Summary - Feedback thread


#688

Definitely this.

Choosing which overbudget categories impact next month’s budget could be included in the monthly reports.


(JoeO) #689

Hi -

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 :frowning_face:

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.

Thank you in advance…


(Kelvin Papp) #690

Hi @Trash… (that sounds rude :))

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:


#691

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

(That sounds confusing)


(JoeO) #692

Thanks @kelvinpapp - I obviously need to do a bit more reading…

And thank-you too @Peter_G


(Phil Gyford) #693

I haven’t used the category budgets but the overall budget should not include committed spending - i.e. subtract committed spending from your total monthly budget and set that figure as the overall budget.

I find this weird - to me my monthly budget is the maximum I want to spend in a month, whether that’s committed or not.


(Nathan) #694

!00% agree with this and also caused me great confusion at first.


#695

Sorry, I stand corrected!

I think Summary could benefit from some simplification - and maybe walking the user through setting it up step by step. I think that the fact that we’re having this confusion conversation indicates that there’s room for improvement.

That said, I now wouldn’t want to be without it.


#696

Continuing the discussion from Labs Feedback: Summary :bar_chart::

Any update on this? I find the need to have a transaction to set a start date the most frustrating. Why can’t I just choose a date from a date picker?

I’m a stay at home parent and I do a bit of freelancing, but my invoices are paid sporadically throughout the month. I’d like to to set my start date to mirror my husband’s payday to make it easier for us to compare budgets across our personal and joint accounts.

I know I could ask him to set up a standing order to my account every payday but it’s annoying that I have to nag him to do this rather than have control of my own app.


(Jami Welch) #697

@jexyla , one of our designers has been working on how to improve this flow this week. I imagine she’ll share a sneak peek for feedback real :soon:


(Jai Sullivan) #698

Thanks for the update, really pleased it’s being actively looked at :smiley:


#699

I find summary really useful from a budgeting point of view. The “Left to spend” feature is my first place to look. I don’t even focus on my balance anymore. I know that there are improvements on the way to look at setting different frequencies for salary etc. Another improvement for me would be able to either include certain budgets or manual entries into summary. For example if I know that I spend (or budget) £100 on transport and £200 on groceries, I would like to have this come off my “left to spend”. Whilst these may not be recurring or committed spends, they are in the sense that they will have to be spent. So that the “left to spend” really is what I DO have left to spend.


#700

As already mentioned, we’re working on how to make Summary budget periods more flexible. Here’s a sneak peek :eyes:

You’ll be able to choose your preferred frequency and then select either a specific date (if you’re paid on a fixed date) or a specific day (ex. last Friday of the month).

Summary will also automatically adjust to day before or after if your date doesn’t fall on a business day.

This is still WIP, but would love to get some feedback! :slight_smile:


Premium account, custom cards, friends pot + more
Set a monthly spending budget with Summary
Polishing Monzo - a little list?
Making Monzo a better current account
(Jai Sullivan) #701

Looking good! Welcome this extra flexibility, think it’s something a lot of people want! Maybe it’s me being thick, but will this work for those paid on the last working day of each month?

Edit: Yes I think it will (struggling to see the screenshots on my work laptop) :tada:


#702

Amazing. This will make a lot of people (me included) very happy!


(Joe) #703

Looks spot on to me, I presume there will be people wanting more options than just monthly and 4 weekly but I’m sure you can add more options to that if needed. For my current situation, I presume I would pick 26th then before that. Also, just a reminder about remembering about bank holidays incase that isn’t factored in at the moment. Great job though!


(Is Santa here yet?) #704

That looks perfect :tada:

Anything planned for those paid weekly?


(MikeF) #705

For my ‘vanilla’ pay cycle, the “weekday before” setting is about all I need on top of what we already have.

I do wonder if there will still be some wrinkles around December. Payday has sometimes been a week early but I don’t see how you can work around that except through some form of transaction matching. (Normally monthly paid on 26th)


#706

That’s great - really pleased it’s being looked at. In terms of feedback, it looks spot on! It’s such an edge case that it may not warrant work, but I know lots of companies that pay their employees before Christmas, even if their usual payday would fall after. It might be worth thinking about how this would affect summary, particularly as Christmas time is often when budgets are most tight.


(Jai Sullivan) #707

Good point!

Same with bank holidays etc. too but to be honest I don’t mind with dealing with minor issues like that. I can live with that for the time being providing the majority of pay periods are sorted :smiley: