Be able to make changes to the salary sorter at any time / have more granular control over scheduled pot payment dates

UK Feedback & Ideas
1

First off I’d like to say I love Monzo I use it as my main account for both everyday spending and savings and I find it makes it really easy to organise my money however there are some suggestions for improvement I will outline below that would make it even better for myself and probably quite a few other users of Monzo.

A bit of background

I get paid monthly from my employer and I pay my rent, household bills and savings contributions monthly too.
For everyday spending I put money into a pot for the full month and I have it withdraw into my account every Friday.

Currently the way I work out my budgets is I have it all on a spreadsheet and then I setup a pot for my bills, and a pot for each savings item and I setup a scheduled pot deposits on the 28th of each month (my pay day from work) so my pay comes in and is then sorted into its respective areas.
I like to have my money organised in advance of pay day and sometimes if I make adjustments to my budgets I like to make these changes as soon as I think of them so I do not forget and at pay day it is automatic.

My suggestion

If the 28th (my pay day) falls on a public holiday or weekend my employer will bring forward my pay day to the closest working day so typically a Friday or Thursday in some cases e.g. Easter.

I would like a way when setting up the pot scheduled payments to add logic for this so that it can adjust itself automatically.
So maybe some blocks similar to how the coding program Scratch works would be easy for users to operate?

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An even better way than this setup would be the ability to setup the salary sorter for BACS payments from your employer in advance of the BACS payment showing up on Monzo and being able to save and edit this template at any time.
This way the date wouldn’t matter and in the case of some people getting paid earlier in Christmas and January it would also account for that.

Thank you for reading and please vote at the top if you would find this useful!

4 Likes
2

In what reality would this need to be brought sooner if you budget to 28th each month?

3

For normal everyday things I budget weekly, for everything else I budget monthly.

It would be nice for there to be a simple way to add a rule to bring forward or maybe advance scheduled pot deposits based on if your original day (28th) lands on the weekend or a public holiday etc.

Its quite simple logic so I don’t imagine it would be that hard to implement.

4

Pots > add 5 weeks worth expenses/spends initially > schedule weekly withdrawal for whatever day, as most months are longer than 4 weeks.

Pots > monthly expenses > set date for collection.

It’s highly unlikely Monzo will bring what you’re asking for, but the above mitigates the mess around.

5

A ‘last working day’ of the month would be a useful addition to the schedules.

4 Likes
7

Another possible implementation of this could be to bundle a collection of standing orders together (i.e. payday transfers), and have a button to trigger them all together on demand. Something that would make this better would be the ability to add a description to standing orders, so it’s completely clear what it’s for.

1 Like
8

That’s a great idea! Or be bold and have standing orders triggered when your salary lands in your account…

1 Like
9

I just wanted to say thank you for this idea and your contribution. This is exactly the sort of thing I’m here for! :folded_hands:

1 Like