Don’t think you can do this on budgets , unless I’m being stupid?
You’re right. I’m really surprised they don’t let people do that for budgets.
However, if you hold down on the name of the category on iPhone there’s an option to “reset to normal budget” which (for me) is always a multiple of £5. Then you can use the +/- to get to £100. Annoyingly long winded, but doable.
That’ll do - strange why you can’t input exact number
I’ve just started to ignore this now, as it just says this all month, even though I never go over my budget.
Apologies if you’ve answered this question before, but I’ve seen my version of summary behave like this and I think I understand what’s happening:
Did you have any large-ish transactions earlier in the month, e.g. bank transfers, paying credit card bill etc that were not identified as committed spending AND that you didn’t mark as excluded from summary in the transaction detail pages after the fact? If you did then I think summary will have used these when calculating its guess of how much you are likely to spend each day thus resulting in the behaviour you’ve seen.
Not really. I have an additional £1,000 odd this month IN my account but that’s about it.
It might be better for summary to be reactive. To assess:
#1. How much money there is in the account at that moment
#2. How much is set to go out
#3. How many days are left in the month
If #1 is more than #2 and leaves a decent amount when divided by #3 then you’ll be fine.
Of course, “decent amount” is individual but I would suggest anyone with £70 a day extra to spend should be fine…
Could even be a thing - set your own daily budget that you want to stick to, and have summary tell you if you are likely to run out of money.
But that’s the thing, the way that the decent amount per person can be calculated automatically is to average their non-committed spending per day and use that, which is what it does if I’ve understood correctly. It certainly ties up with my experience. Was your spending frontloaded since the last summary period started? That might explain why your average spend per day is out of whack.
My spending is normal. Yes, my bills all go out towards the beginning of the month but that’s quite normal.
I’d expect any algorithm to be flexible enough to take into account extra income and outgoings. For heaven’s sake my basic budgeting app allows for this.
It clearly doesn’t average out my non-committed spending because as you see above I have £500+ left, no committed spending and 7 days remaining. Any basic budgeting app would calibrate daily and say “Yes you seem to have £70 per day left which is probably enough for you not to worry too much”.
The way you describe it, there is ONE calibration per month for summary and come hell or high water nothing will change throughout the month.
I agree it does seem odd, and I’m really just guessing as to how it works based on my experience. For me anything in committed spending (all of my bills) doesn’t seem to influence summary’s guess of my per-day spend at all.
Maybe @Jami or someone else can explain what goes into the maths for working out whether the account balance will last till the end of the summary period.
I only complain because I genuinely want to have only Monzo as my financial hub. I love my daily budget app. It’s simple and I just manually enter my amount of spend (after bills) each day and it works out how much I have left each day. If I spend less on one day, it automatically adds that little bit extra either fully to the next day or spread over the remaining days (I can choose).
If additional money comes in, I just tell it and it spreads it over the month.
If a big purchase is made, I can either let it keep me in the -£ per day for a while or I can choose to spread that one payment over the remaining days of the month, which reduces my daily spend a little over the period.
I want Monzo to do this but automatically as I’m spending from it!
- So when are we expecting custom start dates on budgets? i.e. i want to budget from 1st of the month again, not from my payday and there is no way to do it as far as i can see without paying into my account on the 1st of the month from another account elsewhere!?!
- Summary… please god amend prior months on the summary when the date changes. I realise when a date is changed it will only change future months, but that then removes the value of prior months (and creates a hiccup) during the adjustment month which are not full periods… is that clear?
- Daily spend… really need to show how much per day you have left to spend in the budget. Cant be that hard can it!!!
To be honest, this entire feature should still be in labs. It has still got many serious issues with it and it is not as helpful as the old system was. It constantly says I’m going to run out of money because of multiple reasons.
Does not take into account multiple incomes. Be that, multiple jobs, benefits, or a standing order from another bank account.
No support for weekly, biweekly or four weekly incomes.
Not recognising that paydays on weekends or bank holidays will come in the Friday before.
Generally speaking, this summary system just does not work for some people and many people including myself would prefer “Spending” to come back or at the very least have an option to switch between the two. Additionally, many people would like to have “Spending” until Summary works properly for them.
The issues you mentioned in 2. And 3. Are being worked as we speak, I’ve messaged them this morning for an update, there is an article on ‘Making Monzo’ a twitter account run the developers.
It would be incredibly helpful to know how Summary is trying to do what it does. Summary is currently telling me that I am £100 within my budget. That’s great but how do I know if I can really believe it if I don’t know what algorithm it is using to come up with that figure?
Apologies if this has been asked above, but given that Monzo knows (and shows) on a Friday when payments will come in on a Monday, could it not update the Summary? I currently have £20 left for the month, and a bill for £12 goes out on Monday. Summary says I will have £8 left, but that ignores a £1000 tax rebate also on my feed for Monday…
It does for outgoing Committed Spending I think but I don’t know about income but if it’s non committed then I don’t know where it would put in Summary. We need a kfuture stuuf’ mechanism for things like this
Surely it’s committed if Monzo have had the notification? Then you just add to the “left to spend” wheel. I guess you would have to differentiate between “available to spend now” and “will be left at month end”
This is what Summary lacks for me. It doesn’t take into account incoming transactions or income other than 1 salary payment.
At the moment, no. Unless it’s a repeating transaction then it isn’t Committed Spending. I’ve never tried with repeating income so I can’t even guarantee the Committed nature of that.
(I’m talking about the way the app is which may or may not be the different to what I think it ought to be)
I’ll be getting my salary paid in for the first time at the end of this month - I get paid on the last working day of each month.
Will I be able to set the date in summary to start from the last working day of the month?
I know there is much more flexibility with the start dates etc planned, just not sure if the last working day thing is maybe an option already (can’t test it until I’m paid).