Dear Monzo, I’m sorry to say but the spending summary is just useless. It has too much history tying it to the days of Monzo as a discretionary spending card. Now that your business provides current accounts, you need a much better model to help people manage their money. The core of the problem is that the app doesn’t have any intrinsic timescale longer than one month. This comes up time and time again when using the app, but allow me to illustrate with a simple, salient example.
Let’s say you are going on two holidays. They’re relatively close together. You pay everything within that small timeframe. Say one is in mid-July, and the other from the end of July into August. What happens in Summary? The costs are bundled into the holidays category of each month, but there’s no way to get an overview of how much you spent on each. Useless!
But the problem is much larger than this. The same issue arises with anything that doesn’t fit into a neat monthly cycle. Any time you split the cost over multiple months - whether that be through ad-hoc payments, savings, or taking on debt, it’s not modelled at all in the application.
Please, please, please sort out the spending summary so that it realistically models a person’s finances, rather than just providing a somewhat arbitrary monthly classification of spending into some inflexible categories.