How many financial goals do you have and how do you organise this in Monzo?

I just wanted to find out whether people have more than one thing they save up for at a time and how you organise this within pots in Monzo?

I am currently saving money in order to move out of my parents house, into rented accommodation - probably within the next 3-5 months. I am saving quite hard, 30% of my income each month since the start of they year is going into my “move out fund”. I also have round ups switched on this pot, plus participating in the 1p savings challenge. This is currently the only pot within Monzo I have because it is my only focus.

Once I’ve moved out - I will use the money in the pot for rent and other costs associated with moving out. I’ll probably begin a second pot for general savings at this point too (probably lowering my saving amount to 20% of my income as I will have higher living costs), but I’d like to save for other things, like a holiday - once I have moved out.

Do you use multiple pots for specific things? How do you decide how much to put in each?

I’ve currently got 11 pots on the go.

Round ups go into a locked pot. Everything else is contributed to either on payday or is part of the end of the month account sweep. Once I hit the goal I move onto the next pot until they’re all filled.

I get paid my yearly salary in a weird way. I get half of my yearly income next month in a dividend, I also get decent bonuses in Dec and Feb, so it makes it a bit weird to regularly save. I use these larger sums to bump up my pots and get the goals finished or at least the majority of the way there.

I only have one pot that isn’t actually for a saving of some description, it’s used because Crowdcube is rubbish and takes ages to take payment.

1 Like

I have multiple pots for various things. They can generally be divided into:

  • Annual spends that I put 1/12th into each month (like TV licence and car insurance)
  • Things I want to save up for ad-hoc (like a holiday)
  • Spends that I want a buffer for (so I have £20pm going into a “birthdays” and pet pot that I dip into)
  • 1p savings challenge - that’ll be for a new mobile phone at the end of the year
  • Round up pot - I put this as an extra payment onto my credit card monthly on top of my regular repayment
  • Finally a savings pot that I’m trying to increase to total 1 month of my take home pay, then the goal is 3 months (I wish!!)

Why not setup a Help to Buy / Normal ISA? 30% is a fair chunk of cash to keep around.

1 Like

I’m waiting to see what Monzo are about to offer with their ISA, but yeah this is something I do need to do

Open a Nationwide Account and utilise the 1 year 5% savings account in there. Don’t think there’s anywhere better on the market at the moment

Out of interest - it says you need to transfer in £1000 per month into it to get that amount. Can you transfer in £1000, then withdraw it the next day?

Edit: ignore me. I was looking at the flex direct, not the regular saver

ah thanks, just had a look at this! Love the 5% interest, but if I’m looking at the right thing, it says I need a current account with them too, which I won’t use. I guess I could open and not use this current account, but I don’t want yet another account … already have Halifax as my legacy bank and now Monzo.

Hoping Monzo’s announcement of new interest savings pots & ISA’s is soon!


I’ve made that mistake before.

I actually posted the terms and conditions on here a while back because they didn’t make sense to me. But as long as you match the below criteria:

  1. hold a FlexOne, FlexStudent, FlexGraduate, FlexDirect or FlexPlus account, OR
  2. hold a FlexAccount and:
  • have been paying in £750+ a month for the last 3 months (excluding transfers from any Nationwide account held by you or anyone else)
  • completed an account switch to us (from a non-Nationwide account) using our Current Account Switch Team in the last 4 months.

The car insurance idea is genius thank you!

I managed it. I started with a £100, took me a couple of years but it’s done. I’ve got 3 months in full saved up and sat in an Investec pot.

If I can do it anyone can :wink:


You’re welcome!

I’ve a pot for each annual spend with 1/12 of the goal going in each month, locked until near the date the expense is due. Have to say I was one of those annoyed at the change in locked pots as I’m always tempted to ransack my pots!

1 Like

@adinus Just wondering what the 1p savings challenge is?

1 Like

Cheers! :smiley:

I would just say that if you’re living with your parents, now is probably the best time to save up for a deposit for a house, as opposed to renting.


I have 5 pots (I have a separate savings account elsewhere) which are all for near term ‘savings’.

  1. Round Up - just the rounded up pence on transactions goes in here (£30 in a month)
  2. New York - spending money for a few days in NY. Locked Pot with a £400 goal.
  3. Rainy Day - A little nothing pot that I pop a £10 into every week, this is my ‘free’ pot that I am comfortable dipping into if I’m a little short at the end of a week (I get paid weekly).
  4. Penny Challenge - (see post above), locked until the end of the year!
  5. Tattoo - I have a tattoo booked in a few weeks so dropping cash in there to cover that.

I’ll add more no doubt but for now this is plenty.

As the others have pointed out, the 1p savings challenge is when you start putting 1p away on 1st January, 2p on 2nd January, 3p on 3rd January … all the way to £3.65 on 31st December (£3.66 on a leap year). The total savings for this year will be £667.95.

You can do this manually, but it can be automated if you use this IFTTT applet. I put mine into a locked pot that opens on 1st January 2020!

If you want to start today, you could transfer £31.60 into a pot (the amount that’s been saves up to today), switch on that IFTTT applet and the next amount will come out tomorrow (80p).

1 Like

Worth noting you can also do it in reverse if you want to save more in January and less in December - which is usually an expensive month.

1 Like