Coin Jar style Personal Finance Management Strategies and Ideas

Aligned pots - pots that are aligned to the spending categories - following salary payments money is distributed into each category based on a prederminded amount with anything left going into an additional jar for saving. At the end of the month anything left in the jars automatically go into the savings jar. It would be helpful if some categories could be customised eg shopping sub divided into home, clothes, accessories and so on. With the ability to add money to a specific category from savings if required.

This would be helpful to see what youā€™re actually spending your money on & limiting your spending on certain things

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Regular payments pots: Not sure if this is possible to do. Direct debits and standing orders taken from the pot and not the regular account balance. You set aside the money for your months regular payments into the pot and they go out of there and you donā€™t impact them with your day to day debit card spending. Would be good if cpa debit card payments could go from pot too, but I donā€™t think these are distinguishable from one of debit card payments at the banking level.

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A simple Smart Savings Pot or Percentage Pot. You can set a percentage (say 10%) which would automatically come out of a marked payment provider ( say work monthly salary). An added bonus would be to have interest within this Pot.

lotto jar, kinda like pot of gold jar mentioned above, so if you have a lotto jar and all lotto jars on Monzo are taking part, so on a sat night or once a month you get a chance to collect everyone elseā€™s jar money as the prize, each user can deposit as much as they want tlinto thier jab and will get 1 chance of winning per Ā£1ā€¦ I use to play the lotto but lost interest when they introduced the multiple games. I just want to pay a quid and possible win it bigā€¦ sorry that been badly described but Iā€™m in a hurryā€¦ :slight_smile:

Kid1 jar which would have itā€™s own card and I could give it to my child, obviously there are room for more jars and kids as required.

shared jar allow other monzo users to come together and save in a common jar for a night out or a birthday present etc etc

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A daily/weekly budget jar, so I can only spend a maximum of what I set in my jar on a daily or weekly basis. In the event of an emergency, you can request the jar to be unlocked further but takes x amount of minutes to activate, time for your emotions to settle down to help you to decide whether you really need that purchaseā€¦

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Having a fixed pot would be good that lets you set your own time limit e.g i set a date of 5th August 2018 and I canā€™t withdraw money until then but I can still deposit money in to the fixed pot every month. Minimum time of 3 months

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Good idea, thatā€™s how I used my prepaid monzo card when I got it, I loaded my months spending money on to it, and when it was gone it was goneā€¦ :slight_smile:

Locked Jar - Select your payday, and each time you get paid, whatever money is left in your account goes into the Locked Jar. This jar can only be opened after 12 months and acts as a savings account which you cant access. It is too easy to transfer the money back to your main account.

At the end of the 12 months, you can chose to withdraw a certain amount and after the withdraw, it locks again for another 12 months.

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TAX JAR. a percentage of all income gets moved to a pot. Useful for the self employed

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Useful feedback there Ben, will probably be more relevant when (and if) Monzo releases Business accounts.

Percentage of Earnings Pot

Slight variation to the automatic transfer pot ideaā€¦ First of all, there would be a toggle on/off function that allows the user essentially turn it on or off.

Once toggled on, the user would be allowed to select the percentage that they want to be automatically put in the pot every time they get paid (somehow, the interface would have to recognise pay inflows - Iā€™m sure your developers should be able to find a way).

Lastly, users would be able to create up to a certain amount of these pots with different percentages subject to their preferences.

The aim is to automate partitioning of monies, making it easier for people to save money for goals or investments.

:slight_smile: