo

I want to allocate where my cash is going

That’s a really tricky problem that we definitely need to explore. On the one hand we want you to not need to categorise your transactions manually (even if that means that it’s not 100% accurate) but on the other hand cash is a reality we need to live with.

I think this is a similar problem to go to Sainsbury’s and buy £10 of food and a £10 DVD. Should that be groceries?, entertainment?… segmentation makes total sense but the price to pay is a far more complex product (movable pieces, more things that can break, etc.) and ask a manual effort from our users. So, yes, a tricky one

So this challenge + the £3k annual withdrawal limit are good reasons to try to avoid withdrawing cash whenever possible…

[Skylights (Justin Seals)]

I’ve been using Monzo for a few weeks now and love it generally. One thing I’ve noticed is the automatic splitting of spending into categories is great, but not perfect. Especially everyting I take out of an ATM as cash…

There are a few things I spend money on regularly (quite large chunks of my monthly spending) and would like to categorise them together, but they are all under “Cash” transactions.

There is already a “custom category” thread elsewhere, so I second that, but would like to be able to “re-assign” individual items to different categories…mainly things withdrawn as cash and sometimes things bundled into General.

Then whenever I spent money that might be a cash ATM withdrawel, or something that gets bundled into “General” I could go into that transaction page and “assign” it to a category.