I understand the “Left to spend” feature is = Income - Pots - Committed spending - Spending. This makes sense, and is shown accurately in the app as £3,000.
However, below the spending circle I have “You’re set to have £1,000 left over” which isn’t making sense to me. Left to spend is showing £3,000, so where am I losing the £2000???
Any help would be much appreciated. Slightly worried…
Hey it’s estimating that at the end of the current summary period, based on your current level of daily spending (minus the committed spend), that you will have £1000 left over.
It’s a very simple sum and doesn’t track trends or anything that deep.
If you start with £3,000 and spend £100 a day for the first 5 days, you’ll have £2500 and Monzo think you’ll spend £100 a day for the rest of the month so you’ll have nothing left.
If you start with £3,000 and spend £10 a day for the first 5 days you’ll have £2950 and Monzo think you’ll spend £10 a day for the rest of the month so you’ll have £2700 left over
Ah so it’s based on the current trend of spend for that period! Thank you @monzo2018 and @Revels
Do you know the actual algorithm - is it a rolling daily average? No account taken for weekend etc?
I believe so because I tend to refill my car with fuel and do a food shop on a Saturday (£100+ ish) which never seemed to be taken into account vs lower weekday spends.
I’d love it to be smarter and know that if I have £50 left with a Tuesday and Weds before payday, based on those days previously, where I might have bought a couple of lunches then I’ll be fine and I’ll have money left over. But if I have £50 left with a Saturday and Sunday before payday, based on my habits, I’ll likely run out of money.