I’m still yet to move full Monzo and this is mainly due to how I use my main Santander current accounts.
I get paid into my main current account, I then transfer my bills money into my bills current account where all my DD’s & SO’s come out, so it can’t be touched (because I am not disciplined and il spend it, i also earn cashback) and I then transfer Spends to my Monzo.
I have noticed the committed spending function in Monzo but how does this work, will it ring fence the money?
I had also considered using Yolt to keep track of everything as I currently use a spreadsheet with everything divided into categories, amounts and frequency does commited spending do this similar to Yolt but within the app?
It does not, it currently just means that it gets exclude from the summary screen. There is talk of committed spending pots, which would ring fence it, but I do not think these are going to be ready for a little while.
If you use the summary screen, where you set the budget for the month for all money that is not ‘committed spending’ as your main screen, so you have a visual representation of how much money you have left per month, do you think that this would help your discipline?
The way I do it is to have my salary paid in, then transfer out any expected extra money to a different account, then use summary to know how much I have left of my budget.
Summary works similar to Yolt (and Emma) as everything is put into categories for you.