Just thinking this through so more, bearing in mind that the scales for the category targets are different from the total monthly target, wouldn’t a comparison between the two be misleading?
If you set a £30 total target, a £10 target for bills & a £20 target for groceries then spend £8 from bills & £15 from groceries. The length of the category’s bars would indicate that most of the deduction from the total target has come from bills but in fact, more’s come from groceries.
So it’s good that the design prevents easy comparison of category’s bars with the total.
I have to disagree, before Monzo I used this app called OnTrees and it was pretty bad but it had one cool feature. You knew exactly if you were spending too much in a specific category depending on the day of the month it was.
I confused myself when writing that last post…take 2 -
bold text is text that I’ve added to my previous post
The design in your screenshot enables you to easily see where you are in the month vs your category’s target, for each individual category.
But the bars aren’t a comparison of the amount spent in £ against the target for the total spend or a comparison of the amount spent in £ vs the other categories. They do enable you to compare the amount spent as a % vs the other categories.
I like the design & how easy it easy to see where you are, in terms of % spent from each category target vs % of the month that’s passed, although as I’ve discussed here
I prefer the orientation of the current design which is focused on amount remaining, rather than how much has been spent.
You could incorporate the position in month tracker (although it would be in reverse chronological order, which would be hard to get to grips with), either extend the bars - as you suggested - or align the timeline with the category bars & keep the rest of the design the same.
In other words, this is hard to explain in writing & I’ve made a mess of my comments
Having used Monzos targets for a while now I agree id like to have some indication of how far through the month I am - green is interesting but id like to know ‘how green’ i am by comparing to how far through the month we are. I do this calculation myself based upon the date but its always a bit annoying as I know the app could be showing it
Now into my second month on Monzo I think im getting a bit smarter at budgetting (however I wonder whether my new process could be reflected in the app some time?)
Before I was thinking - what should my monthly budget be? and have been setting my topup (and then target) amounts to match that.
However I was either thinking I was doing great or terrible depending upon how many ‘exceptional spend’ things I did like go away for the weekend to visit friends/paying for presents/holiday (and Christmas coming!)
My new approach for budgeting is something like this:
Figure out how much money i should have in a ‘normal’ month (however this includes ‘typical’ entertainment / eating out etc)
If I know something exceptional is in that month (e.g. holiday etc) then add on an amount for that (I have to calculate that myself off app)
This should result in my target spend each month actually being different from each other
Does anyone else do it like this (or have a better way)?
If my process to be reflected in app some way it could eventually be:
“your typical daily/weekly spend is X - so we suggest a monthly budget of Y”
“do you have anything special this month?” top up budget for holiday / party / birthday etc
Targets has noticeably improved my budgeting, but I still don’t think I’m disciplined enough.
Just 2 days ago I spent a little too much money that I hadn’t budgeted for because there was last minute comedy gig announced and just couldn’t resist. Now I expect I’ll have to adjust targets that I shouldn’t be doing.