I recently took a new approach to budgeting that utilises pots. I wasn’t getting enough out of spending targets and wanted a system that would roll over the money that wasn’t spent from the budget. Similar to the YNAB system.
The problem I have now is how to spend from those pots. I see I can create virtual cards linked to those and add them to mine and my partners Apple Pay. However you then need to remember what colour virtual card is linked to what pot and there is a limit on 5 virtual cards at a time.
I would love to see some easier ways to budget with pots and spend from them. My suggestion would be a menu item in the transaction detail screen to transfer that amount from a pot.
Side suggestion: it would be great to add text to virtual cards that are linked to pots so I can see the difference in cards when selecting a card on Apple Pay.
I tried using Hyperjar, it is one single card and then you can set pots so that as you spend it automatically allocates the spending to a pot. This is based on the merchant and can be changed by you.
So for example you buy petrol and it comes from your ‘car’ pot. The reason I stopped using it was more that I was managing my pots in two places Monzo & Hyperjar.
Hyperjar don’t do Direct Debits of course as they are not a bank.
I have posted a couple of times with similar suggestiongs. I also budget using pots. I find virtual budgets that I can overspend on with no consequences are to easy to get lost on. I want a budget that acts like an envelope of cash. Onces it’s gone it’s gone.
My undertanding is that the US accounts have a feature that allows them to assign mechants to pots which would be useful. That way any time I shop at Aldi it would take the money from my food pot. Either that or a virtual card that is labeled with the pot label or has the pot image would also work.
This is what hyperjar and to some extent curve do. Hyperjars implementation is better as you can select merchants e.g. Tesco and they also have splits like Tesco Garage and Tesco. You can remap them if you want.
Curve allows you to split by category which is pants, as they don’t let you know in advance which merchant is in which category and the categories are super broad like ‘Entertainment’
For those lurking in the Revout chat, the new graphics for their crypto linked cards are super cool and I’m sure a lot easier to see which card you are paying with. I must admit I only have 1 virtual card in my Apple Wallet as it’s difficult to switch between them without knowing that Green means x, Purple means y etc