Since launching our Alpha back in 2015, one of the most requested features from our community has been a powerful budgeting tool. Some of you may have already tried our first version of this, our new Targets feature, which we released earlier this month. Although it’s only on iOS at the moment (coming soon to Android!), this feature is just the start of how we think Monzo can develop.
We’re really excited about bringing you a simple and efficient platform to manage your everyday finances, and thought that we could test the power of Targets over the next few weeks and months 🙂
Introducing the #MyMonzoMonth Challenge
Budgeting always makes more sense when you have something to work towards. As a community of big thinkers we hope Targets will help you take a step closer to whatever that goal is, no matter how ambitious!
To showcase how Monzo can help with budgeting, for the month of October we've challenged three members of our fantastic community to cut back on their average monthly spend with the help of our spending Targets feature.
What’s more, we thought we should reward their efforts and give them a bit of a goal. Whatever they save, we’ll donate to a charity of their choice! 😇
But are they up to the challenge? Meet them and decide for yourself:
Jordan Drew, Filmmaker/Head of Video Production
Filmmaker Jordan Drew has his hands full with trips to Toronto and Las Vegas planned before the end of the month. He’s made budgeting on the road look like a breeze so far, squeezing in a trip to Wales, a tattoo and a game of laser tag between shoots in various weird and wonderful locations across the UK 😎
Average spend per week: £115
Hoping to save per week: £40
Charity of choice: Mind
I spend far too much on: Camera accessories and coffee shops!
Tim Chung, Freelance Creative Designer
Tim Chung is no stranger to this #MyMonzoMonth malarkey. He caught our attention with a series of short videos and tweets chronicling his very own version. Tim’s decided to eat vegan this October so there’s every chance the ‘Less Meat, More Monzo' mantra could pave the way to success! 👌
Average spend per week: £250
Hoping to save per week: £105
Charity of choice: Camp Sonshine Portugal
I spend far too much on: Shopping and Eating Out
Tom Dolan, Monzo Treasurer
In addition to all-things-finance at Monzo, Tom also runs two gyms which keep him super busy. Ever the man of mystery, he’s keeping a tight lid on his plan for #MyMonzoMonth, but we’ve no doubt Tom’s experience as treasurer may give him a bit of an advantage in the final stretch 👀 💪
Average spend per week: £350
Hoping to save per week: £150
Charity of choice: Macmillan
I spend far too much on: Food & gadgets
So it’s mid-month already, and our challengers are doing pretty well against their targets. Here’s how their spending is looking as of today:
Show your support and share your first experiences of budgeting using Targets via Twitter with the tag #MyMonzoMonth. Don't be too hard on yourselves 😉
Interested in being a part of our next monthly challenge? We’d love to get you involved. Tweet us @monzo and watch out for updates soon...