I know the idea is to make all payments digital, but there are still times when I need a bit of cash on me (buying from market stalls etc). So I still take a little cash out from time to time.
One of the strong points of Monzo is the categorisation of expenditure, for budgeting purposes and to keep track of spending. With cash however, it just disappears without you knowing how you spent it.
It would be great if you could split money taken from ATM withdrawals, assigning portions of that cash to specific categories. So I take out £20 via ATM, that gets added to an unassigned pot, then I buy a burrito with cash at the local food market for £6. I can go to that pot and assign £6 of that unassigned money to an eating out category, perhaps even, searching for an establishment, adding a map etc.
Personally I think this would be useful, especially for those where budgeting and visibility of spending is very important.
So in that rare occasion I had to get cash out to pay for something I noticed I couldn’t assign this to what I spent that cash on without it always assigning cash to that category…
So, the idea would be: £10 Cash taken from ATM could be assigned to ‘food’ for £3.50, £6.50 assigned to something else, ie Travel. Would help me to keep track of what I’m spending money on in those old fashion times of needing the none-digital stuff!
Love the app so far, only been using it a couple of weeks. I really like the spending breakdown and receipt attachment functionality. What I think would be good though is if you could manually apply that to a single ATM line item. I often withdraw cash for use where I can’t use card, and would like to be able to tie a breakdown back to that line item, rather than it just a showing as £30 ATM - so it rolls up to my overall spending breakdown. Any plans for something like this?
New to Monzo, but I’ve been asked to put this suggestion in here.
I’ve been doing personal accounts for years, and have always been able to split a single transaction into separate categories.
e.g. I get £80 out of the ATM, this is shown as a single transaction, but in reality £50 of it is for Groceries and £30 is for Spending money.
Currently it’s not possible to do this so throws off your budget and tracking plan.
Could I propose the ability to split a single transaction into multiple transactions with different categories, the total of all the splits obviously cant go over the original single transaction amount.
I like this idea. However, I think its usefulness isn’t limited to cash withdrawals, and it would be helpful to be able to categorise all transactions in this way. For example:
Payment in John Lewis, part of which is food and the other part clothing/household items/etc
Payment to a person to cover my share of rent, bills and food
Payment of a credit card bill, which covers everything including food, transport, holidays, etc (though I hope that in time Monzo will leverage open banking to allow its customers to view all their credit card transactions within the Monzo app, and categorise them individually to give them a very granular and accurate view of their spending)
That’s not quite what I meant. In all three cases, I meant I’d like to categorise a single payment into three separate categories. So if I make a single payment at John Lewis for items that would each go into separate categories, I can do that without having to artificially make three separate payments at the till.
Ditto a single payment to someone for my rent AND food AND bills. So I might pay £1000, of which £750 for rent, £150 for bills and £100 for food, but to make each of those categorise properly right now, I’d have to make three separate payments to them. The idea here is to split a payment I’ve already made into separate categories
I thought so - my replies were addressing that request.
Bill splitting is slightly different because if you were using it, you would be splitting each transaction that your flat mate’s made, rather than a single lump sum. Since those transactions probably won’t be made all at the same time, I’d prefer to take that approach, plus it’s functionally that’s already been built.
Just wanted to make a topic for this to see if there is widespread support from the community.
To tie in with the new Summary/Targets it would be great to be able to Split an ATM Withdrawal and categorise it into separate categories I.e: £20 Withdrawal - £10 categorized as Entertainment, £5 as Travel and £5 as Family and so on and so forth. What do we think?
I liked the cash category, but would prefer a way to split transactions and assign them to ‘proper’ categories. However, whether you like the Cash category or not I don’t see what’s ‘cynical’ about its removal?
It’s not pretty, but the way I am currently getting around this is by making a bank transfer from me to myself, you can categorise both sides of the transaction, allowing you to debit one category and credit another.
Not sure if self-to-self transfers are intended or not though