Currently I’m not sure how useful it is. I actually think how NatWest did it is better here in that it was a rolling trend over the time you had the account vs year on year.
However, it’s a great start and will look better later in the year I reckon.
Seems a missed opportunity not to get immediate feedback from forum frequenters on these types of product launches, especially of the bug-finding kind…
Quick question for those in the know. Why are transfers out excluded? That’s where most of my money goes and this isn’t being accounted for properly in Trends.
Think of the Transfers category as an “excluded” category. It’s meant to avoid double counting so if, for example, you have a connected credit card you only account for the transactions once (in the credit card) rather than twice (the credit card payment from Monzo and each individual transaction). The same logic applies to transfers between pots.
If you don’t want it to work like this, just change the category when you transfer money. I think standing orders remember their previous category.
Yeah, if you’re rinsing Chase for cashback it’ll work best if you send the exact value for each transaction to Chase and categorise them manually.
It’s an interesting economic question about who thinks that 1pc cashback is worth this overhead, who thinks that they’d rather just have the Monzo data and who wants the cashback over any data.
When I order from ASOS and then inevitably send a lot of things back, I use the “Transfers” category to exclude the portion of the transaction I expect to be refunded. That way the “Shopping” category in Trends shows the correct amount.
It would be nice if I could exclude a portion of the transaction without using the Transfers category though as it doesn’t really match the situation.
Or maybe I’m making more work for myself… if I just left the whole thing as Shopping, then when the refund comes in I could also mark that as Shopping and it would balance out? Although ASOS refunds do take a while so the category totals would look wrong for quite a large portion of the month.
Just spamming that I still don’t have trends at all yet and support won’t give any indication on when i may get it. Ill just try and imagine the experience for now.
Am I the only one who finds the Trends graph fairly useless? Interesting to see a year view in terms of spend, but graph doesn’t really tell you much (monthly or yearly).
Feels a little bit like we’re back in Pulse territory
The thing that people routinely forget about the Pulse graph is that it was designed for a time when Monzo was a pre-paid card and all spending on it was discretionary. If Monzo differentiated discretionary from mandatory spending properly then, believe it or not, Pulse would actually be a great re-addition to the app. You can assign X pounds to discretionary spending (this is the envelope technique), and then see a handy visualisation of whether you’re spending a bit too quick.
Yea a little. Although I feel that if I could exclude bills from it I would find it far more useful for day to day spending. Currently it looks a bit skewed.