A Committed Spend Pot has already been suggested and debated on a lot - unfortunately it is being held back a bit
Although what you’re suggesting here is something akin to Curve (that’s for multiple bank accounts). But I think the main problem is that Pots aren’t actually separate accounts with their own details, so it would, I imagine be fairly difficult to get it to work correctly.
Like you say, something similar to Curve but, as I understand it, Curve allows you to ‘time travel’ and change which card/bank the payment is to be attributed to.
With all this ‘hands-on’ interaction needed, I’m wondering what the benefit of it is over just transferring it from pot to account?
I, too, like the idea. If you set up the pot to save for something to pay off at a later date then it makes the ‘flow’ much more seamless but I can’t see how it would work that required less interaction than it currently does to move funds.
I’ve never really been interested by Curve, if I want to spend on a different card, i’ll bring that card out with me.
The thing with pots is it segregates your money and so adds a little bit of friction. Surely the time taken to select the pot you want to pay out of, you could have just moved the money into your main account balance and made the purchase.
For me I treat the ‘available balance’ as a pot… and the categories let me see where I’m spending. I don’t split my pots into ‘Entertainment’ and ‘Groceries’ as they aren’t things I save for… just me thoug!
Yeah I agree you would still need interaction with the app but in my view, would make it a little less clunky when you’ve put money aside for something specific…
I’m thinking along the lines of:
I have £325.59 in my account as my monthly money to spend and i’m going on holiday for a week - I have £400 in my “holiday” pot
If I transfer the £400 to the account, I have £725.59 to spend (which isn’t actually true because half of that is monthly money for when I come back from holiday).
I could transfer £74.41 from the holiday pot to the normal pot to make up the £400 available to spend on the card, but then I have to work that out
I would then need to transfer money back from the pot in to the normal account when I come back from holiday.
If committed spending still came out of the account (because it is a bill or a recurring payment etc), it would come out of the normal money, and the holiday money would still be separate. Whatever is left over can be transferred back, left in the pot, put in savings etc, whilst my normal account balance is left untouched when I come back from holiday.
I dunno, I kinda see it as very simple in my head, the default pot would the normal top level pot as standard, when I go on holiday and select my holiday pot and use that until i select another, if the holiday pot is empty then transaction declined as would be the normal for any bank account.
Im not a programmer but i see this as a fairly simple and very convient feature and function.
I think this is the bones of the challenge here though, your usage still includes a choice ‘I’m on holiday use my holiday pot’ that I personally don’t wanna have to make. Just use my balance and if it’s low I’ll top it up myself.
Maybe its just cos I know I’d forget to set my holiday pot as the default… but as with all these things I guess there are a myriad of usage permutations to figure out.
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Just wondering if making a debit card/Apple pay transaction or online payment from a chosen pot (without having to transfer money back to the main joint account every time) is any nearer in development?
I have pots for every thing and this would make life a lot easier!!
So for example, I have a petrol pot with a certain amount going in for the month when I get paid. It would be great if when buying petrol I could choose the right pot to pay from instead of transferring money back from the pot!