To be honest I think this would be a fairly trivial thing to achieve. The hardest part would be getting the code for working with the api and there are a few pre built packages for this (disclaimer I made one for my own use in python)
The downsides as someone has already mentioned is that people tend to budget based on when they get paid. I for example have almost all of my direct debits come out in the first few days of the month.
Ot would probably be better to so the following
set up direct debits to come out of a bills pot
remainder of balance to be paid into a different pot
remainder to be divided by how many minutes you work a month
corn job running every x amount of time to move money from out to current account
To stop hammering Monzo maybe 4 should be once an hour.
Also another caveat is that not all bills are direct debits so there would need to accountability for the non direct debit bills and for money to cover those to be available.
Another option would be for the money in step 4 to be moved to a pot that has a virtual card associated with it. This virtual card to be used for spending it that has the downside of not being cash readily available.
Yooo I suggested this genius idea as well on the extraordinary ideas board in 2017 but I got 1 like and no reply. Probably because i’m nobody and have a rambling, incoherent writing style
Monzo Drip™ - you can have that one for free, TS.
Put money in a pot and then toggle on Monzo Drip in the pot settings, choose period of time to drip the balance and it begins moving a fraction of a penny each millisecond to the destination account. When a penny has been reached the balance ticks up 1p, so appears to be moving in real time.
Would be awesome but no idea what a monzo bank statement would look like Also, major issue would be that you need to have a month’s worth of spending in the bank, which rules out about 90%+ of people.
I also don’t understand, so would Monzo hold onto your salary and essentially slowly pay it you throughout the month? Why would you not just want it yourself in a decent interest savings pot?
For what it’s worth I wrote this originally because of those YouTubers like “I survived on only $1 a day” or “I survived a month paying only in bitcoin” and I though it’d make a fun experiment to survive on a constant feed of money instead of being paid in bursts
No need to explain/excuse yourself for a dumb idea, B. It’s only a dumb idea if you look at it through dumb-tinted lenses, which most people do, because they’re dummies. Ignore them and build it!
“First Principles!”, as the great Mondo legend Jonas T would say, “First Principles!”
Who decided everyone should get paid every 2,628,000 seconds?
Don’t know.
Was it any of us?
No.
Is that the best frequency?
No.
Then we must build Monzo Drip, and get paid every second of our lives!
I tried weekly pay for a while and it was terrible.
Not only are most bills monthly so you have the hassle of working out how much you need to save. I also wasted so much money because I thought “I get paid again next week” which also impacted this.
Ignoring ALL the many problematic factors of why this wouldn’t work, varying from being hit by a bus in June to wanting a pay rise in October … how do I work out the opposite of this and just get paid my salary for the year in one lump sum on January first?
I allow myself about £450 a month for “spends”, basically nothing essential.
If I work 40hrs a week, for 4 weeks, that’s 160 hours. I actually earn to £2.80 an hour to spend. So when I look at something more expensive and use the classic way of looking at it as how many hours I need to work to earn that, and say “Ahh, that’s only two hours of work” to buy that thing but in reality that Five Guys is more than a day at work!
Also, major issue would be that you need to have a month’s worth of spending in the bank, which rules out about 90%+ of people.
