The cost of living crisis is causing untold misery so its good that you guys are reaching out to the community to listen and receive feedback. Much like a lot of our community and wider public, I have spent the best part of a decade dragging myself out of poverty, living and working within a precarious environment and it feels as though the system is rigged against us. If it isn’t a banking crisis, austerity measures, Brexit or a global plague… the cost of living is dragging us back to the 1970s!
How Monzo is helping
The main way that Monzo has helped me is providing access to financial products at a time when I struggled to access products from my previous high street bank. This has meant I have been able to better juggle things whilst also maintaining a safety net.
One of the commitments I made at the beginning of this year was to learn about my own financial behaviour and have better understanding of my finances. The labelling/categorisation and analytics provided via Monzo+ have enabled me to make better financial decisions. Having an awareness of the pressure points caused by the increased cost of living means that I am able to make adjustments. Part of this has also been about centralising my financial products. This is where I have closed other accounts and instead opting to use flex, overdraft and loan options- putting my disposable income to better use. I have also utilised other features such as the round up pot x5 to save some money and instil some discipline… I am wasting less money on things I have at work or home for much cheaper/free. For example I waste so much money buying coffees from my work refectory even though we have a kitchen stocked with free tea and coffee.
Monzo helps by continuing to provide myself and others with the tools we need to make better financial decisions whilst also continuing to offer affordable financial products that help us to manage our finances.