Averages Jar On a day where you haven’t spent anything, automatically calculate your average daily spend based on the last 3 months of spending, and move that into a new jar
Awesome Jar. Whenever you do something awesome, or something awesome happens to you, or you do something awesome for another, give yourself a little reward, put a £ in the awesome jar.
Absolutely love the “x comes from pot” idea.
My random idea would be Hungover Jar - after a night out Monzo automatically calculates how much you spent on your night out and move a % of that into a pot.
Locked regular saver jar. A jar that set a month saving amount to move into this jar but you set a date that locks the money in so you cant withdraw it until then. Typical examples would be to save for birthdays or Christmas or even annual bills such a car insurance
Xmas jar: say pay in £xx per month but it is locked until December. Never be short at Christmas again.
Reverse Jar a jar that is actually an interest-paying account with another provider. You leave your Monzo balance at zero, and your payments put you into overdraft, but at the end of each day your reverse jar automatically moves enough into your Monzo account to cover the overdraft. This way you don’t pay any overdraft fees, but you also don’t have to leave money in an account that pays no interest.
Ethical Jar Every purchase from an unethical retailer, the same amount goes into the pot. At the end of every day/week/month, the balance of the pot gets automatically divided up and paid to designated charities and a shaming report is posted on social media.
Marathon Jar A pound saved for every kilometre I run, while watching my phones motion chip. Purchases from this pot cannot be made at fast food restaurants or greasy burger vans.
Robots Might Steal My Job Jar Automatically sweep 10% of my income on payday plus whatever remaining balance at the end of the month into the pot. Only payments allowed from this pot while income is still being received are for learning new skills.
Gift Jar With a target amount and date set, Monzo will calculate how much you need to add to the pot in order to reach the target by the specified date make automatic deposits to the Gift Jar each pay day. Once the target is reached, if reached early because of manual deposits, you get the option to carry on. Exactly how Squirrel works and you can have as many of these Gift Jars running simultaneously as you can afford. If trying to add more than you can afford, Monzo will suggest lowering the spending limit of one or more or even all other Gift Jars.
Would love the Quiet and Precise Coin Jars. I prefer my balance to be a whole number.
[Category] pot: Transactions from certain categories should be taken out from their respective pots (excluding certain ones like internal/ expenses) and after salary has been paid in, an amount should be swept in by what the user has allocated in targets and force the user to stick to the targets they have set more rigorously
I Can’t Be Trusted locked pot: sweep a % of salary/ top-up automatically into a locked pot, to be opened on birthday/ near Christmas/ etc.
OK this is an amazing idea - best one I’ve heard!
Toggle hidden jar/pot: Hide or lock a pot, then require the user to click a link in an email (like 2 factor authentication) to reinstate access.
Charity fine jar: If I buy something from JustEat or Deliveroo (just examples), then move X amount (say £3, but this should be customisable) to the pot. Then donate this to a chosen charity.
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
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.
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.
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.
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 )
Charity Pot - A Pot that automatically donates its total value to your preferred charity each month. More information over at Pots Improvement - Charity Pots.
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.
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.
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.
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.