Emergency fund

[cmccoll94 (Christopher)]

Would be a nice feature if Monzo worked out how much you should have in an emergency fund.
Set one of your pots as your emergency fund, and monzo can calculate roughly how much you should have in there based on previous months income and outgoings.

[glenmcfar]

This is feature that is available called ‘Safety Net’.

[Revels]

We're helping you build a safety net

Now in Labs: Safety nets

Hello everyone I’m Ant, an engineer working on savings. Today we’re introducing a new feature that we’ve built - safety nets. If you’re looking for the right place to start saving for your safety net, we’d love for you to try it out and give us feedback. We’re launching safety nets We believe everyone should have access to emergency cash when you need it, and our plan is to support folks by helping them plan, save for, and maintain a cash safety net with Monzo. So from today we’ll…

[NoIdea (Ray)]

You will find the Monzo ‘Safety Net’ option inside the Pots tab. It calculates the emergency amount you need for 1 month based on your spending.

[cmccoll94 (Christopher)]

Thanks! I had not seen this previously. I would suggest that the options & suggestions would be more towards the generally recommended 3-6 months.

Thanks!

[Revels]

Then multiply the figure it gives you.

[Kumnaa]

Yeah, it would be good if you could tell it how many months you wanted. I just ignored the number it gave me and worked my own amount out but the blurb on the pot still says 31 days

[JimBee]

Can’t you set the target to one month worth, and then you could keep saving until the number said 90 days if you wanted 3 months, etc.?

[Kumnaa]

The number doesn’t change, I’ve got six months in there and it says I’ve met my 31 day target.

[cmccoll94 (Christopher)]

Just would be a good feature to promote positive savings habits. Probably an easy one to implement too. Obviously could just multiply the number but not as nice for the UX.