How does the Summary dial work?
The dial shows the amount of money you have to spend in a month. It compares how much you have left vs how much time until you get paid next.
The amount you have to spend is calculated by subtracting your scheduled bank transfers and Pots movements from your total income.
- You start the month with £2000
- You have £1000 of scheduled payments during the month
- You put £200 into Pots during the month
- This results in £800 total left to spend which is shown in the dial
- How much of £800 remains determines how much of the dial is filled in
- The app shows warnings if you're spending money too quickly and you might run out before the month is over.
Your Summary can be found by selecting the "Summary" tab on your Monzo app.
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