Committed Spending 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.


#42

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


#43

Have a look at the app IFTTT

It is intergrated with Monzo


#44

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

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


(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.