I’m just trying to understand when I should use “Exclude from summary”.
At the moment, I’m using it when I do a transaction that I then “pay” by moving from a pot.
For example, we have a pot set up called “Birthdays and Christmas” that we pay into each month to spread the cost of presents evenly. When we buy a present, we exclude that transaction and move the relevant amount of money from the pot. Is that right?
If that isn’t right, and I shouldn’t be excluding it, when should I be using exclude from summary (if at all)
I don’t know if I use it the right way but what I do is somewhat similar. For example buying a leaving present for someone at work from cash that was transferred to me. I excluded it (and the cash) from summary as it was an “anomally”.
Yep that’s what I do - if I pay for something using money from a pot, I exclude the transaction from summary otherwise it messes it up.
It can be for whatever you want, I use it for irregular payments ie my eating out budget, say there a couple of birthdays in a month, my eating out will go way over, so I exclude them
Or my transport budget, my car insurance was last month, I pay annually so last month would again go way over, so I would exclude that payment
Interesting - for me I definitely keep these in summary, as one of the main points is to make these ‘one off’ payments more visible. I would either increase my budget to reflect reality, or spend less on other things to stay under the budget amount.
I use exclude for transfers out to my other accounts, and for rent, as this is a fixed cost not part of my discretionary spending.
I use it when I’m due to be paid back by someone who doesn’t use Monzo.
If someone says “can you lend me XYZ until Friday” or “can you buy me this and I’ll pay you back” then I don’t want it affecting my summary because I didn’t actually want to spend that money, plus it’ll be coming back soon anyway.
I do the same for if I get a refund for something.
Its because I budget a set amount of certain categories each month and odd payments are not something I’d like to include as it throws my budget way off
I use it just like the OP. If I’ve got a pot for paying big ticket items, I exclude the payment from summary.
For example, I put £40pm into a car insurance pot, so the spending is already accounted for when I do pay which is why I exclude it from summary.