feature to discourage impulse spending

UK Making Monzo
1

Feature Name: smart saver

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Description

Hi,

I didnt know where to post this, im a monzo max member. Awesome bank, happy as it is. I think it would be better if there was a feature that discouraged impulse spending and encouraged more concentrated spending. The way I imagine it working is something like this:
I set a bonus value like: £10, Everyday that i avoid spending, £10 is transferred into a pot. This way spending becomes more planned out and the user in theory might save money.

Let us know what you think below!

2

Huh?

A daily scheduled transfer into a Pot with a virtual card linked, and that’s your spending money?

3

Hi,

Yes, so you set a daily budget, daily budget-dailyspend = money gone into saving.

let me know if that doesnt make sense.

4

Ah ok, I think the wording wasn’t read well on my part.

You want to send a spending limit of say £10 per day.

Anything remaining from that £10 that day is automatically saved/moved into a Pot and it starts again the following day at £10.

5

Yes!, that’s it in a nutshell.

1 Like
6

Do people have daily budgets? :confused:

It’s this but in reverse isn’t it?

Bills pot for all your bills, then stick all remaining money into a savings pot so you have £0 as your main balance.

Then, when you want spend, you have to manually withdraw which means you’re discouraged because it would be a pain to do each time.

7

Not really, it depends how they want to work it, but either way could work to be fair.