Committed Spending/Bills Pot

(Richard) #61

There are also committed spends whereby you won’t know the exact figure until you have spent it. I.e a food shop?

I’ve explained my usage several times on different threads but the summary is pointless, for me personally, because it doesn’t automatically take away a budget for say food shop.

So after all my fixed committed spends are done, I have £500 a max budget per month for food. Summary might show that I have £850 but really, £500 of that is specifically for my groceries over the next month. Thereby really, I only have £350 a month spend. So I have a food shop pot which the £500 goes into and I reimburse my account from that as and when.

Now if I don’t spend £500 on my food shop that month than great, I will re-distribute the money wherever. But for me, I feel like the summary should remove any budgeting off the balance and therefore you have a true reflection of what you have left over.

Obviously each to their own and if Monzo could create something that can be toggled on and off for users then great but really I’m used to the Pots situation now anyway.

(MikeF) #62

If that’s important to you, sure. It’s never been an issue for me since I’ve always worked from ‘balance after commitments’.

(Kieren) #63

I was in the same boat as OP, but am going Full Monzo - completing on Monday :partying_face:

What got me to go #FullMonzo in the end was that in actual fact, I still no what I can and can’t spend using budgets in the summary tab. Although you can have granular budgets for each category, you can also just set an overall budget - set this to what you will have available to spend in the month, and then use Summary to see how much money you have left instead of the Pulse Graph (or whatever it is called).

(Daniel O Williams) #64

I have just spent the last week moving all of my direct debits over to Monzo.

I have so created a bills pot which contains the money to pay these direct debits.

The summary feed shows when a scheduled payment is coming out tomorrow. So in theory it should be possible to have money transfer from the bills pot to the current account at midnight of the day the bill is scheduled to come out.

Does that make sense as a requirement?

It would prevent direct debits failing due to insufficient funds even those that the money has been set aside in a pot.

As a Monzo user.

I would like acheduled payments to be transferred from my linked bills pot to cover outgoing scheduled payments .

So that I don’t need to worry about transferring money around to cover outgoing direct debits.


It would be great to be able to pay Standing Orders and DD from a specified pot.

Direct Debit / Standing Order Pot
Direct Debit / Standing Order Pot
(Adam Ash) #66

Hey guys,

Surprised I couldn’t see something similar when typing this idea out, but here goes.

The reason I’ve not fully migrated to Monzo is because I need a bills account. I am notoriously bad with money, I will spend what I have. However, the new adult me has savings and a bills account, so that anything left over is my spending money.

My Lloyds Bank account gets the majority of my income. That is where mortgage and bills are paid from. I then have my carry around money with Monzo that I can choose to do with what I please, eating out, buying gadgets etc. It probably explains why Monzo have people spending more money on going out than buying groceries, because most people I know have a bills account (where groceries are paid from) away from Monzo, and use Monzo for the fun purchases.

If I could have another account with Monzo, or another locked pot with it’s own account and sort code, this would solve my issue and allow me to fully migrate away from the old bank and to Monzo. I could then move £x to this account every quarter, and anything left I can spend from my main pot/account.

Has this idea been discussed before?

Thanks :slight_smile:

(Emma (still not the app)) #67

Many, many times

They’re working on a committed spending pot which your bills will come out of. This will essentially serve the same function. Hopefully we’ll be updated on that soon

All the info is in this thread

(Adam Ash) #68

Thanks @Rat_au_van — from what I’ve read above it seems this will serve the purpose. Provided I can move my money there once a quarter and leave it and have the option to lock it.

(Emma (still not the app)) #69

Currently if you lock a pot it cannot have any money transferred out of it so wouldn’t be able to automatically take bills from it

(James Dyke) #70

Create a pot just for bills. DD’s for example.

Load the pot and any dd’s are taken from this pot.

Monzo could also automate this as you know what bills are due.



I do exactly the same create a pot for items that cannot have the date changed or have income weekly moved to a specific pot that is then locked until the day before it is due to come out of the account and set the pot withdrawal the same as due date, everything is already there to manage this except adding sched payments into pots every 28 days / 4 weeks then it’s perfect as is IMO :wink:

(Splodf) #72

As a workaround for this. I opened a NatWest Reward current account and transferred all the bills to it. Split the total bill amount in half and on payday we both put our half in.

The card was destroyed on arrival.

The account costs us £2 a month but we make around £13 in cashback per month.

We skim the account clean at the end of every month after the reward is paid and put this into a Monzo pot which we use to pay the home insurance (annual not monthly).

Might be a nice temporary solution for those waiting for committed spending, which sounds like it could be a good while away.

(Richard) #73

Pretty much exactly what me and my wife do!!!

However we keep the rewards in the joint so that it covers any excess bills that may come out. (Children also get money from this so usually it’s them that’s the excess bill!!)


How much are your bills to get £13 cashback per month?

(Splodf) #75

Gas & Electricity
Council Tax
TV License
& Our food bills

Circa £1500

The odd Costa as well i guess

(Richard) #76

Do you get cash back on food shopping with the Natwest account?

(Splodf) #77

Depends if there’s a special offer on or not.

I think it was last month Morrisons was on the list.

(Richard) #78

Fair enough. I was thinking of getting the rewards Credit card but I don’t do enough shopping to justify it.

I get about £6-£8 a month rewards. Same list as yours really but minus the food shop and we don’t pay for Sky.


Their terms say it only includes “council tax, gas, water, electricity, mobile, broadband and TV packages”, and it doesn’t include TV licence or Netflix (, so the partner offers must be good to make up the rest!

(Jamie) #80

Getting back on topic…

I current have a Natwest account that I use for my bills and a Monzo account I use for everything else.

If Monzo introduce these committed spending pots then I’d close the Natwest account and do all my banking with Monzo.

I find Summary in the app extremely confusing and it always tells me that I’m going to run out of money lol