Over the last year, we’ve been steadily working towards a better kind of banking experience. This includes features like Smart Transactions, designed to improve awareness of your spending in order for you to better manage your money.
We call this suite of notification and account summary features ‘Spending Overview’. Here’s how it works.
It sounds obvious, but the first step towards better tracking your money is knowing exactly how, where and when you’re spending it.
Traditionally, however, this has always been a challenge. High street banks have long since been behind the curve in providing ways for their customers to keep an eye on their money. This means many of us still invest too much time and effort in regularly tallying and recording simple day-to-day spending – and, whether you’re using spreadsheets, budgeting apps, or just a pen and paper, it’s a difficult practice to maintain.
Our app has already helped hundreds of thousands of customers by creating a new kind of banking experience that promotes financial awareness by enabling the following:
While we like to think we’ve made a great start, we want to go even further in helping you keep a healthy focus of attention on your spending habits – while reducing much of the conscious effort traditionally associated with tracking it all.
You may have noticed a Spending icon on your Monese app’s home screen. This is your access point to a new comprehensive spending breakdown that provides insight on everything from your shopping or transport expenditure, to your household bills.
A donut graph helps you visualise your spending at a glance, while the categorised transaction list below shows exactly what you spent, when you spent it, and at what merchant.
You’ll be able to review your current outgoings as well as spending during previous months – and see that spending (as well as money-in) as split into 15 lifestyle categories: bills, eating out, education, entertainment, expenses, family and friends, general, groceries, health, holiday, income, pets, shopping, subscriptions, and transport.
Your spendings are categorised automatically based on the merchant’s description. But if you do need to reassign a transaction – say if you needed to reallocate a train fare into ‘Holiday’ – you can do so in just a few taps.
We’re committed to refining the Spending Overview experience in the future – with more detailed information, more context and smart targeting of alerts that are specific to you personally.
In the coming months we’re also planning to introduce a brand new budgeting tool designed to work in tandem with the app’s existing features. It’s our aim for Monese to become a comprehensive, self-contained money management tool that provides a complete oversight both on what you spend and how you plan to spend in the future – putting you in complete control of your money. Watch this space (or get a sneak peek from our Insights blog)!
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