I use my pots for short term cash flow or items I need access to funds quickly
Pot 1 direct debit float for when they need to be settled early than pay day
Pot 2 Cima Fees saved monthly no monthly dd option
Pot 3 Car repairs insurance monthly funding
Pot 4 saving for son completing odd jobs 50p here and there this is working and he loves Monzo
Pot 5 golf fees
I had a few other pots but I have moved this cash to other investment providers
I have only a single pot, Sequestered, where I put any money I’m not allowed to spend because I need it for a bill or something that’ll be coming eventually.
It’s mainly used to store money for my EE bill if I don’t know when I’m next getting money.
What is Cima?
Cooking food
1 Like
Professional body for accountancy. Basically you have to pay several hundred pounds a year to remain a member and keep the letters after your name (which employers require so it’s not like you really have a choice whether to pay it).
I pay another accountancy institute around £360/year to remain a member and be able to use the letters ACA after my name. Some employers cover the costs, but many don’t (although you can at least treat it as a legitimate expense on your tax return even as a PAYE employee if you pay it yourself, so you’ll get 20/40/45% of the cost back from HMRC).
I understand. Had similar circumstances in another industry.
Same. Never used one
1 Like
I now know how much I spend (thanks 
!)… So this gets xfered to my monzo from legacy account (won’t be switching till decent overdraft available to protect me from any failed DD’s)
I then sweep the weeks money spare away (wahoo I’m saving! 
).
Then all my 
bills are divided up over the months and now that is going as a monthly save pot, so no nasty car bill suprises. Auto rules desired here pls monzo!
Each of the kids 
has a fund, so in goes money from gran, jobs money, pocket money (c’mon monzo custom images would be nice here!)
Boy do I wish we had pot rules. Feel like I’m manually managing my old legacy standing orders that put this all in a savings account. Wonderful to be able to split the savings account in to many though.
I’m using them to budget and then pay for all the manual stuff. So food, fuel, emergency fund. And then rugby, football, guitar etc. Essentially where money needs to be put aside to be paid later that are not direct debits.
I’ve used them to ring fence away money I will need in the medium term (next couple months). For instance for Christmas and a trip to FOSDEM in January
I also used them once as a one time thing to help me work out a budget by moving all of my committed spending into pots to work out what I had left over to work with
Right now I’m not using any pots and I don’t have any plans to use any. Extra money I have is sent off into an instant savings account with B where I get some small amount of interest (0.75% 
) and from there I move it into various other longer term savings
Now I have a live Monzo account I’ve started the 1p saving thing with a pot.
3 Likes
genius idea… perfect use for a pot…
1 Like
- Used one to set money aside to save for a big purchase
- Used another to collect money for someone’s leaving present at work (using Monzo.me) and keep that money separate from my own
1 Like
Currently I use standing orders in another bank to separate money into different accounts as:
- House/Garden Maintenance
- Vehicle Maintenance/Insurance/Extras
- Games/Books/Music
- Gadgets/Electronics
- Roadtrips!
Basically, things that I don’t spend on a regular monthly basis, but spend money on nevertheless. Basically i’ve been emulating pots for a while and find it a great way to keep on top of spending efficiently.
As soon as Monzo implements being able to automate money transfer to and from pots, i’ll move everything to monzo. I can see Monzo having a full on monthly budgeting system that can help set up pots and automated transfers to them.
3 Likes
Don’t use them at all. Monzo is essentially a spending money ‘pot’ account. The legacy bank is the second account Monzo should offer.
Pots for me are answering a question that is already answered by a separate current or savings account elsewhere.
2 Likes
I have one pot for car bills. I usually end up having to pay for tax, insurance, and a service all within a month or two of each other, which has led to some frantic budgeting in the past. The pot should make it easier to set money aside throughout the year for these things so I don’t have to make any difficult decisions thanks to my poor budgeting.
My other pot is for holiday spending, and it’s for a similar reason to the above. Trying to make sure that I’ll be OK in advance rather than having the time roll up and then having to figure out how to pay for everything out of the most recent paycheque.
1 Like
I’m now embarking on attempting to quit smoking. Thinking of putting half the money id spend daily on a pack of fags in a pot.
I mean I spend £9.19 a day. Half that money over a month is £110.
5 Likes
Whoa, what??? £9.19/day for cigarettes?
Yes I smoke 20 a day. And it’s now £9.19 for a 20 deck of Richmond.
But as of tomorow I’m on the patches. Which are just £8 a week from Amazon.
Quite scary really working it out it’s nearly £300 a month. Shocking really.
3 Likes
Good luck! You’d save so much money that way. One of my friends didn’t use to smoke heavily (just while drinking), but has increased since dating her current bf who smokes a lot. I think she tried an app Quit Genius or something to reduce the amount again because they were spending so much on cigarettes they couldn’t make the bills one month. It’s now down again but she hasn’t quit completely. I looked at the app page and it looks pretty slick, might be worth taking a look if you’re in the process of quitting
1 Like