Indeed, I’m surprised Monzo still haven’t done this yet, salaries have been going in for a while now so the data is there.
Oh, I see. Like, why can’t Monzo’s algorithms figure that out without it having to be manually set?
How would this affect people who have more than one monthly salary? Or who want their summary to run on dates other than salary-to-salary (e.g. calendar months)?
Will updates to Summary come this month? Just wondering how is
Monzo soon is about 2 years
Lots of talk about the custom paydays coming soon which is very exciting. On a slightly different topic, I’d like to suggest some improvements elsewhere.
Regular pot transfers aren’t shown in committed spending. I understand why there is a separate pots section to show the money moving into and out of the current account. However, I currently transfer a small amount into pots each month for bills that I pay annually. I’d like to include these regular pots transfers in my committed spending (It is, after all, a committed spend). Could there be an option to do this?
It’s not easy to see how much is left in committed spend. Could there be an upcoming total? See photo.
In the same regard it’s not easy to see a total spend. I.E. The total money in ‘Spending’ and ‘Committed Spending’ and in my case ‘regular pot transfers’. Could this be added somewhere? (if there was an option to include regular pot transfers into committed spend it would simply be ‘Spending’ + ‘Committed spend’)
Hi, was directed here by a Monzo lady I spoke to about an issue I was having, and she suggested I added it here. I didn’t realize there was just a single long thread for every comment relating to a particular section, so not quite sure what the form is in terms of just butting in, but here goes.
I really don’t get the how the budget function is supposed to work, at least for my purposes. I share household costs with my wife. She is responsible for some of our bills (which she splits with me and I pay her back) and I’m responsible for others (which I split with her and she pays back).
Because committed spending (including direct debits, which all our regular flat bills are) are excluded from the budget I set, when I spend e.g. £1000 on rent and then split this with my wife, my budget doesn’t show £1000 as being spent. However, once I split this bill with my wife and she pings me £500, my budget does record this in the form of £500 credit towards the Bills part of my budget. This then skews my total spending for the month, leaving me with no idea of what my spending is actually like. Am I missing something here?
If I understand the situation correctly, the issue seems to be the fact that direct debits and other committed spending is excluded from your budgets - why is that? Surely for the vast majority of people the direct debits that they pay every month form a pretty integral part of their budgets?
Even if there’s a reason for committed spending to be excluded, there ought to be a way of getting Monzo to recognize in calculating your budget the connection between the outgoing money from committed spending and incoming money from a split.
Your not spending it though, your just transferring it. it’s still in your Monzo account just in unavailable to spend until transferred back to main account. if you included it in committed spend you’d effectively be spending the money twice or more.
That’s the problem with pots (and transfers to your other accounts held elsewhere), though. Should they be represented as ‘spend’ or just part of your money elsewhere? I’d probably argue that, until Monzo can genuinely be the single hub for managing your money, it’s better to see it as committed spending as - like genuine spending - you’re deliberately taking this money out of your balance.
I’m probably in the wrong here (I usually am on this forum) but I see transfers to pots as non spend, transfers to my other accounts as spend (on an account aggregator app such as emma where I can see my accounts id not count this as spend) and everything else as spending. I guess the best option would be just to allow the budget/spend area to have fully customisable options to allow the likes of me to see transfers to pots as non spend but everyone else see it as spend
Hey, there’s no wrong or right, just different preferences!
That’s not how the internet works
I knew I was doing it wrong!
Personally, I see manual pot transfers as just moving money in your Monzo account (eg: non spend transfers).
However, it makes sense for stuff like Round Up and scheduled pot transfers to be treated as spend (and income for scheduled pot withdrawals) because they are savings features.
If Round Up and scheduled pot transfers aren’t included as spend, then users will think they have more room in their budget then they actually do, making them more likely to spend this money and less likely to save it.
Yeah I totally get this. I get the idea of the separate pots section in summary.
But in the same way I make a regular transfer to a pot every month to put money aside for various things. I used to do this to a savings account with a different bank. Since going full Monzo I’m transferring it to a pot.
I’d like to be able to tag the regular pot transfer as a committed spend in the same way you can tag other transactions.
Since round up was removed from the spending section of the summary I stopped using it almost immediately.
It doesn’t work for me in its current format as I need the rounded up amount to be removed from my total budget for the month. Otherwise summary thinks I have more money than I have.
I guess the point with the current implementation of pots is you can’t choose whether things show in summary or not.
With other transactions you can exclude from summary, but if they’re never included in the first place it’s a bit difficult.
I’m not sure the current system is the ultimate answer. There’s a definite middle ground to be had.
I think the summary function is one of the most useful function in monzo. However, there is one issue. My direct debits are not included in the summary. I play 5 a side football once a week, but a bulk payment is made at the start of the season. So to better manage my funds i pay out of my main account a fraction of the total cost into a 5’s pot, saving up for next season’s cost. What i’d like to be able to do is exclude the cost of the bulk purchase from summary, and include the internal direct debits. However the internal direct debits are not included in summary. Also i pay my gym membership via direct debit, and this too is omitted from summary.
Ultimately, I think it would be an easy fix, namely make it so that every bit of money that comes in and out of the account should be counted in the summary and each item should give the option to exclude from summary. That gives us the flexibility to let the summary keep track of whatever we want it to.
Just a thought.
keep up the good work guys.
I’d like to know why summary thinks I’ll only have this amount leftover when summary resets itself tomorrow and I have no committed spend today. What makes it think I’m going to spend £80 odd before tomorrow?