Week based Summary and Budgets


(Liam Maggs) #1

The Summary Tab is constantly telling me that ‘it looks like you might run out of money this month’ but I’m paid weekly, so it’s always wrong. You can set the period to be either a callendar month or a 4 week period but not a week. This would make Summary much more useful for me


Weekly budgeting option
(Emma (still not the app)) #3

Have you tried setting your monthly budget to what you predict you’ll receive that Calendar month?


(Charlie) #4

A lot have people have brought this up. I’ve said it before too (although I’ve been moved to a monthly payday now :slight_smile:) Monzo have said they want to improve this so it works for everyone but I don’t believe it is very high up on their to-do list even though it is probably pretty easy…

Take a look at:


(Liam Maggs) #5

Yeah, and that certainly does help, but it still doesn’t stop Monzo realising that the amount that’s currently in my account won’t last me until the end of the month, so for the first half of every month I’ve got the Summary page screaming at me telling me that I’m going to run out of money


(Emma (still not the app)) #6

That’s odd because it’s how I do it and it generally plays nice with me. I’m guessing the first half is when all your big bills come out? Do you mark them as recurring they’ll come under committed spending and not out of the budget?


(Charlie) #7


@Rat_au_van - Do you get paid weekly? Mine constantly tells me I’m going to run out of money but I never do… I just ignore it at this point.


(Emma (still not the app)) #9

Yep I add money every week and since the budgets were introduced I haven’t had a problem. Set the budget at the start of the month, exclude all the reoccurring bills and I only see it go out of green when I’ve gone on a spending binge. Not sure why it’s not working so well for others :woman_shrugging:

Do you have a payment triggering a start date for your summary? I just kept it as calendar month with no payment set.


#10

Summary tab is useless for me. No multiple payday support no weekly…


(Georgia Fleet) #11

I’ve got the opposite where I’m paid every 3 months, it would be great to be able to have a slider or something to set the ‘budget period’!! At the moment everything in mine is very skewed as I spend a lot in the first few weeks getting travel, rent, necessities etc paid for the upcoming 3 months.


(Dale Chancellor) #12

Hey there, so I have two bank accounts. One with monzo and another with a high Street bank. I use my high Street account for recieveibg payroll and paying rent etc and then I use my monzo card for all day to day spending.

Due to my spending habits and this setup I find it much better for my spending to put a certain sum from my high Street account into my monzo every week. This helps me budget and keep track of my spending week on week much easier. But I have noticed all the budgeting options and tracking of spending on monzo revolves around the assumption of a monthly budget, and thus I don’t use it so much.

It would be really useful if I could set the spending analysis and budget predictions etc to be based around a weekly budget, and set myself weekly spending targets etc as it will be much easier to track and I will find these features much more useful - and I imagine I’m not the only person who budgets like this!

So for this reason, some option to switch to a weekly budget rather than monthly would be really great.

Thanks :slight_smile:


#13

Hey @Dalethec16, I’ve moved your post as it’s been talked about before and you might find some helpful into in the previous posts. Hope that’s okay! :+1::mondo:


(David Shipman) #14

Similar situation to you here. Would love to use the budgeting options more but just isn’t going to happen until weekly budgets are a thing