Budgeting and Analytics

:wave: Sim here from Revolut!

Do you use Revolut to track your expenses? How do you find the analytics? Any issues or suggestions how to improve it?

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Hi Sim,

I’m still working out the best ways of setting up Revolut for day-to-day use, but one thing I’ve noticed on the budgeting page is there is a bug in the section where it displays your daily spending allowance. It doesn’t always count the right number of days - see below:


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I have set my budget to reset weekly every Monday (so Sunday is the last day of the cycle). As I post, I have £55.51 available to spend, and it is Wednesday morning. So I have five days remaining with £55.51 budget, which is £11.10 per day. It’s saying I have £13.87 to spend per day, which is £55.51 divided by four - so I guess it’s not counting today? I feel like the current day should also be counted as I might still spend money today.

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Hey @edrob, that’s great feedback - let me pass this on to the team :wink:

Hi there!

I am not so much into budgeting so much like some users certainly are, but I find the weekly graphs and the trends helpful. They give me a broad idea if I am above or below average, which is sufficient enough for my personal money management needs.

What puzzles me is section “committed spend”. That’s a metric I might find helpful, but it’s just not very accurate. It expects upcoming payments that I don’t have for example. I guess it’s somehow designed to work in conjunction with “pockets”. But to make it more useful, pockets itself need to become more useful first. Like letting users add recurring payments manually that the system doesn’t recognize. The idea to have a pot for envelope budgeting is good, but it’s too limited. (Up, an Australian neobank has currently the best implementation in my opinion.)

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Hey!

I’m using the analytics extensively to track my expenses, but lately I’ve been splitting a lot of transactions with my partner.

Using “Split the bill” from my side works well and the cost is counted appropriately in the analytics, however, when I receive a split request to my account, it shows the originating transaction details and it’s category, but the transfer from my account is always simply categorised as “Transfers”.

I think it would be a great improvement to copy the category from the original transaction (Restaurants/Groceries/etc.) To the transfer which grants the split request from someone else from Revolut, considering the information is already there in the transaction details.

Best,
Kasparas

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Another thing would be: If I were to misclick on the “Apply this category to all transactions”, I would delete all the work I might have done for that merchant/friend in editing their previous bills. So I think that a way to undo that, or ask “Am I sure I want to edit all transactions?” would be a smart idea.

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Hi Sim,

at the end of the month I usually have a lot of transfers that all fall under the same category. Instead of going through all of the transfers, I’d like an option to modify the category of any number of expenses in bulk.

Thanks :slight_smile:

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I wholeheartedly agree with this. And if there is an apprehension to this change, I would really like an option in the settings to allow for this on a per user basis.

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Hi @Skrb, just checking in to say this is still a (small) issue - again as an example, I have £29.25 left to spend this week, and it says I can spend up to £9.75/day, which is £29.25 divided by 3.

However, it’s only Thursday morning - Thursday-Friday-Saturday-Sunday is four days! It should be £7.31 per day. I think until it passes midnight into Friday, Thursday should still be included in the calculation - what if I want to buy a beer at 11:59!!

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Could you issue be to do with the cycle you set up when you first set the budget?
Perhaps you need to edit your budget and set up a new cycle?

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My budget is definitely set to be Monday to Sunday. The issue is simply (in my opinion) that the calculation includes remaining days from today (not counting today) when it should include today in the sum.

Would you or anyone else be able to verify this on your app? When it calculates your daily budget, is it your overall budget divided by full days remaining, or does it include today?

Yes finally! Especially since it’s so tiring to categorise each expense, there’s like 15 screens to got through each time :persevere: (tapping it, hitting the split button, authentication, review payment, change category, etc).
And even worse, at the end of all those screens there’s always the option which says categorise “Only this transaction” or “All transactions from this merchant”. I made the mistake of tapping “All transactions from this merchant” once and Revolut marked every payment I ever sent my partner as “Travel” thus undoing hours and hours of categorisation. I gave up on budgets and categorising after this…

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Thank you for your feedback @miguelccarvalho , I’ve passed it to the team :+1:

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Asked the team to have a look, cheers @edrob

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Would be awesome if we can get a better way to report incorrect merchant information and submit amendments request like starling, having to go through webchat and passed from pillar to post with no consistency, some helpful, some seem uninterested.

There are so many discrepancies at the moment the aggregators seem to be the only ones getting it right when it comes to merchant data.

IE

My “Just Eat” transaction went through as a “Vodafone” bill transaction thus messing up my analytics but some how, my “Emma” app read the data correctly.

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That’s possible within the app.
Tap on the transaction then Category and change it to any of the ones listed.

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You’re misreading what I’m saying, “REPORTING INCORRECT MERCHANT DATA” to prevent more transactions being mislabelled as incorrect retailers. Has nothing to do with categories, if I were to make a high value purchase from apple and it gets screened as a “Just Eat” transaction (real example) there’s no way of getting it changed without speaking to an advisor who doesn’t understand what the problem is or simply can’t be arsed.

The minimum requirement I expect from a company who prospects to be a bank to correctly screen transactions and convert them to the correct name and logo etc.

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perhaps if you had been clearer in the first place…

@Skrb

First of all, in fairness, I have to say that I’m new to Revolut and haven’t really used it yet. I’m currently researching and considering switching to Revolut if necessary. During my research I noticed the following things. Since, as mentioned, I have not yet tried Revolut in practice, it is possible that some of these points have already been dealt with. If so, I beg your indulgence.

There are a few points that could/should be improved:

Rollover budgets: If I set myself, for example, 150 euros per month to go out, then I want that amount to apply on average. If I don’t spend that much in a month, I want to carry the rest over to the next month and have the opportunity to spend more there. In addition, there are sometimes situations where you have to exceed a set budget, then I want the negative amount to be carried over to the next month and I am then forced to save in this area next month. This brings us to the second improvement request:

Envelope budgeting: I would like to implement proper envelope budgeting. To do this, there should be the possibility of moving amounts from one budget to the other. If, as mentioned above, I have a situation where I have to go over budget and there is not much room for savings in the next month, then I want the flexibility to transfer money from another budget.

Account for income and transfers correctly: See this thread here: Analytics for income - #2 by MihneaT
or this Split bill doesn’t reflect in budget and analytics
or this post: Possibility to remove specific transactions or categories from the analytics - #5 by Bogz
Budgeting makes no sense if revenue or refunds are not correctly reflected in budgets and analytics.

Bulk edit/managing of categories (instead one by one)

Improve usability when you want to change the category of a transaction: Currently you have to go to the transaction, then click on category and then choose a new category, then close the transaction again. It would be quicker and more convenient with a swipe action, where the selection of the categories pops up directly.

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Scenario: I have my regular bank accounts and credit cards linked to Revolut so I can see all balances and transactions in Revolut

Question/feedback : in analytics, should transfers to Revolut from my other linked bank accounts count towards the total spend?

For example if I top up money to Revolut and then make a purchase using Revolut, analytics picks this up as 2 different spends and therefore both go towards total monthly spend

Feedback: beside money in and money out category maybe there should be a 3rd category for inter-account transfer?

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