Coin Jar style Personal Finance Management Strategies and Ideas

Feedback & Ideas
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Ok, lets try something. This is going to be a heavily moderated thread. The rules are.

Exactly 1 post per person, No replies, you can edit your post as many times as you like.

Each post must contain your dream magic pot in the following style:

Coin Jar: When you spend it rounds your transaction up to the nearest pound and saves the pennies to the “Coin Jar” pot.

I’ll get started with some other ones i’ve thought of:
Save Over X: When you get paid (Positive amount over £100) it saves anything over “X”… So if you have a pot called “Save Over £2000”, and get paid £3000, and have £300 left in your account on payday, it’ll save £1300 and you’ll start the month with exactly £2000

Quiet Coin Jar: Same as coin jar, but without the feed items.

Precise Coin Jar: Same as coin jar, but based on all balance update events, ensures that your balance always ends in .00

Half Coin Jar: Save to the nearest half pound. 0-49p -> £.50, 51-99p -> .00

X comes from this pot : For example, Starbucks comes from this pot would mean anytime you spend at Starbucks, it automatically moves that amount out of this pot and back into your main account.

1p Saving Challenge: 1p*(Day of the year) every day. https://twitter.com/manzan_46/status/970699871152984065

X every day: Every day, move X into my main account (Great for eeking out your student loans)

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Sweep Jar: At the end of the month, anything that’s left in my account that is over X amount it puts into the pot. So if I have £100 left at the end of the month and I say Sweep Over £50, it’ll save £50 into my jar.

Building on the idea of a “Quiet Coin Jar” and “Save over X”, it would also be awesome if there was a pot that said, whenever I get paid, automatically take a fixed amount from that payment. So if I get paid £500 and set £50 to be put into a pot, it deducts it. In theory, I’d rather not know it’s been taken away.

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Linked savings account what ever is in the pot at the end of the week / month gets sent to a linked account that pays interest - its all to easy to send your saving back to your current account and spend it

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Reverse Sweep Jar - at the start of the month, the contents of the Pot are moved to my main account.

(That would be the money that I set aside ready for next month, after my payday.)

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Whiskey in the Jar - Out for the night on the tiles, set a certain amount into a pot, and that’s all you can spend in places categorised as Bars etc.

Other places will come from your normal funds.

Amazon Jar - Similar to x comes from x jar. Requires a link into your emails but puts aside money based on what your order email from Amazon says. Then when the charge actually comes through it’ll come from the pot.

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Daily save jar - set a daily spending amount that is based on categories or excludes certain categories and if I don’t use the full amount take what’s is left and put it into a pot.

+1 for integration with chip! Would love to see that happen!

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I like the OCD Coin Jar as I sometimes spend ages in a shop trying to get the total of all my purchases to a round amount and rarely eat at a local takeaway because of their non-rounded prices.

FX Pot Here is an idea for the future when you have other currency accounts, the ability to have the round up amounts on your GBP account go into a EUR pot.

Jam Pot a pot to save money for groceries!

Give away Pot just like giving away your coins to a charity box or putting them in your kid’s piggy bank, how about a pot where you put the money in it but you can not draw from it, only your spouse or kids can? It becomes their money not yours! So it would necessitate both parties being Monzo customers.

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I think a jar with Chip like capabilities would be great.

So it probably falls into Save Over X: Like Chip Monzo could assess income & Outgoings and calculate whatever amount someone should be able to save and put towards a Goal which they would have set themselves.
On the Pot itself information like how much time to reach the goal etc… would also be great.

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Customised Sweep Jar: When you get paid at the month, any outstanding balance above £x before you got paid (which you could set) was automatically swept into a pre-determined jar.

Personally I don’t like the idea of sweeping everything as I like to keep a small buffer in the account in case of any unexpected payments.

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Quiet Coin Jar - with a monthly feed item

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Quiet change jar - but with a daily/weekly/monthly summary of what has been saved, with monthly cleardown to an interest payment savings account. Ability to select if it rounds up to nearest £0.50, £1, £5 etc

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The Millennial Myth Jar All card purchases under £10 are matched by an equal amount moved to this jar. The jar is locked and automatically sweeps into a lifetime isa so the money is matched x 0.25 by the government and can only be returned when buying a house or taking a pension.

This will make you think long and hard about buying another beer or avocado toast or whatever impulse crap that millennials are stereotyped for blowing their money on. You’ll probably have the deposit for a house in a few years of activating this jar.

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Rainy Day Jar - On days where it rains a small amount of money(20p, 50p, £1, £2 etc) will automatically moved into your rainy day jar, maybe throw in a multiplier for consecutive rainy days. Snow days cost double! Us brits should be able to save a fortune

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Highest Available Interest Jar - automatically puts the contents into the highest interest paying account from a set of vetted merchants, switching as they change their interest rates.

Forfeit Jar - you set conditions on being able to access the money, like ‘not until it reaches a target’ or ‘not until 2020’ or even ‘not until I’ve done a year of exercise’ and if you do access it, a percentage is donated to a cause you dislike. :wink:

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Quiet Coin Jar to enhance what we have so far.

Scheduled Payments Jar that puts money in when you are paid to cover your direct debits and standing orders and for DD/SO to come out from.

~

A few users not keeping to the rules of one post per user…

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Coin Jar Plus to round up to the nearest £2.00, £5.00 or perhaps even £10.00 (rather than the nearest £1.00). Sure, you burn through your cash with every “flat white” (ugh, kill me now) you buy from McDonald’s, but just think how quickly your “coin jar” would grow!

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Quiet & Precise Coin Jar: These two combined would be perfect. So even if a credit is received that extra change is swept up into a jar too, without cluttering up the main feed every-time.

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Self-Tax Coin Jar: Apply personalised tax rates on guilty pleasures, or the things you just shouldn’t be buying. Choose x merchant to apply a y% premium to. E.g. Purchases from Macdonalds carry a 50% premium which goes into the Self-Tax Coin Jar.

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I quite like this, could implement it later using the API…

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Fitness Jar I’m thinking something along the lines of a penalty for everyday you don’t meet your fitness goal. For example, for everyday I don’t do at least x amount of steps or x amount of active minutes I set a rate of x amount to be transferred to a pot. Would obviously need to be linked to Fitbit or some other tracker to work. Some motivation to use that gym membership!

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