Trends - a big update to the Monzo experience

If Trends can keep on top of my inconsistent income schedule and keep track of my weird subscription schedules that are currently outside the scope of what Summary can do and provide a better, more accurate, safe balance, then that’ll be good enough for me.

Am I understanding it correctly, where, when Family pay me back for their share of the bills, or pay me back for loans, these will now reflect in Trends to provide a more accurate picture?

I know if I set up budgets, those payments won’t replenish my left to spend figure, so my safe balance is always out of whack.

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You are understanding this correctly!

This is huge for me, as I live with three others but I pay all the bills. Previously, my bills spending was always huge and I didn’t really know how much I paid personally. Now, my flow looks like this:

  • I Salary Sort money into my ‘House Bills’ Pot when I’m paid – enough to cover the cost of all the bills
  • The bills are paid from that Pot, and added to our Shared Tab automatically
  • My housemates pay me back via the Shared Tab
  • Their payments are shown as positive payments into the Bills category my Trends tab, and I can see what I’ve personally paid, less their contributions!
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Isn’t this kind of… annoying? because at some points in the month (after they’ve paid you back) it shows the correct value, but at other points (before they’ve paid you back) your bill spending is wrong? Like, there are two quite distinct concepts here: one is “how much do I spend on bills” and the other is “have my flatmates paid me back yet”, and they’re conflated.

It’s annoying until they pay me back, that’s true… But it’s still an accurate reflection of my situation, right? If they don’t pay me back, then it’s me who’s covered the cost of those bills.

It actually really helped me out last month when I checked Trends and saw I’d way overspent – turned out one of my housemates hadn’t paid me back yet.

Agree that there’s some fun and interesting things to be done with sharing lots of different types of payments with people, though :eyes:

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Could there be a way to exclude recurring payments, or split them and just show one part?

I live in a househare and pay all the bills, with everyone paying their monthly portion in one go. In trends it looks like I’m paying and getting paid £100s more a month than I actually am!

Also +1 to custom months, having only calendar months is pretty naff as I budget off my pay date and it means trends and summary are totally out of sync

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That’s a very good point. Pulse became essentially useless at precisely the time that things converted from a pre-paid card to a full bank account. But if the hard edges on discretionary spending are back, then you’re right it could, indeed, make a useful comeback.

Separately, I’ve been banging on (and hardly alone) about the desperate need to fix budgeting in the Monzo app for years now, so I am SUPER EXCITED for this new feature! Nice work!

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Exactly.

Except that’s not the steady-state; it’s the degenerate state. If they keep doing that you’ll move out. Most of the time most flatshare bills money gets paid back. So you should probably optimise for the normal-case, IMHO, of course.

Except that’s a perfect example of the conflation: you used one feature (“look at my budget”) to indirectly tell you about another feature (“has my flatmate coughed up yet?”). Feels like some sort of reminders system is really what you want there, or a screen with “pending requests”, or whatever. You hadn’t really overspent, and you had to backwards-infer that the overspend was actually something else.

Anyways, that’s my ten cents. Congrats on a great product launch! :grinning_face_with_smiling_eyes:.

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Go on, open it up to anyone via Labs. Set the forum on :fire: FIRE :fire:.

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I’ve been the person paying bills in my (now old) flatshare for the best part of 4 years and honestly while I did get the money back eventually it was often delayed or they would pay me back once they were paid themselves.

I could cover it, so it’s not an issue, but purely from my personal budgeting, some months I would cover the bill and have excess money in my next monthly budget once they paid me back. So for the month prior, I needed to be aware that I personally had spent the excess amount.

I know I’m not unique in this either. Sadly it’s really not uncommon to have flatmates not pay people back, particularly in London where it’s common to live with people you’re not friends with.

Now that I am, as of this week, living with just my partner it’s different because he pays me back immediately (I still pay the bills) so I budget for my half.

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I imagine any set up where you pay for all your housemates bills and then collect the money off then later is inherently quite annoying in many ways :sweat_smile:. I think the new feature sounds like it covers the common situation of paying something, then getting the money back off someone for that thing. Even if it isn’t tailored for Jack’s exact situation, it’s good enough to cover them.

I will be sticking with manually compiling my own spreadsheet at the end of each month because that’s the only way to get a truly ‘bespoke’ budget that covers every unique scenarios, but most people aren’t going to do that so sounds like this could become a good compromise.

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I have personally only just figured out how to use YNAB and it’s actually changed how I view my money/budgeting. Only took several years of avoiding what looked like really confusing budgeting :laughing:

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I think if you put those in a category that is excluded, it will solve it for you.

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It really is amazing. I have recommended to several people who were in a lot of debt and they have totally turned their finances around and realise they have a lot more money than they thought if they spend it more wisely.

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YNAB is awesome. Definitely my go to recommendation for personal budgeting.

I had it for about two years until I somewhat ironically looked at the £5 YNAB subscription line on YNAB and thought ‘there’s something I could save £5 on if I just made a spreadsheet’.

These days I find the act of compiling the spreadsheet is actually good for me

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The Google sheets export is one of the best things that’s happened to my finances.

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Please flag when finished! Keen to have my status as (un)chosen one confirmed. :pray:

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Monzo.me @dan5 for access?

I thought the tradition was sending cake…

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I’ve already submitted feedback through the app about custom pay periods that match up with my summary but I just found something else… When you click the Accounts button in the top left, a check/uncheck all would be greatly appreciated. I just wanted to check it for just my Monzo account, unchecking all my other accounts individually to then check them all again after is a bit annoying :frowning:

I was going to say the same thing. I sort of treat my joint account as being in isolation from my personal account and cards so if there is an easier way to select joint or all the others that would be great.

I’m also finding it tiring individually switching all of one type of transaction to the right category (but that was an issue before this).