Ah, the pot limit is indeed a limiting factor. But the concept is the same with ‘labelling’ the pots with the amounts that should go in there each salary-sorter-cycle. Assuming you are paid monthly, just total all the ‘yearly’ items up for the year and divide by 12, then sort that value into the YearlyLicence pot each sort.
The other complexity with having single pot is much more complicated withdrawal, when I had 15 of them I could set “target” for every single one of them. Now I made spreadsheet with notes when exactly I will have to pay what License and scheduled Yearly Withdrawal from pot. It would be easier to track if it would be possible to set some Names for Scheduled Withdrawal but it is not - I only can see amounts and pot name.
So I see lets say 129£ at 28 Jan, I am opening spreadsheet and only then I know it is “IntelliJ IDEA”
In order to total all yearly items you need spreadsheet as well, because nothing in pot will tell you how much it is. The only way without spreadsheet is to set Scheaduled payment to pot at the time when you are buying this year subscription. You see amount in front of you, you divide it by 12 and you are setting monthly scheduled top up
I use a very similar system. I name my pots with (£10pm) in the title and set the goal amount as 12 months worth. So in my case I have three pots using this system;
Mortgage (£Xpm) - with the goal set at 12 times X
Utilities (£Ypm) - with goal set at 12 times Y
Car payments (£Zpm) - with goal set at 12 times Z
The relevant payments are set to come from those pots. I then have scheduled pot transfers after pay day that top up the pots with about 33% more than necessary. The goal percentage gives me an indication of how long my emergency fund could last. This system allows flexibility, so if circumstances changed temporarily I can lower my mortgage pot transfer amount without dealing with my mortgage provider for example.
Do we have a ball-park date of what Editing Scheduled payments into pots is going to be added on?
Happy Monday Monzonians
I don’t think we’ve had any firm commitment that it’s going to be done, let alone ‘when’.
Hello, seems like a feature Monzo have implemented and then forgot / moved onto other ideas without finishing.
When you set up a standing order type of schedule payment to an external bank account you can easily edit this payment and change the date and the payment frequency and the payment amount.
However, if you have a scheduled payment to a Monzo pot and wish to change any of the details, e.g. the amount or frequency. You can’t. You need to delete the scheduled payment and make a new one, which is a little frustrating as I regularly change the amounts automatically paid into other pots. And also means that need to unhide pots to add new scheduled payments and then hide again, as isn’t a way to just edit a pre-existing scheduled payment.
When will it be possible to be able to edit the scheduled payments to pots just like we can already do with external scheduled payments?
Add me to this
Also add a label to each schedule for reference!
Love to see this!
Wouldn’t we all
Utterly ludicrous this hasn’t been adopted
I agree, please do vote at the top, this is fairly frustrating
You wouldn’t think it could be that difficult to implement, surely
I’ve just learnt scheduled payments were fixed in 2018, so feels long overdue and like most of the work has been done already.
Looks like this is avaliable on now, or has this always been the case?
It wasn’t when I needed to a few days ago, must be new.
No option to edit scheduled pot transfers on iOS
Just updated my Huawei now and can edit scheduled pot transfers at last
Another one for the parity list
I’d love to see this in place on iOS. I wrote a similar idea before seeing this thread.
Amending scheduled payments
I have now voted on this thread too