For me it doesn’t handle transfers properly. If I buy something and somebody transfers in 1/2, that transfer is flagged as income and I’m unable to net it off against my spend, knackering up the budgets. Joint account transfers do they same.
Lol too many in this thread to count. Main one for me is not being able to exclude income from Summary, as well as the circle still doesn’t work for me. Ie I start with £600, when it’s £300 the circle is not at the halfway point. It just doesn’t seem to work in places.
Apologies if I’ve misread the issue you have with the Summary circle.
The circle represents 2 independent values - Time & Money.;
The circle circumference is a representation of the total time period specified in the ‘from’-‘to’ dates at the top of the Summary tab.
If you have £600, you could spend £300 the next day, or the day after or the day after that. Regardless of spend, the line on the circle should represent ‘today’ in relation to the ‘from’ - ‘to’ time window. It doesn’t represent the amount of money you have left.
The monetary display is shown in the middle of the circle as a figure which is estimated as ‘Left to spend’. The ‘Left to spend’ is calculated from what you started with, what you’ve already spent and what is known to Monzo as an upcoming/scheduled payment within the same ‘from’ - ‘to’ period. What remains is shown as the ‘Left to spend’ value. This can be negative (red) as well as positive (green)
Once I plugged in all my planned upcomings, it has never displayed false information for me. I’m not saying it should work for everyone - it may well have issues with some of the many other ways people deal with their finances and there are undoubtedly lots. I’ve personally had a good experience using and trusting the Summary circle.
No, I’m aware that the small line is an indication of time. I’m saying that the circle colour (ie. the ‘money’ aspect) should be at the halfway point if your money is at the halfway point - regardless of whether you spend that in one day or 20.
Hi! It’d be good if we could “skip” certain committed spending for one month so that we can have a more accurate “left to spend” value if we know that a regular transaction won’t happen this month. I believe this is possible, albeit inconvenient, with card transactions by toggling whether or not it’s recurring, but direct debits don’t have this option.
This would be useful for council tax where it’s paid 10 months of the year (at least where I am), for paused subscriptions, and for payment holidays.
Mentioned this elsewhere, and too many replies to see if someone has said the same, but it’d be nice to not be tied down to a ‘monthly’ spend summary.
I pay my bills account quarterly to cover my mortgage and other payments for the next three months. Being able to tell the app Jan-Mar for a summary period would be nice.
Currently finding the Summary & Budget features quite clunky & it’s ruining my experience with the app.
When I select a Payment as the custom date to start tracking I’d expect that the total sum of this payment PLUS existing money in my account is taken into consideration against my budgets.
The app is regularly telling me I’m on track to overspend when I actually have enough in my account balance.
I’d propose an option to select either:
1 - budgets tracking from custom date based on monthly salary alone
2 - budgets tracking from custom date inclusive of existing money in account
That’s effectively what you have.
Set a budget for any amount you like (i.e. monthly salary in this case) and the app will track that. Don’t set a budget and it will track against the money left in your account.
You can thus meet either option you’ve given with what we have now.
I use my Monzo account for budgeting my every day spend (coffees etc) from my salary every month. I put £200 into my Monzo account per month for that every day spending (£50 per week) and what is left over from my spend each week I move into a pot.
Recently I noticed that my account balance was lower than my ‘left to spend’ amount in my Summary (that I had more in my left to spend than in my actual account balance).
I got in contact with customer support and was told that because I use pots (i move what is left over of the £50 each week) and because I have round up on that to fix the inconsistency I would have to manipulate my account by either 1) changing my budget to zero or 2) turn off round up and only move money to pots turning off before I set my monthly budget of £200.
This would mean I couldn’t use either the budget or pots feature and move money to my pots. Is this correct? I think we should be able to move money that isn’t spent each week into pots without having to manipulate numbers in Summary.
I’m starting to dig into the Summary/Budgets world of Monzo.
I’ve only just realised that on the Summary screen the ‘lines’ under each category move right to left as you spend, not (as I’d presumed) left to right?
So I set a budget of £155 for Shopping. I’ve spent £143 and have £12 left, but the bar has a tiny black bit on the left end? rather than a longer black bar closer to the right end (to show I’m about to ‘hit’ the budget I set?).
Surely it should be the other way round? I’d then also presume that the little vertical line that shows on them all (which I’m guessing equates to the ‘7th of the month’) would move to the other end?
I wonder if this is a UI decision that came about from people who are already familiar with expense budgetting scenarios (which I’m not, I’m a money idiot who is learning a LOT and Monzo is helping loads).
Maybe a picture will help…
I guess this is just an open thought, for money newbies, switching the way these lines work would seem to make much more sense - with the bar growing from left to right as you spend because, ultimately, it’s the spending we want to get a bearing on?
(or is this all just how my brain works??)
Maybe a bit of this.
I prefer having the lines represent the budget set and the lines get smaller as my budget is eaten into.
Just to clarify why. If it was a line that filled, psychologically I’d see it is a target to hit and spend the whole budget in one month. One that empties incentivises me not overspend and leave some of the line there at the end of the month as I’ll have more savings.
Yeah I realise it’s probably just how my brain works!
Not just yours, I’m sure!
Maybe a future app iteration will give users the option to have the line fill rather than reduce?
Might be an interesting ‘how we built…’ feature though, with an explanation of why they went for the current design and what other options they considered along the way?!
Think of it as petrol gauge - as you’re spending you’re slowly running out of £££s
Yes! Oddly that analogy (now) makes perfect sense. Why didn’t i think of that.
For me this is a clear how you think of money moment.
Some people think of a butget like a target and spend up to the target.
Some people think of a budget like a bucket of money and spend from it until it is empty.
This interface is designed around the second way, your mind is working the first way.
Neither is wrong. I do wonder if a phychologist looekd at this which is better to encourage better money management?
Indeed Monzo used to work around the concept of targets (https://monzo.com/blog/2016/10/03/targets/), which was then rebranded as budgets to, I suppose, encourage a different approach to spending.
Thanks all, got my head around it now!
Summary again messed up for me because I used money from a pot to pay for my share of a sofa, and my partner paying me half.
Now it either thinks I’ve spent loads or counting my partners payment as extra money and saying I’ve got loads of money.
I don’t know why this feature has been abandoned since launch but it really needs to iron out these major problems.