I’m going to finally start moving all our bills over to our Monzo joint account (the wife has been resistant to change ). How is everyone managing bills pots, one pot per bill, or on pot to rule them all?
One pot for all Monthly Direct Debits (apart from Credit Card), then another pot for all monthly virtual card payments - Netflix, Prime etc. I then have individual pots for various sinking funds - car insurance, upgrades, holiday & Christmas etc and finally one pot for Credit Card Payments that I transfer funds into whenever I spend on the CC.
One pot for all non variable monthly things (DDs, recurring card payments, standing orders).
One pot for all non variable non monthly things (Road tax, prime, etc.)
One pot for credit card payments, and one for child’s dinner money (both variable).
There are more, but those are the bill-adjacent ones
Separate pots for:
Mortgage
Utilities including gas/elec, internet, streaming services, water, council tax, TV license, etc
Car payments
The “pm” figures in the pot names cover the monthly expense plus about 20% and represent how much is siphoned into the pots on the first of every month.
The extra 20% is how I build my emergency fund.
The food fund pot works a little differently and isnt used to pay for any food, but instead is purely emergency fund.