It’s essentially a shared account supporting variable spending and bill payments from numerous people. And your aversion to having to move money between accounts manually to make the type of payment (shared/personal) is something I share.
Perhaps the discussion may be better moved over that topic as I’m struggling to see the big relevance to custom timeframes.
It seems like a pretty small thing to implement but then again I don’t have an engineering background. However I would say that without custom time frames, the targets feature is a bit pointless at the moment.
It would also be nice to have some sort of indication of how far through the month you are, perhaps a percentage on screen or some sort of bar showing the progress from pay check to pay check
This is a very manual solution but at the end of each month you could increase your current month’s Targets, to cover your additional spend, since payday & then descrease the following month’s Targets to take that spend from your new paycheck into account. That way your performance against Target is always measured against the same benchmark & the category alerts will still work as they should & provide a meaningful insight.
Obviously that’s going to be too much hassle for some users but it’s what I do at the moment
I hope that Monzo can introduce weekly targets, rather than monthly.
Trying to set a target for a monthly expenditure, for something that you normally don’t try to think about (i.e. how much I spend on groceries per month) is actually quite tricky. Weekly targets would be brilliant. Even the choice of daily.
I’m new to Monzo and loving it so far. One question I do have is: would it be possible to customise the dates of the target on the app?
The reason I’m asking is because I get paid on the 15th of each month so tracking my spending is a bit of a pain as it isn’t as straight forward as starting at the beginning of the month, I pay in my spends on the 15th. Is this something that is possible for you guys to do?
Monzo is such a great concept and I am sure that lots of people would benefit from being able to set their own target dates!
They have plans to let you do this. Change your pay day date to a specific date like yours, or even the timeframe, like every 4 four weeks instead of monthly We just have to wait a little first, but it’s definitely in the pipeline!
This is exactly what I would ask for - especially during a tough financial month. Having the option to keep an eye on your daily and weekly spending are the very tools you need to keep within your overall monthly sending targets. Thanks Lena!