Which categories would you like to see?


(Kenny Grant) #1

Now that more people are using Monzo for their current account, the present categories are feeling a bit limited. I’d like to see Monzo expand them rapidly and hide ones I don’t use. At present I don’t use ‘Cash’ or ‘Holidays’, but misuse some other categories since you can’t add your own :man_shrugging:

Which categories would you most like to see?

  • :moneybag: Income
  • :bank: Fees (interest payments, overdraft etc, could include advice on how to avoid debt?)
  • :money_with_wings: Taxes
  • :moneybag: Savings (for withdrawals)
  • :house: Housing
  • :derelict_house: Insurance
  • :ambulance: Health (inc Fitness)
  • :postbox: Postage
  • :gift: Gifts (including Charity)
  • :child: Kids

0 voters

Any more essentials that I’ve missed?

Categories Wishlist

What I’d really like to see long term on categories from Monzo:

  • Some more categories please - there is no reason not to just add these now
  • Custom sub-categories (so that monzo can mostly ignore them in their UI and I can use them!)
  • Don’t present categories in a spending report which are not used (are 0)
  • Don’t present certain categories (Saving withdrawals for example) in a spending report at all, as the money is not spent so much as moved around to other pots elsewhere
  • Have targets for savings which reward you rather than scold for reaching them

If you hide the categories which are not used, there’s no reason not to have more of them, and the current set is really starting to feel limited now.

Sub-categories

Sub-categories would be things like Clothing or Toys under Shopping, Drinks under Entertainment, Healthcare, Medicines under Health or Investments and Premium Bonds under Saving say, but crucially users should be able to create them, and then this would relieve any pressure for new categories in future - just make your own sub-category instead. Later Monzo might even suggest some of these based on what users create, and when you go into Shopping say could present your shopping split out into different subcategories rather than just one list, but for now just let users create them please.

Any more ideas you’d like to see under the Spending tab?


Categories: Lunch, Coffee, Travel, Salary, Housing, Internal transfers
Expenses categories
New categories
Salary/Income category
Savings category for current account
(Jack) #2

Will be interesting to see what categories people want the most.
I think @hugo made a post here highlighting changes coming to the spending tab as well as categories in the next few months, will be interesting to see what ones are included: Breakdown


(Louis Otto) #3

Charity and investments, fo sho.


(Jolin) #4

I think these are great ideas and I’d love to see categories evolve in this direction. It would make them useful to me. One thing I would add (which may be implied already) is that it should be possible to construct a search using the sub-categories as tokens.


#5

I would argue gifts such as to family are different from charity which you would want to declare on your annual self assessment to HMRC and hence need a separate category.

As for health and fitness, I feel health costs such as prescriptions or glasses are distinct from gym or sports centre memberships, and in England where prescriptions are not free (unlike Wales/Cymru and Scotland/Alba) having a separate category will enable easy calculation of if it cheaper to have a Pre Payment Certificate or not.


(Kenny Grant) #6

Yes sure, I started with Charity here, then changed it to Gifts after looking at what others had suggested. Taxonomies are hard, but I think the solution is to define some top level categories as Monzo have done (with just a few more please), then have a bunch of far less structured user-editable categories beneath them. So I was imagining Gifts would have subcategories of Charity, Christmas, or whatever else users prefer - probably mostly specific to the user.

I would personally not be inclined to lump together Health and Fitness, but wasn’t sure if Fitness really warrants a top level category - perhaps it does.


(Jamie Johnson) #7

I personally feel that custom categories would be far more useful to people than pre-determined categories. Categories that may apply to the way I’d like to manage my spending are likely to be different to a lot of people, making my own spending categories would be ace. Considering how many in the community have opposing views on how they like or dislike certain ideas, allowing all users to make their own customisations seems to me to be the way to please everyone - not sure how feasible this would be but I would certainly love this.

Also agree we should be able to hide categories or rename categories that don’t currently suit me. But I would generally say the existing categories are limited and sub-categories would definitely be a nice touch.

There also needs to be a category that allows me to exclude a certain transaction from the feed, or an on/off switch for a category for you to choose if you want it to contribute to your spending totals (I know this has been mentioned in various other threads but wanted to repeat as it is one of my most desired features)


(Kenny Grant) #8

I agree custom categories really are a must. There are lots of possibilities but since Monzo seem attached to shared categories at the top level (so they can aggregate and reliably present data presumably), subcategories which are use-editable seems the obvious solution. This area doesn’t need a massive overhaul, it just needs nicer defaults and a few more choices for users as you outline. I think an on/off switch would be fine for categories to show in spending - that would cover transactions too as you could just make sure any transactions were labelled as that.

I’m hoping “We’ll update the Spending section” means they’ll look at how they present categories there again, and ideally add user-editable ones and ways of controlling which categories are shown. Hopefully if they keep listening to users on this they’ll get there eventually, though it may take years to get this spending section working for everyone.

When we do get itemised receipts for almost everything (I’m sure this will come one day), they’ll need to look again of course and it could go down to the level of individual products, and push products from the same transaction into different categories, but that’s a way off for now. It would be nice eventually to say I spent 300 on coffee this year though - it would make that sort of spending far more concrete.


(Kenny Grant) #9

Surprise winner so far - Income is top of the charts! This is an odd category as it’s almost a separate section for some people, and would definitely require user-definable sub-categories for all the different sorts of income people might have - wages, dividends, interest, rent, royalties etc.

For me personally Savings is the one I most want, along with some way to exclude that from spending, as it’s not really spending at all.


(Giulio D'Andrea) #10

It would be nice to have a separate category for fitness/sport and not grouped with health (e.g. medicines, clinic fees, etc.)


(Kenny Grant) #11

Yes, dithered over that. Sounds like people would want a separate category for that. I’d be fine with that - as long as unused categories are not listed in breakdowns, they do no harm.


(Kenny Grant) #12

Interesting to see how far ahead income is here - this is the biggest missing category from my perspective, but I’d be happy to hear anything from Monzo at all on categories and what their plans are.


(Catherine Alani) #13

I’d love to see a category or sub-category for Pets :cat:


(Katie Andrews) #14

I would love to see a fuel/petrol category and a hair & beauty category which could be used for any kind of salon appointment/visit - nails/wax/tint etc :slight_smile:


(Kenny Grant) #15

Good idea, I think this probably worthy of a top-level category for those who would use it.

If monzo adopted the idea of not showing categories if a user doesn’t use them, it’d be fine to have some top level ones like this which only certain people used (but those people would use them a lot).

Hoping we see some movement on this from Monzo this year, as their current set of categories and treatment of savings and income is pretty limited.


#16

Definitely looking forward to seeing a “Savings” category. Targets are currently useless until I can properly categorise internal transfers.


(Kenny Grant) #17

Apparently a couple of new categories are coming soon, but no custom categories :man_shrugging:

Given the number of users posting about this over a lot of different threads, I think Monzo should reassess their position from a few years ago in light of how people are using their app, and the competitive landscape (most competitors have custom categories, most accounting software allows custom categories) and consider both adding to the current categories and whether it would really be so hard to add custom categories to their UI while keeping it simple for those who have no need for them.


(Excited about Christmas) #18

Was about to say exactly the same!


(Oivind Reklev ) #19

Investment! That’s really important. General or Expenses doesn’t do.


(Filippo) #20

Hi, I propose to add the above mentioned expense categories:

Lunch: well, it is still eating out, but for most people it is not a choice, but an unavoidable expense, so it is not really like eating out
Coffee: similar to lunch. It is eating out but it is a more regular expense over time, so it make sense to have it separated.
Travel: while transport is mainly for city, day-to-day travel expenses, travel would be for flights & co. And travel is not always for holidays…
Salary: well, nothing to explain
Housing: just the rent
Internal transfers: most people have more than one bank account (for now…), so it would make sense to have a dedicated category for the money moved in or out by ourselves

What do you think?