I’ve searched this forum and I can’t seem to see a thread on this specific feature, which surprises me greatly. One of Monzo’s best features is the ability to add notes to transactions, so we know what that transaction was for when we come back to look at it. It’s a very valuable feature for budgeting, especially when viewing our transaction history at a certain place.
A few use cases:
- Subscriptions to services made through Apple unfortunately always come up as generic “iTunes” for the name/place of the transaction. (The same with Paypal.) Some way to label these with the specific service or person the money is for would be great (e.g. “Apple Music”).
- A group of us colleagues often go out for meetings in a cafe, for lunch, or for an evening meal. It’d be great to be able to somehow tag those transactions so I can easily search for them and see how much I’m spending eating out with colleagues. With Monzo, I use the word ‘colleagues’ in the notes of each transaction and that solves that problem.
- To save money, I’ve started buying ingredients to make lunch with as part of my regular grocery shopping; however, sometimes I’m lazy or I just feel like going out for lunch. It’d be great to be able to easily keep track of just how much I’m spending out on lunch every month. Specifying the
Eating Outcategory and checking the time of the transaction goes some way to solving that problem, but there may have been a reason I went to that place other than for lunch. It’d be great to just be able to tag these specific transactions as “lunch” and perhaps mention my justification for going against my budgeting aims in that instance.
Monzo’s implementation is a freeform text field. I quite like the idea of a more rigid implementation of tagging transactions (perhaps allowing us to specify custom tags we can add to transactions; multiple tags per transaction). However, such a tagging mechanism could work alongside a freeform text field for other notes; I do find the freeform system helpful as well because it allows me to justify a purchase to myself so I’m not wondering why I spent that money when I look back at it, or so I can see just how often I’ve used a lame excuse for buying something I could have done without and try to curb my spending more