Targets


(Hugo Cornejo) #21

Actually, one of the initial iterations had an independent reset per category that would appear after you modify the default amount on each category. However, for the time being I prefered to keep it simple.

I thought it was one of those cases where the trade-off of having total control vs the complexity of an “on/off” concept wasn’t probably worth it. Considering that this screen will be used just a few times a month I think it’s more important to make it really easy to use and predictable than over-design stuff to accommodate granular resets. Think about it like a TV remote, every numbered button lets you turn the TV on, but only one turns it off. Does that make sense?

We still need to test it though :slight_smile:


(Adam Hockley) #22

Love it hopefully it does not let you go over the limit :slight_smile:


(tom) #23

That’s a cool idea, thanks!


(James Billingham) #24

Might be worth allowing you to long-press on the category in addition - so for users who are really looking to only reset one, they can. But for the average user, simplicity is maintained.


(Jaz BP) #25

Great stuff, can’t wait for budgeting to go live :smiley: that’s where you’ll really start to replace a lot of personal finance apps


(Kal Mba) #26

Fantastic, I hoped :mondo: would include this as they are many apps popping up to help manage finances like Pariti and CLEO Ai.

Maybe even have an antilogarithm that also tells you future balances would also be great if that isn’t already covered, but also the addition of a “Cash Horde” or " Booty"(Pirate lingo) would also come into play if you could section balances. as well as “Cash Locks” as an additional function.

for instance via categories i.e. transport / food / entertainment

Lets say you are out on an impromptu night and you have a daily cap of £60 if you have the “Cash lock” on your app only lets you spend money on travel and food ( for all those go with the flow types)

But all in all keep up the great work :smile:


(Jesse Payne) #27

This all looks awesome guys, well done! :clap: Can’t wait to try out targets!


(Andy Johnson) #28

Awesome new features! Looking forward to trying these out!


#29

If you really want to implement a decline feature you could make it so you can either override with the app, or it wont decline the 2nd time you attempt a payment with the same retailer, or wont decline another payment for X minutes based on hard targets. This would require more backend at the payment end though (probably best to have payment management system as separate as possible from the app as possible), and it might annoy retailers. As a primary card you have to be able to make a payment in certain situations in person, for example a restaurant where you’ve just eaten, so I think flat denying payment/requiring app use isn’t viable.

An interesting opportunity crops up more with online retailers, where you don’t have the embarrassment of a card not working/there isn’t a risk you already have the product/service (i.e. you don’t absolutely need to make a payment).
When you use a card to pay online it appears the card has a chance to authenticate with the user. My Lloyds card just brings up a spinning circle (clicksafe or something like that) and does nothing, but I assume at this point you could request payment authorisation at the app, and because it’s online payment there is a lot less pressure, and they’re likely to have internet access. So why would this be good? Firstly this could be used when you’re going to go over a target, whilst allowing an easy override, for example you might be going over your shopping target but you’re actually using amazon pantry, so it’s really food, or you might be buying a gift you don’t want to count to a target, or you might just accept you’re going over.

I can see it having a second use though, targeting addictive/compulsive spending. Let’s say you’re a bit of a gambling addict, I don’t know how much you’d spend, but let’s say you’ve allowed yourself £100 a week and have used it all. When you try to pay a company known to be gambling online, during the authorisation stage the app could request authorisation of the transaction, showing you how much of the target you’re spent, and optionally a personalised message written by the user for motivation. The same system could be used to target online compulsive spending, and I think it would work well in an online shopping environment when you aren’t under pressure for a card to immediately go through. The user still has complete control over their transaction, but is presented with a choice. You give them a moment to think and reconsider their choice, and let them emotionally blackmail themselves into doing what they want to long term.
You would have to consider the use case where a user is making a payment without the app to hand, but you could apply the 2nd attempt system mentioned above as one solution to that.


(Jack cheetham) #30

this is so good and would mean i interact a lot more with the app.

when do you think this will be released?


(Sergey) #31

The steps you’re taking are really exciting guys – keep this coming.

Just thought I’d jump in to add my vote for the envelope budgeting. I’m sure you’re familiar with the concept. The reason I’m saying this is because that system takes care of saving targets. You mentioned these are coming as well and that’s really cool. But I really hope you’re thinking along the lines of envelope budgeting that not only allows you to set targets but also encourages you to think about what you want to do with your money. I mean all of it! That’s what budgeting effectively is, at least for me. I really believe that unless you’re closing this loop it will be hard for people to achieve a healthy balance between spending and saving.

Looking forward to the next Sneap Peak! :slight_smile:


#32

Hi @hugo

Just going to use this thread for a shameless well…not self-promotion.
Anyway, think this

Could get its way somehow into the Targets feature?
It might help and even do things easier in some instances?


#33

So excited for these updates, the teaser screens looked really nice!! :heart_eyes:


(Ashley redwood) #34

Looks good Hoddz my card arrived today :slight_smile:


(Terry) #35

I was just thinking about setting realistic targets - how about setting your targets based on the average spend in each category based in your home area?

The app could know your from London for example, look at the average spend across mondo users with a home address in London and offer a target of whatever the average is? The user can the fine tune this higher and lower?


(Nigel Laverick) #36

Terry’s idea might be alright for a fun thing but not really very practicable for setting a budget. In a massive area like London or indeed any area there will be a large range of salary structures so someone who works in a burger van would have a vastly different spend profile to someone who runs a chain of stores. So the idea of average spend on category over a whole area wouldn’t be very relevant to most of the people in the target area imo


(Jack cheetham) #37

do you have a scheduled release for this feature? i need it asap! ha


(Tristan Thomas) #38

:soon:

:wink:

We’re building it right now


(Michael Jenkins) #39

One of the principles of personal finance is the 50:20:30 rule:

Fixed Costs (50%): Everything you have to pay for monthly should fit in half your salary, wherever possible.

Financial Goals (20%): This category should be devoted to some form of goal you have. This can include building your savings, paying down debt, building an emergency fund, and so on.

Flexible Spending (30%): This category can include anything that changes month to month. That can mean things like grocery shopping, but it can also include your entertainment budget, or your hobbies.

‘Targets’ appears to focus on the ‘Flexible Spending’ portion, however the other two categories are also important. e.g. your data shows rent and bills are 75% of your income, which would seriously impact your Financial Goals and your Flexible Spending.

This kind of information is far more powerful in my opinion than setting potentially arbitrary spending limits. Perhaps a easy start would be provide a hint that the total target each month should be 30% of the salary - data which Mondo already had access to.


The Richest Man in Babylon: Back to Basics Budgeting
(Jonathon) #40

Oh if only fixed costs could fit into 50% of most Londoner’s salaries once you take rent/travel/council tax/bills into consideration… sob.