Budget Hard Lock

Hi monzo,

you might have already had this idea but a budget hard lock would be great. If I set a budget for the week/month id like you to enforce it. it could only be lifted by accessing the app and entering an OTP that you would send.

Are you talking about a locked pot, or (and I think it’s this…)

I set a total budget of £1000 for the month

I have £2000 in my bank

I spend £1000, and can’t spend the other £1000 until Monzo has unlocked it.

I think it was a bad move but Monzo removed the friction for locked pots months ago. Monzo no longer unlocks pots, you unlock them by deleting the pot.

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yep sort of,( bear with me, I’m new to Monzo) so lets say after committed spending I have 1000 to last the month. My intention is to spend no more than £125 a week in total, can I set that amount that as a hard cap only unlockable after entering an OTP into the app. If I exceed the cap, Monzo would decline the transaction.

I wasn’t sure if Monzo already does this and I just haven’t found it yet.

Leave £125 in the main account, and stick the rest into a Pot. Any transactions over £125 will be declined (with the exception of offline card use, such as TfL travel).

Transfer a new £125 out of the Pot every week.

Someone with better Budget knowledge will be able to tell you how this will interact with the Spending page of the app.

Ahh I get this now…

I do this, but in a non Monzo Way. I leave just that amount in my main account, put everything else in a touchable pot. Helps me budget anyway

Voted, this is a good idea

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This (to me) sounds the simplest answer, giving you both budgeting protection, as well as flexibility and quick emergency access to funds should you need them.