We've Added Some New Categories


#213

Yes!

I think “Gifts” or “Gifts & Charity” (which only uses two characters more than “Entertainment”) or even “Gifts/Charity” (which uses the same number of characters as “Entertainment”) would be more useful to more people.


#214

Hmm, I immediately recoiled from that. I don’t gift money to charity - I give money…

(Not saying this is a good enough reason, but my initial reaction was “do not want”).


#215

Definition of Gift - a thing given willingly to someone without payment. Which is pretty much exactly what charity is. Also, charities reclaim tax using the Gift Aid scheme.

But fair enough if you get an immediate dislike response. It’s difficult to change how you feel.


(Brad) #216

As someone who currently pays a subscription to YNAB to do my budgeting, and an additional subscription to sync my bank transactions up to that, I would very much appreciate free reign over spending categories and budgets.

I don’t see why an opt-in setting to enable custom categories would be negative in any way. The ease of use wouldn’t change, because someone would have to go out of their way to turn it on and tinker.

Expansive budget and transaction features would make me go all in on Monzo and remove the need for 3rd party extras.


(Ben ) #217

@Braxzy - I am in the same boat as you, using both YNAB and Monzo (and a handy feature to sync the two!).

I’ve found the YNAB budget approach to be very powerful. My finances are complex, and more granularity in sub categories helps me keep track of the things that need to be more specific than 10 or so ‘top level’ categories.

It’s like pots, budgets, summary and pulse all combined in one place - and is super powerful.

I’ve been pondering why Custom Categories might not be coming - and I suspect it’s that Monzo want to integrate entire user wide category based insights, and using custom categories loses their ability to do that (which, if they choose to sell that data, or integrate marketplace where you can act on the data - means also losing £).

I’m happy with the YNAB budget as a solution - but wish Monzo would offer a stronger solution.


#218

Another Monzo / YNAB / YNAB Sync user here.

I work with that system and it serves its purpose, but to have true custom categories in Monzo would be great. I have been one of the many people asking for this for years and I also don’t understand why they don’t do it. I would love to know what they feel the downsides / degraded user experience would be?


(Nathan) #219

Yeah as i am becoming closer and closer to going full monzo the need for custom categories has become greater for me.

In order to truly seperate my monthly budget up correctly in a way that works for me at present im left using a combo of my legacy bank and monzo for things like my actual monthly entertainment spend.

Drinks, dates, football, its too manual at present to think where each spending should be categorised in (i use family for gf, entertainment for football, dates go down as eating out) its all a bit too clashy for me.


(Malcolm Christie) #220

A long time ago I remember there being lots of talk about custom categories vs the new feature of tagging transactions. I’d be interested to hear if other people have found tagging useful, but as far as I can tell it just doesn’t serve any purpose.

I basically never have any transactions in the bills, finances, expenses, family, holidays or personal care categories - what I do have is basically everything in entertainment, shopping and eating out.

If I buy a case of beer to have with friends, that goes into the shopping category (fair enough, Monzo doesn’t know what I bought), but I don’t want to account for that spending with my food shopping. I could put that into entertainment, but that’s where I track bowling, movies, games etc.
Likewise, if I go for beers after work that usually gets put into food & drink, but I’d rather be able to compare spending on drinks vs actual meals out with my girlfriend.

I could tag each time I spend money on things I’d like to track but that takes way longer than changing the category and (genuine question here) what is the point of tagging? I can’t see how much I’ve spent on different tag each month or compare them. I could export the data and make my own breakdown in a spreadsheet app, but isn’t Monzo supposed to make this stuff easier?

The least-bad solution is to just use a random unused category for tracking things monzo decided don’t get a category and ignore the fact it’s got an irrelevant name. But really, Monzo can’t just let us rename categories?


(Jack) #221

Hope you don’t mind but I’ve moved your post to this thread, it seems that it’s something Monzo are considering from reading Hugo’s posts above. Feel free to have a read for yourself.

Personally I try not to be too granular with my tracking and just stick to the main categories.

Drinks go into entertainment as it’s a social event.
Food goes into eating out unless it’s groceries.


(Nathan) #222

I think youve come across two already well talked about issues…

  1. no ability to split transactions into 2 or more categories
  2. Lack of actual custom categories for granular budgeting

Both id love to see improvements on :pray:


(Adam) #223

I think everyone had their own workaround, but that’s the problem, it’s a workaround!

I put spends for my cat under “family” and house improvement spend under “general”. If they’re wanting set categories in order to generate aggregated data then there’s 2 examples of how the data isn’t necessarily accurate.

Seems like they have a couple of options. Make tagging a better tool for more granular budgeting or add in some new categories (in my case “pets” and “home”) or even give everyone 2-3 customisable categories in addition to the set ones.


(Edward) #224

The suggestion to put custom categories “under” default categories (in order to not disrupt ‘automagic’ but easily confused metrics) has been suggested for years, and shot down as often as custom categories in general.


(Adam) #225

Shame it’s dismissed so readily.

I can see the business case to have the same categories for everyone so they can aggregate data, but if many customers are saying they use a previously unused category for a totally different spend intended for that category then their aggregated data is going to be incorrect and useless.


(Nathan) #226

This ^^ I currently use family for pints just as an example :laughing:


(Hugo Cornejo) #227

Totally, I can confirm we’re indeed working towards covering this and provide with either custom categories or a way bigger list of categories, in any case we’re aiming for it to be something that most people won’t really need to tinker too much with to get value out of it… just to keep things simple.

@vuokko (our Design Director for the team we call “Main accounts”) is putting the first pieces together of a series of changes that will revamp categories, pulse and Summary. She’ll be sharing updates as things get clearer and more people get involved but I can already tell you it’s gonna be great. We’re super excited about it.


Rent/mortgage category for budgets
Scrap the Graph
Scrap the Graph
(Kenny Grant) #228

Hooray. Really pleased to hear about this. Thanks for the update Hugo. Either option sounds good to me and really nice to see progress on this.

I like that spending now shows automatically all the categories you have spent in that month, that’s an improvement too. Not sure there’s any point in the ‘more’ link there now, as it is guaranteed to show only those categories you haven’t spent in, which is not very useful. Perhaps if adding more categories you could get rid of that ‘more’ line as it’s not going to be practical to show all the unused ones, and not very useful either?


(Nathan) #229

Great Hugo, thanks for the update pal :clap:


#230

Fantastic, great get confirmation.

And fantastic that these are being thought of together. As I found out when I had a go you can’t really do them in isolation…

I do have a lingering thought about the utility of fixed categories, though. I didn’t go there in my mock ups but I wonder if some comparators with similar users might (with consent) be interesting. (But then I suppose that brings up problematic concepts of similar users, potentially bringing things like gender or age into the app which may well be undesirable).


(Liam) #231

Hooray ^^ Thats great news. As someone that knows what they want, I do hope that tinkering will be possible though!


(Damjo) #232

I’ve been a very keen Monzo user / investor for a long time now, I ask for one thing, please give me a PET category lol PLEASE :pray: