Capped Pots

The way I’ve budgeted has given me the idea that we should be able to put an upper limit (cap) on our pots which is taken to account by the salary sorter and maybe any attempts at adding funds to a capped pot could trigger an IFTTT integration.

An example would be that I budget £25 a month on Takeaway (greedy I know) but some months I won’t spend that much while other months I will spend more - which is why I put my takeaway budget into a pot which I don’t let go above £50 allowing me to splurge some months, and when I don’t buy takeaways and the pot is at £50 anything budgeted is put into savings.

Interesting idea, should the transfer to pot be refused or would I (and this I suspect might be better) setup an overflow pot when setting the cap?

Maybe have the ability to choose, which is why I suggested maybe an IFTTT trigger - personally, I’d want my overflow to go into an ISA but others might just want a savings pot or for it to go into the main account

I like this, I think (but can’t find) something similar has been discussed before too.

Eg if you have a pot to buy a THING that is X amount, then when the pot hits that amount, stop adding to it.

I think you’d have three options then when that occurs.

  1. Stop taking the payments cos you’ve met that goal
  2. Keep taking the payments into that pot (over goal)
  3. Keep taking the payments but put them into [other selected pot].

I’m for this!

Waterfall pots?

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I’ve just come across this having had the same thoughts.

I have a pot for car maintenance as an example which can be expensive but unpredictable. It’s added to each month, but if it manages to hit its goal amount I’d rather the money didn’t keep getting put aside.

Whilst the waterfall idea for pots would probably be of use too, just having the option for the ‘goal amount’ to be treated as a cap would save me a bit of admin.