A quick question as I am a new user waiting for my card. If users can’t set up direct debits how can budgets and other features be accurate?
Direct debits are coming very soon. You are right that at this particular moment, it will not include all expenditure for budgeting.
For the time being, the Track budgeting functionality can be used to monitor a specific budget based on the particular money you move in and spend, rather than your entire income.
As a second account, it could be used for day-to-day spending while keeping salary and direct debits elsewhere. Those are more fixed items in any case, so this should help to focus on more discretionary spending, and therefore opportunities to save and invest.
As we add the full planned functionality, including an eventual banking licence, it will be easier to use this for all spending of course.
A quick follow up to the budget question above if I may. In the video it mentions that when setting up a monthly budget you can advise a specific cost (the video mentions a car) and the it will take that into account when showing your money left tonsoend per day/week/month.
My question is how is that adjusted when you spend some money on, in the video example a car?
For example; i have £500 a month and I allocate £100 a month in my budget for books.
That leaves £400 to spend.
If I then buy a £50 book I should still have £400 to spend in my budget (but only £50 left in my book budget) but how does the app know this? I assume I have to manually adjust the “book” figure everytime i buy a book?
I’m not sure if that was clearly asked. It’s a simply question in my head but surprisingly difficult to type clearly!