Advice: setting a budget

Financial Chat
1

Hey!

So I have been using Monzo on and off for a few months now, I did not get my wages paid into it, I did not make big purchase on it. I topped it up £20 here and there just to see how I felt.

So then I made the move! I now get my wages paid into the account (weekly), but me being me lost my card the day this happened so I have been having to move money often to my HSBC account.

Anyway… new card arrived and I am ready to start using Monzo as my main bank. I’ve been playing with budgets and because Monzo does not know me yet it’s really hard to be setting a budget. What tips can you give?

My current goal is to: have a nice amount going into my savings account, but then I would also like to start paying a good amount into another pot for my business (to then be transferred into a business account at the end of each month).

Any tips will be hugely appreciated!

Thanks.

2

One tip I found out recently you can make payments not apply against the budget. For example I’ve just made a large purchase for some work done to my house. I’ve taken that out of savings and set the payment to exclude from budget. Helps to see what you would have naturally spent over the month

3

Oh that’s cool thanks!!