“Analysing my spending data on Monzo helps me be feel more in control of my money”

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Olakunle Omosanya, 37, lives in Rugeley, Staffordshire, with his partner and two children, aged seven and three. He works as a data analyst in the healthcare sector and earns £40k a year.

When Olakunle moved to the UK from Nigeria in 2020 for his master’s degree, he opened a Monzo account and set up a direct debit for his tuition fees balance.

As someone with a natural affinity for data, patterns and trends, Olakunle has come to rely on the weekly and monthly insights Monzo provides into his spending via the Trends tab. Greater visibility over his finances has made him feel more in control of where his money’s going.

He also uses Flex, his overdraft and gets his salary paid a day early to manage his money throughout the month.

"Monzo gives me a clear overview of my income and outgoings"

A friend introduced me to Monzo. It was my first account in the UK and the whole process was really straightforward.

Naturally, I like data, finding trends, insights and patterns in data. The main thing I use Monzo for is to analyse my spending.

We rent our house and I split the cost with my partner, so I pay about £450 a month. We also split household costs equally. My monthly share is £80 on council tax, £110 on bills, £150 on food shopping and £80 to cover smaller expenses.

Monzo gives me a clear overview of my income and outgoings – where I spend money, what I’ve bought, what I have left and what’s coming in.

"I enjoy receiving my weekly spending reports"

I activated a notification on Monzo so every week, it sends me a mini report of my spending. It also sends me a summary of my spending at the end of the month. When I click on the report, it takes me to the Trends tab and shows me a graph. Then I can scroll down and look at everything in detail – how I spend, my income and outgoings.

"Seeing my spending data has made me more financially disciplined"

It's very helpful. If you don't have a budget, you keep spending and spending. But once you have a budget and you say ‘Okay, this is what I want to buy, this is what I want to have’, it makes you reign in your spending. Being more aware has helped me be more financially disciplined.

At the end of the month, I know I’ve got a certain amount coming into my account. I can look at my spending report and find out: how much did I spend? How come? Where did I spend the money? It’s a way to find out where to be disciplined when it comes to your money.

It saves me the time of having to pick up a pen to start adding numbers together.

"I use Monzo Flex and get my salary paid a day early "

I've used Monzo Flex several times since last year. If I’m shopping for something in store or online, Flex gives me the option to buy now, pay later. You can pay in six, three or 12 instalments. Instead of repaying £100 or £200 at a time, I can pay in future instalments. I recently used it to buy an air fryer from Very.

If eligible, Flex is interest-free over 3 instalments. Or 24% APR representative (variable) over 6 and 12 instalments. 18+. Ts&Cs apply. Consider the cost of credit before a purchase. Missed payments can negatively impact credit scores and you may lose the interest-free rate on existing plans. Representative example: £1200 credit limit. 24% APR representative (variable). 24% yearly interest (variable).

"Getting paid early is helpful when you’ve got spending commitments before payday"

The first time I used this, I was really surprised I got my money. I couldn’t believe I actually had my money and could spend it, a whole day before.

I thought, can I spend this money? Maybe I should wait until the following day? But I realised the money was there. It's very good if you have something to do urgently with your money before you get paid.

You can get paid early if you're paid by Bacs transfer. Most people are paid by Bacs. Check with your employer if you’re not sure! A heads up: we can stop offering get paid early, or change this service, at any time.

"I’m able to save a lot less because of the cost of living crisis"

The price of everything seems to have gone up – by double or even triple in some areas. It’s particularly noticeable in the supermarket. Before, I had a certain amount of money that I spent on food each month. Now I’m spending double that.

At the same time, what I spend on energy has more than doubled. Whereas in the past I would have been able to save £100, I'm only able to save about £20 now. In the new year I plan to start taking advantage of Pots to help me save for a house deposit.