If my budget is £200 per month and my pockets spend is £50 per month, I would only have £150 per month to spend because Pockets takes money out of Analytics budgeting to incorporate my Pockets spending.
I’d expect it to be £200pm for my spending, and Pockets payments to not come out of my £200 budget.
I guess people spend differently, but any monthly payments I already accommodate in my overall monthly spend before I set my personal spending budget.
To have an option to add/remove Pockets from analytics would be good.
Also need FSCS for Pockets shame Vaults can’t be merged to support this. Or of course Revolut to obtain it’s banking licence which would just be the best.
Edit: the ability to assign a physical/virtual card to a Pocket and spend directly would improve this massively! Budgeting to a whole new level!
I’d just carry 5 Revolut cards around with me instead of my current lot for different things.
I have been using Pockets. But not very happy, as it doesn’t allow me to pick the recurring transactions. For some reason, Pockets has its own way of picking only some transactions as recurring transactions. I would love to use it for all my budgeting. Also, there is no way to have recurring transfers to Pockets basis particular date of the month. For example, I get my salary every 1st and 15th. I would like to set up a recurring transfers to Pockets on these dates. But there is no way of setting this up. Lot of improvements are to be made before everyone starts using this nice feature.
Well, I’d say Up is more like Simple was, in their approach to use Savers for saving goals and budgeting. Monzo is still far away from what Up offers.
In comparison, Revolut‘s odd Vault and Pockets combination does stand out. As being unintuitive and very limited, even useless for many. Here’s what Up is doing that’s worth being copied:
save with goals
spend from savings
fund transactions from savings
fund savings from transactions
recognize recurring payments
notifications for low balances (budget warnings)
It’s super flexible, because it adapts to how a customer wants to manage money instead of forcing the customer to use the app in the only way possible.
Revolut can still stand out by implementing this differently. Their analytics is unique, as is their FX platform. There’s potential to implement these concepts in a Revolut way. They could, for example, link cards to Savers directly, like you imagine it.
Hi @Mariana_Rodrigues, years ago, when Revolut had events to introduce new products, users would get some insight into how product teams at Revolut work. Or worked back then. I have a hunch that the wealth section with Vaults and the banking section with Pockets have different product owners. It feels like there’s unnecessary overlap.
I think Revolut’s Analytics is okay. At least for my way of organising money. You offer budget trackers that can be set for individual categories. There are trend indicators which I like. Categories are flexible. I don’t know if it works well with Split bill.
What’s maybe missing here is better implementation for open banking. Last time I checked, the app wouldn’t allow to adjust categories for linked accounts. That’s obviously harder for Revolut to get right because of its presence in so many countries. (It’s easier if all you have to implement is UK banks.)
What really puzzles me are Pockets. One big hurdle is that it relies on the merchant to mark card payments as recurring. Revolut support then might tell customers to talk to the merchant when subscription payments don’t show up. That’s not going to work with companies like Apple. I don’t want my bank to cause me more work. I want them to make things easier for me.
This also messes with analytics. One time payments for ebooks for example from the Apple Store are identified as recurring payments in the “scheduled payments” category there. There’s a toggle to tell the app whether this is a subscription payment or not, but that does not seem to have an effect on the total sum of scheduled payments for this month. It’s either buggy or I don’t understand what this toggle is supposed to do.
One thing that bugs me is that we can’t adjust frequency. For some weird reason, the app thinks the payment for a costly subscription is fortnightly. It’s not, it’s monthly. And that’s very obvious from the transaction history in the app. When I tap on it, the app even recognises all payments correctly and lists them neatly with the monthly transaction dates. Yet it insists that this payment “appears to be fortnightly”. I would organise this subscription with a pocket, but this inflexibility is the reason I don’t.
Here are the things I would explore if this would be my product:
Let users set up pocket payments based on merchant and amount (don’t rely on merchant data for this).
Let users set the frequency.
Let users set up pockets in other currencies than the base currency.
Enable pockets to become useful for everyday spending, like with a concept that Up calls Forwards and Covers. I believe this would offer most of the functionality people want from Vaults.
Allow multi user pockets. A tiny step towards shared accounts. It would help couples to organise their scheduled stuff like rent or other shared expenses like groceries.
I love using pockets but I think it is missing a few features :
1. Allow to move an expense from the main account directly to a given pocket.
For example, I have a pocket where I save my whole budget at the beginning of the month. All my monthly invoices are collected directly from the pocket but when I buy something by credit card like groceries, I’d like to be able to “tag” the expense on the app so that it swaps the transaction from the main account to the given pocket. For the moment, I’m manually withdrawing the amount of the expense from the pocket each time.
2. Have, in addition to the total pocket balance, the remaining amount of money after paying the programmed payments.
Back to my example, I like to know how much money I still have for groceries to stay within my budget. Such a feature would allow me to know that directly instead of doing the subtraction myself.
3. Option to define a location to place the remaining money of a pocket at the end of the month automatically
like in a vault, the main account, investments or anywhere else instead of just stacking the money months after months.
I’d love to see those features coming to app one day ! Anyway, pockets are awesome to help better use its money and I think it should be way more promoted.
Hi @Mariana_Rodrigues ,
the idea of pockets is great in the first place - but why do I have to mandatoritly oick any recurring expenses on any pocket?
Okay, in my case I really just wish to put some money aside for various things, such as for education, donations, fun, tech stuff etc. (yes, it’s based on the 6-account model if that helps).
That said, it would be great if I could only install a bunch of pockets and not have to be obliged to add an recurring payment but to be able to skip that step - I simply don’t have any (or at least I don’t want to connect it to any of my pockets).
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