Committed Spending/Bills Pot

(Daniel Parvin) #41

Just a thought and I’m not quite sure how to explain it!

I would love to have my DDs setup so the amounts that are due to come out during the month are moved to a pot at the start of the month.

An example, I paid £200 to one of my credit cards every month on the 1st of the month. It would be nice if I could move £200 to my DD pot on pay day (25th).

I feel this could be a better way to manage funds during the month.

Understandable, no all DDs are fixed amounts, telecoms, etc change but have a rough idea on those.


This is in the way in the form of a pot for committed spending in a future update :blush:


Have a look at the app IFTTT

It is intergrated with Monzo


The grand plan is to have a ‘committed spending’ pot. This will be a pot that you can set Direct Debits and Standing Orders to come out of, so you can shovel money into it and be safe in the knowledge that what’s left in your main account is yours.

For now you can use IFTTT to shift money about on certain days for you.

(James Bond) #45

At the moment I just do this with scheduled payments into pots.

If you select either ‘Add’ or ‘Withdraw’ on one of your pots. You should see a ‘Set schedule payment’ at the very bottom of it (I am on iOS). Then on the day before it is required, I move this out of the pot.

Like others have mentioned, the ideal is to have these payments coming from a single pot in the future.

(scott) #46


I am in the process of switching to Monzo and I was wondering if there is a clever way to move all the pending payments for a month into a pot and then them be drawn from there?

My old bank basically done this by virtual of salaries and a cash account bolted together. Now I want to make sure if possible I can automate this myself though Monzo if possible.

Thanks in advance

(Richard) #47

Not yet but I believe this a committed spends pot, for things such as bills, is in the works.

(Dan Baker) #48

While a ‘Direct Debit’ pot is in testing internally, with no release scheduled for now. You can kinda do it already.

Say you have £100 a month for bills. Use Monzo to move £100 into your Bill’s pot on pay day (e.g. 28th of each month). You can create these ‘Standing Orders’ in the app by creating a repeat payment in and then out of the pot.

The other option is IFTTT, but I think the first method works better.

It’s manual, and clogs up your feed. But for now it’s the closest I think you’ll get.

(Joe Barber) #49

So me and my fiance use the Monzo joint as our main account, we both get paid into it and put our household bill money into one pot and then our individual bills into separate pots this shows us instantly shows us what money we have left for us! This works well but we have to remember to keep moving the money back into the main account in time for the bills to get taken out, I’d love it if there was a way to “aim” direct debits or standing orders at a pot

((╯°□°)╯︵ ┻━┻) #50

While it would be great to get a pot to do this, for the time being I can’t help but feel that you could make life a little bit easier with a different approach :slight_smile:

Me and my partner use our accounts the same way but instead of our salaries going into the joint account they go into each of our Monzo current accounts. We each have a standing order setup each month to transfer money into the joint account to cover all our bills. This way the joint account is purely for bills and household expenses. So now, if we don’t have enough money for a bill Monzo will alert us in advance and we can simply transfer some over from one of our current accounts to avoid charges or it failing.

So technically our joint account is one big bills pot.

It’s not for everyone but thought I’d share it regardless :slight_smile:

(David) #51

Bumping this one up. To be able to set all my monthly direct debits and bills to come from a pot (or pots), which I top up each month, would leave me safe in the knowledge I can spend freely on my card without digging in to this allocated money.

At the moment I use two accounts instead - one for bills/direct debits, and one for spending. This reduces my Monzo use substantially. in fact, I have very minimal sums of money in my Monzo account as a result.

Set Direct Debits to go out of a pot
(MikeF) #52

Personally, I struggle with understanding this idea.

Since my summary already tells me what my committed spending is I work from the balance that remains there in managing my spending for the month. As such I would find a dedicated pot unnecessary so I’m interested in what drives others to find it so crucial? Is it just ‘the way you work’ or is there more to it than that?

(Dave Berry) #53

I’ve been wondering exactly this, if I could, I’d set the app to open on the Summary screen, because that’s what guides my spending decisions…


The Summary page is still largely useless to those of us who get paid weekly.

I would much rather just shovel a regular amount into a pot every weekly payday and have my monthly bills taken out of that pot, leaving me safe in the knowledge that whatever’s in my main account is mine to spend.

Edit: or save, if my missus is reading this.

(Marcel W.) #55

The reason I am looking for such an option is that the main page, showing my account balance, is the amount I go by. So without a committed spendings pot, I would think I have more money than I do.

Doing this with a pot at the moment, it makes the summary useless as it shows me that I do not have any money left, even knowing my money for committed spending is in a pot and is scheduled to be sent to my main account on the days my bills come out.

(Nathan) #56

I’d love a poll to actually ask everyone on this.

Personally, Summary is worthless to me and that is even with the choice of selecting a correct pay date I still fall back to use my excel.

Without getting this thread off topic im also a +1 for a committed spending pot. Completely ringfenced and then able to better distinguish whats left for my everyday budget.


Reasons why a dedicated Committed Spend pot is better:

  • A dedicated Committed Spend pot make it much more difficult to accidentally spend the money you’ve set aside for your committed spend because you would have to actively withdraw that money from your Committed Spend pot.

  • Summary currently doesn’t work for all people (eg: those who budget weekly).

  • With a Committed Spend pot your committed spend money is “out of sight and out of mind”. Once you’ve put enough in the pot you don’t have to do anything for the next month. This is the reason some people use two bank accounts - one for committed spend and one for day-to-day spend.

  • With a Committed Spend pot you can check how much money you have left to spend immediately by looking at your account.

  • It’s much easier to have a pot from where your Committed Spend is taken than to have to withdraw from a normal pot the day before each payment.


I’m looking forward to a committed spend pot a lot. Mostly just to hold bill spend money in a separate place where I’ll never see it. The spending tab doesn’t really work great for us as it is this now and I think this will help us more

(MikeF) #59

Yeah. Other than those who aren’t paid/spending monthly, it seems it’s just different ways of working (different people are helped by different things).


Those who aren’t paid/spending monthly and the added piece of mind of not having to be as careful when spending from your main account.