I can’t get my head around how to use the summary tab for my personal budget set up, hopefully if I explain it someone can enlighten me or create another option.
I can’t transfer my salary to monzo as I’m trying to get a mortgage and Hsbc offer a great rate for my longevity/salary.
My budget spreadsheet has my direct debits coming from hsbc (bills, council tax, rent, etc), my fuel goes to Monzo as well as one test direct debit. The rest is spending and goes to starling (). (I transfer groceries and the other half of spending money to Domestic Managements Monzo account)
I’d like it all in one place (ie Monzo) but when I think about “spending money” it’s the chunk of cash that I can be as careful or care free with as I like. I don’t want to think about the committed spending, that should happen invisibly. This way when I buy coffee or a night out, I don’t impede on the money I need and when the spending money is gone…well that’s it Mike no more beer for you this month and I’m shown a zero balance. Hence I split everything up.
To my mind, summary should show me when I’m out of beer money and should stop spending to ensure bills are met.Am I missing something?
The only way I can think to get my style of budgeting to work in one place (Monzo) is to have my money transferred in, then a pot for fuel and a pot for direct debits. Then my spending would be left available but it’s a faff to ensure I transfer money out of pots in time.
I hope this makes some sense and you’ve not fallen asleep reading it. Perhaps the ensuing chat could solve mine or someone else’s issue.
Many thanks for your time,