✅ Bill Pots (previously Committed Spending Pot)

You can do this with pots and IFTTT. Give it a whirl.

Download the IFTTT app, connect the accounts and find the applet.

I’m almost certain this one is already set up for you.

Keep your eyes peeled over the next few months. There may very well be something in the works :eyes:

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Crowdfunding Investor

5m

Hi guys, here my view on the direct debit from pots thingy,

The reason I’m not full monzo yet is in fact the same as the reason I started to use monzo, so I could budget, I use to move just my spending money to monzo and leave my DD and SO money in my 'normal bank’s, I’d love to move fully to monzo but that would leave me back in the position I was in prior to joining monzo, or all my money would be in the same place, so while I appreciate that the ifttt might be an option I don’t feel it is the correct solution for me,

So my brain storming session came up with the following which may well be worth it weight in gold or similarly in cow poo, there may be reasons why it would work and reasons why it wouldn’t, but if I don’t share we’ll never know.

My knowledge of banking may be limited but I use to believe that the sort code related to the particular branch at which you account was located, or mine was 09-01-26, which is sandander in Dumfries and may account number was 12345678. Then a year or so later I needed a second account and went to the branch only to be told they had now moved up to 09-01-27 and again a year or so later I needed yet another account and it would have sort code 09-01-28 both these new account had unique account numbers. So moving on to monzo and the specific pots for Dd’s and SO’s, would it be crazy for you the account pots to have separate sirtcides but all be linked to the same account number,

So main account being sort code 04-00-04 account 12345678

Pot number 1 could be used for DD’s and have sort code 04-01-04 and account number 12345678

Pot number 2 could be used for SO’s and have sort code 04-02-04 and account number 12345678.

Pot number 3 could be blah blah blah, I think you can see where I’m going with this, then when you have to set up a DD or SO you simply give them the relevant sort code and account number.

All this I would like to think keep everything tidy in the app and the account details, I guess it would simply be down to the banking legalityand ability to enable such manoverability to the accounts.

Like I say, this maybe a terrible idea but I think it may solve the problem if budgeting and allowing DD and SO to come from designated pots without worrying about the ifttt thing.

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Monzo have shared various proof of concepts around this idea where you’ll have a separate pot where money is held for repeating payments, it probably won’t have its own account number and there isn’t a need to but it should allow users to automatically have all their repeating payment money held in a separate pot and the payments taken direct from there

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I’m vaguely aware that’s certain parts of this may have been floated - but I think being able to automatically move all bills and direct Debits into a pot on payday - and have the money withdrawn from this pot directly - would be useful in that it would leave an accurate remaining spending figure in the main account.
Thoughts?

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Hey Tom / Thomas :smiley:

This idea has not only been discussed but implemented, albeit internally, by Monzo :smiley:
Sadly we won’t see a release to the masses just yet but I think it’ll be something Monzo work on and eventually release :sunglasses: You can read more about it here:

https://community.monzo.com/t/monzos-speedy-android-development/51957/10?u=nexusmaniac

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Out of interest, have any staff members said how the committed spending pot works with variable direct debits and the potential scenario where there’s not quite enough money in the pot to cover them?

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.

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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.

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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.

Hello,

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

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

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.

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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

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:

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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.

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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?

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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…