Coin Jar style Personal Finance Management Strategies and Ideas

Guilt Jar: Name a product or a business place that is a guilty pleasure. Whenever you buy that product or from that vendor a pot saves the same amount you spent.

Eg. Spent £5 on Dublin donuts, automatically saves £5

6 Likes

Unemployment Jar - A jar to save money that’s locked and can only be accessible if you loose your job. Probably the most important pot that would ever be made.

3 Likes

Percentage Jar: A percentage of all payments from a certain source will be added to a pot. For example all payments from the source marked as work would cause 15% of that payment to go to a pot. This would be regardless of how much it is and how often but would ignore any payments from friends etc.

Edit - Potentially set an upper limit on the amount headed to the pot. I.e. 15% up to £150.

3 Likes

I love it rounding everything up to the next £1 but wish it did it for transactions under £1 as-well, rather than manually transferring 1p across every now and then.

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Fit Jar: through integration with FitBit and CityMapper, saves the amount you would have spent on public transport to the pot if you walk or cycle instead. (Other fitness and mapping products are available :wink:)

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Charity Pot - A Pot that automatically donates its total value to your preferred charity each month. More information over at Pots Improvement - Charity Pots.

2 Likes

Bills pot - All my monthly fixed bills are put into a pot that are put aside from my spending money. I set when it’ll start (probably the day I’m paid) and the bills will deal with themselves. If there are variable bills, then maybe set a reasonable buffer to allow for fluctuation, and any surplus would mean less required to go in the following month.

9 Likes

Holiday jar as with Coin Jar, this rounds up your spends, but also immediately converts into a currency of your choice, so you save your pennies towards holiday spending money.

2 Likes

Emergency Fund Jar which has a target of reaching an amount equal to 3x your monthly outgoings (for emergencies such as loss of job). Once the target is reached, the amount should be maintained and any additional savings in this pot which exceed your target level should be invested with a service such as Nutmeg for example. Where monthly expenditure changes from the previous month (ie you set up a new direct debit or standing order) the target amount is adjusted accordingly, as is the amount invested.

11 Likes

All of the above - done by allowing arbitrary rules for pots which users can input, based on a defined set of criteria. More work initially but gives users more control, esp if they can share rules. Also if you allow settings for pots this could allow users to customise amounts taken, notifications or the default rules for something like coin jar (e.g. allow editing the over £1 limit, or how to show notifications).

Saving goal pot - lets you set a target and a date, and transfers enough every day to make that happen.

Smart savings pot - I’d love to see some sort of smart savings advisor that starts by saving say £1 a week moves on to saving more gradually up to 10% of salary a month, then when you have 3 months salary prompts you to move savings to an interest bearing account, maybe gives projections too (in 6 months you’ll have x saved). I think on reading Emergency Fund Jar just above this is similar to that idea.

2 Likes

Yearly Jar: Each payday it takes £x where X = Sum of sub-targets / pay days. Targets may or may not have a yearly date (e.g. Xmas, Clothes)

Bonus if it tells you how much you have for each sub-target or lets you re-allocate.

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Blind Jar/Piggy Bank: Deposits only until broken open. Saved amount may or may not be visible. Inspired by Schrödinger jar below, but without date limitation.

1 Like

Assign a DD/SO to a Jar Jar

Allow one or more DD/SO’s to be assigned to one or more pots so that bills can be paid out of it. If the money isn’t present in the jar it offers a settting where it can drop back to the main account

4 Likes

Overkill Jar - save all disposable income.

Optimal Jar - save and invest to maximise my utility.

1 Like

World Traveller Pot before you go on holiday you move a set amount of your hard earned money to your World Traveller Pot.
By land sea or air you arrive in your foreign destination and you get your nice notification from Monzo welcoming you to your destination :us::new_zealand::ireland::greece:
All transactions in that foreign currency are now taken out of your world traveller Pot. You enjoy the sites, you enjoy the food and you enjoy the drink without effort or worry.
Then as with all good things your travels comes to an end and by land sea or air you are back in the uk sad and wishing you were back in the sun. But Monzo keeps you smiling and all payments revert back to using your Monzo current account … effortless travel money!

Your pot could also notify you if you are getting low on funds to allow you to top up or could if funds were available move from the current account to the traveller Pot to keep travel separate.

4 Likes

I like the idea of the Guilt Pot mentioned earlier, every time I spend at JustEat or McDonalds, KFC etc then whatever I spend is also added to my Guilt Pot. Once I have lost a few Lbs my £££s will be released back to me for new clothes

5 Likes

This. Definitely this.

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Pyramid Jar (may need a better name…) - Basically the same as the 1p Saving Challenge, but reordered to ramp up from January to July and back down again from July to December, to spread/mitigate the effects of the holidays.

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Pot of Gold :honey_pot: Just like the one at the end of a :rainbow:

Randomly, someone gets this pot with free money (17th March would be a good date to do this :stuck_out_tongue: )

3 Likes

6 posts were split to a new topic: (Coin) Jar Jar Binks

Monthly Outgoings: At the start of the month, when I get paid over £x,xxx amount, move £yyy to a monthly outgoings pot.

This outgoings pot would be used for regular monthly direct debits (phone, magazine subscriptions, web hosting, utility bills)

Monzo should detect recurring automatic payments and assign to this pot.

4 Likes