Correct me if i am wrong but I think tags have a very limited purpose in that they only let you display a list of linked transactions.
I mentioned this in one of the other threads but i think sub categories could be a win win for both monzo and users. take @M1cky point about his pet spend:
If monzo allowed us to create our own custom sub categories within a category then we could create “Pet” under the family main sub and then we could have the functionality we require as well as conforming to the monzo main categories to keep to their wishs for algos and shopping patterns etc.
I think it would be a good idea if Monzo gave us some help with categorisation by listing 10 examples of purchases they envisage should go into each category. I assume an exercise such as this was done when the category options were decided. I think it would make an interesting blog post.
I know one response to this would be to just use categories as you see fit rather than how someone else thinks they should be used. I’d be fine doing this if there were more categories to choose from, but with a limited number of categories I think some guidance/examples on what to put in each category would be useful.
Really how someone categorises things is very subjective, and im not sure someone is going to recategorise something because monzo tells them to. Ultimately until we can choose custom categories it’s never going to be much good for anyone on a personal level. Can’t Imagen it will be particularly accurate for an analytical basis for monzo either.
I don’t even pay attention to categories at the moment because I can’t be bothered to come up with and then remember my own subjective system for dealing with transactions which could fall into more than one category given the limited choice of categories.
But I think if I saw several examples of what Monzo feels should go into each category I think I’d be more inclined to start actively using categorization.
Whose poor decision was it to rename Cash to Finances?
The Cash target was surely a budget for the amount of Cash you withdraw each month. Whereas Finances is a generic term for all the other categories; everything after all is surely Finance?
How many people have that many “Personal Care” expenditures a month, or spend money on Family regularly?
Can we have some sensible, useful new categories please?
I actually like this new category as it allows me to put my credit card payments in there, to separate them from “bills” which are more for things like utilities (and rent, since at the moment there isn’t a dedicated “housing” category).
Regularly? Really? Is that category more important than say Salary (as an income category); or splitting Travel into maybe Public Travel and Personal Travel? Or many of the others that have been requested, and still not an option.
Christmas and birthday, school uniforms, school voluntary contributions and subject material fees, kids clothing, day trips, school equipment, pocket money, magazines, treats