This looks great and will hopefully really improve the monzo experience! A couple of qs: will it work for joint accounts? (Where most of my bills come from) and will it work for payments to Spotify/iTunes/now tv/amazon etc which are not strictly direct debits?
What I see is main spending like bills and money coming in should be as is and debit card spending from elsewhere say a pot or if the account forced all credits in to the bills pot and you move back to main account or forced a set amount in to the bills pot to cover bills having to do things manually all the time isn’t my way and I have all my bills and credits with monzo almost everything minus main debit card spend cause it does what I want so far but not split debit card spending from the rest and as debit card spend isn’t split off from the rest I have to go elsewhere to do that
How would monzo account decide what would go in to a bills pot without you manually doing it everyday and it shouldn’t be lots of work should be all direct debits and standing orders and a set amount should be set aside to cover it
At present I don’t need to do anything with bills cause paid from main account and I only look at balance to make sure if I do use card I can cover it cause the fact is I couldn’t just see the bills pot working but I’d see a card spending pot working better I don’t know if it’s the fact it feels like you have to try estimate your bills that you can’t estimate think you need to move that money over when you would be better just estimating what you want to spend on your card and the rest is dealt with automatically
Really? Why would you need to estimate your bills? They are direct debits that are typically fixed every month. They are listed as ‘committed spending’ in the app already. Surely its more difficult to estimate your sporadic spending?
Correct me if I’m wrong, but I think you are basically suggesting the other side of the same coin. Bill pots segregate your money for bills from your spending money, you would rather segregate your spending money from your bills…
So do nothing. Use your account as you are. This feature has been requested by people who want to sperate their committed spend from their balance; its implementation will have no effect on your use case. Fortunately Monzo aim to make money work for everyone
I see what you are saying, but I’m trying to understand how you budget. If you estimate how much you want to spend on your card, and leave the rest, it sounds to me like you know whether you have enough money to, e.g. buy a sandwich for lunch or bring one from home; but you don’t know if you have enough money to pay your rent.
I’m not saying this is how you run your finances, but I’m saying this is what is sounds like from how you’ve explained it so far.
For me, I’m the opposite. I’m pretty good at stretching my disposable income so as long as I know (because I’ve estimated, although I agree it’s not the same every month) I have enough to pay my rent, phone bill, etc, I can look at what’s left and decide whether to splash out on expensive groceries or getting my hair cut, or eat pasta and leave the hair til after payday. Does that make sense?