Probably the one thing I’d most like from my bank -but which Mondo could potentially provide- is the ability to put money aside in labeled buckets… virtual savings account of sorts.
The Issue (Example)
It’s the beginning of the month, my salary’s just come in but I also get tons of bills and I know that I should put aside £50 to pay my electricity bill at the end of the month, £20 to pay that water bill… and I also ought to put £50 aside if I want to take that holiday in a couple of months.
So I’ll transfer all of that money (£120 in this example) to my Savings account. Come the end of the month though, I’ll look at my savings account and I’ll have no idea what the money was for - ‘How much were each of those bills again?’. Unfortunately I’ll likely forget about my holiday fund entirely and just spend that money on other, less important things. And this confusing situation is made worse if I already had money on my savings account before.
Being able to create folders or virtual accounts of sorts, and transferring money from your card balance there. You could easily name these virtual accounts to make their purpose clear. Any amounts transferred to those accounts are deducted from your card balance so they cannot be spent.
The functionality I had in mind:
- One tap to release all of the money within a virtual account, back into your ‘main’ account. And the ability to just transfer back a specified amount
- Being able to transfer money between virtual accounts
- When a virtual account balance hits 0: being asked if you’d like to delete or keep it (you may want to keep it to more quickly transfer funds back into it in the future)
- To make them easier to identify, virtual accounts get an icon which is automatically set based on keywords (similar to how the Google Calendar app automatically finds a background image based on the name of the event)
- The ability to create rules for transfers in between accounts (e.g. on the 2nd day of the month, transfer £xx to this account; send me a message when the balance for this account reaches £xx, etc.)
As it currently is, Mondo’s great to understand where your money’s going but a lot could be done to allow people to plan ahead and to better manage their finances. But obviously, I appreciate this is very much an Alpha version.
Thanks for your time and keep up the great work!