Well I’ve moved full monzo and I’m a huge fan, and i have to say I was really enjoying the summary report counting down the days, and telling me whether it thought i’d have enough money left. However, i’ve hit a huge issue which renders it completely useless unfortunately.
My pay last month was the 28th, but this month was the 27th. Monzo doesn’t seem to have understood that at all. I’m on the last day of the pay month according to the summary i’ve now been paid double for this month and I expect tomorrow I’m going to have an income of 0 for next.
If you just set the new payment as the one to go off for the summary calendar it’ll fix it. They’re looking into a solution for this but for now just setting each month when the payment comes in works a treat.
I get paid fortnightly but there’s no option to pay my bills fortnightly. Setting up two monthly payments separated by 14 days doesn’t work, since variable month-length changes what day those payments fall on.
Hi @J7_DFF someone made the same suggestion very recently so I’ve merged the threads together. I believe this is something Monzo is aware of and planning to improve
I am paid on the last Friday of the month and my housemate is paid on the last day of the month. As people above have said, some people get paid irregularly I know that these two frequencies are quite common. I’m also sure adding these in wouldn’t be a very big addition to a near-future sprint.
Because of this restriction, and with the limitations and inaccuracies of the categories feature, the summary tab is not very useful.
Yes. I definitely second this, being in receipt of random sporadic income in self-employed world. Even regular clients don’t pay on the same day every month.
Still no update on this? I get paid the last working day of the month! I don’t understand how EMMA can do this so well and yet Monzo hasn’t sorted it yet. Can’t we just, erm, piggyback off how they do it? It’s my last barrier to going Full Monzo! I’ll even give up the 48 pounds a year I get from Halifax for getting my pay put in that account!
Given the presence of transfers both into and out of pots, are there any plans to reflect these either:
a) in the Committed Spending are of the Summary
or
b) add some kind of ‘committed’ feature to the pots area?
Scheduled money into pots is probably the biggest thing that throws off my Summary at the start of the month (with the variable nature of credit card bills taking over after that).
I’ve just had a brainwave for making summary a bit more useful for those who use overdrafts a fair bit, or even those who go over on their targets but stay in the black:
It would be cool if I could turn on a setting where overspending on categories (mainly groceries and eating out) on one month impacts the next month’s targets, particularly if you’re overdrawn.
I’ve got a situation where I have a grocery delivery after when I get paid at the end of the week, but I have ran out of something (e.g. toothpaste) and I’m overdrawn. What I am going to do later is buy toothpaste out of my overdraft because “I’m already overdrawn, it’s not going to cost me any extra to just get this now”. Summary is going to moan at me now for going over budget and is going to reset my budget when I get paid but I would rather like this to come out of next month’s budget instead (consider it an “advance” on a budget, I guess).
I’m still trying to get my head around how Summary is supposed to work in conjunction with Budgets and Committed spending - each time I think I’ve got handle on it something comes along to show me that really I haven’t
I have to buy an underground pass each month which costs £70 - I have marked this as a committed spend. I also have various sundry transport expenses for which I have budgeted another £30.
My question is: When I set up my budget for Transport should I set it as £100 (i.e. committed spend + sundry) or just the £30 sundry.
Logically, I would expect the former but it seems (from a bit of casual experimentation) that Monzo is expecting the latter. However, doing the latter seems to put the Summary predictions totally out of whack.
If someone that has managed to get their head around this could give some help (and explanation it would be much appreciated.
Some useful clarification in this thread - I asked the same question. The implication was that direct debits / committed spending don’t need to be factored into spending budgets if you use them:
That’s it. And I think the trick is to not set an overall budget if you want to use Summary to work properly. If you do, I think then the overall budget does need to include committed spend, but the category breakdowns shouldn’t…
