Was thinking about my up and coming holiday, currently I am saving to a pot for my spending money with the intension of then moving the money into my main account for spending when on holiday, suddenly I had a thought, wouldn’t it be great if all the pots had a checkbox that if selected would be where any debit card payments could come from, this would allow me to simply click my holiday pot and bang, I’m using that pot without having to move money, keeping everything simply, allowing me to stay on budget according to my holiday pot £££ and therefore avoid messing about with my normal everyday money. Obviously only 1 pot could Evey be selected as the pot to use, and going forward this would have to not interfere with the committed spending pot that I hope is in the not to distant future.
This is how we use categories. On a recent holiday we moved our £500 spending money into the main account and categorised all holiday spending as holiday, regardless of whether it was eating out or entertainment etc.
For me, pots are for setting money aside whereas categories are for compartmentalising your spending
It’s a valid alternative, but i do find the categories/budgets useful now I’m using them properly.
The only issue with the categories is they all sit in the 1 month period. My holiday was a week so it suggested I was overspending and skewed the overall month to appear as though I was going to go over budget.
You might find a toggle for the Holiday category useful for Holiday budgeting. Using a Holiday category toggle would mean you could categorise a transaction as Holiday and Entertainment/Eating Out/Travel etc…
Yeah, that would work, I just figured a toggle on each pot would be a great feature that many people would use for things over and above holiday spending. In theory it would be very similar to the rounding up toggle as all it really does is identity the pot to drop the change in, this toggle would identify the pot to spend from when the debit card is used.
I guess this would almost make it like the curve card but you would have all your accounts with 1 bank, the more I think about this idea the more comfortable I am getting to the idea that I might be a fecking genius…
Another great example of when this would be good, since monzo is for the kids of today and some of us from yesteryear who have jump on the rollercoaster, who remembers the old pub kitty, everyone throws £20 in the kitty and that’s the drinks money sorted although it’s more like £50 these days, so my monzo mates and I would love to have a pot that is shared so we can all throw our money in and then that pot is shared and we can all access it in our own app and buy the drinks by selecting the pot as the pot to use for the night in the pub… Please Monzo make it happen…
Kinda yeah, but the problem being that the shared tab has to be used for a transaction already made, the purpose of this pot would-be to add the money prior to the event with a record stating that everyone has paid x, then obviously toggle the pot on to be the pot to send for that night and bob is your uncle, we can all see who is spending what from the pot on the night.