Issue:
Scheduled Pot payments due by get factored in on n the Summary tab information (at least not on Android it would appear).
I have two different pots which on the first of every month are set to transfer funds are n for saving purposes.
On the Summary tab, my balance ‘left to spend’ never factors this in. All my direct debits are there, but not my scheduled Pot payments.
The same is true for the ‘Committed spending’ breakdown on the same tab.
It’d be really helpful if this could be sorted out ASAP as currently this throws out the budgeting entirely as I have hundreds less then Monzo actually claims each month to spend!
Details to reproduce:
Set up a Pot, schedule payments on a regular frequency, check the Summary tab for any traces of these payments.
I’ve been trying to get my budgeting under control using scheduled payments into pots and i thought it was a bug, but then I googled and found this.
Pots are supposed to be mentally spent/allocated and therefore ring-fenced (more or less) away from the main balance for its purpose until you move money back when actually ready to spend it.
Summary needs to show the scheduled payments in/out of pots, or at least give us the option to toggle it per scheduled payment. Otherwise you can either use pots or summary, but not both.
To add on top of that, it causes inconsistent experience. Let me explain.
If you move the money away into the pot manually, it will deduct it from the “left to spend” balance as well as main account balance (eg. excluding pots).
So, if the app knows that the certain amount will be moved into the pot at some point in the near future, it knows that that will cause a sudden dip in the “left to spend” balance as well as the main account balance. If it knows about it, it can predict it. The amount should still be shown in the main balance until it actually goes it in the pot, but it should be reflected in the “left to spend”.
This annoys me too but what I do is I reduce my budgets by the amount I know is coming up in scheduled payments. Annoying but a good workaround to show you’re on track?
If you have a scheduled recurring payment don’t include these in the budget and pop the money you need to pay onto these areas in a pot, then use pay from a pot, it reduces the summary quite nicely to the what you actually have left to play with.
Just came across this - it’s quite frustrating and an inconsistent experience as the budget “left for x days” balance does not include the pot balance, so therefore is not treating pots like main balance…except when it comes for scheduled payments. Will this be dealt with?
I too find it really confusing all my bills go out on the first including my scheduled payment for my bills pot and it look like I have a good amount of money for the month but come the 1st I actually have significantly less as I thought the amount it was showing was money remaining but turns out the scheduled payments to pots are not taken into account even though other recurring transactions and direct debits are.
I don’t use a budget feature but this still doesn’t work as expected, so the feature is useless to me in its current state.
I really hope this is fixed soon. Heck, include it with Monzo Plus and I’ll sign up instantly.
Sorry to pull up an old thread but I’ve been googling and I can see a few threads on this topic but no resolution.
To be clear about what I’m seeing, I have a scheduled payment which is due out mid month and before it is moved, my “left to spend” amount doesn’t take account of it. Once it is moved, the “left to spend” falls.
It would be a much more useful feature for me if the “left to spend” calculation included the future scheduled payments due in the remainder of the month.
On the committed spending/spending page page I even have a section for pots at the bottom, there just isn’t anything in this section.
Thanks for the heads up. I really hope this is something they can fix because I would consider this bug as the figure for ‘left to spend’ is actually inaccurate because if you spent that much before those pot transfers, the transfers would fail.
Is there a reason you stagger your transfers into pots rather than doing it all at the start of the period and then setting your budget?
Anarchist
(Press ‘Help’ search ‘Contact us’ or email help@monzo.com or call 0800 802 1281)
18
I really hope they don’t change this. I don’t consider money going into or out of pots as money spent. It’s money stored.
The left to spend figure is how much of my budget is left for the month, my account balance is how much of my budget is available for discretionary spending.
In my case, one of these regular pot transfers is saving up for a holiday.
So I don’t really consider that money “spendable” as it’s supposed to be saved for the holiday - hence why I wouldn’t want it appearing in the money I have left to spend, I don’t wanna be spending my holiday savings!
I think a simple solution is to have a toggle switch to ‘include in committed spending’ in the same way we can exclude stuff from the summary a switch to include pot transfers as part of committed spending would be nice.
Anarchist
(Press ‘Help’ search ‘Contact us’ or email help@monzo.com or call 0800 802 1281)
20
And I do exactly the same thing, but for car insurance. The money in the pot isn’t spent, and so isn’t considered to be committed spending. This topic has existed since Apr 2019, and Monzo haven’t appeared to have taken any notice yet.
If I had been looking at this from your point of view, I’d have been making regular transfers to a savings account externally, and marked that as a committed spend by now, but I’m a believer in using the whole banking system to my advantage, rather than waiting for one bank to offer everything I want. Others want it all in one place.
There’s a danger you’ll toggle the toggle police here
