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

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:

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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!

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

https://community.monzo.com/t/whats-your-2019-money-resolution/

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Cheers! :smiley:

https://community.monzo.com/t/the-1p-saving-challenge/32790

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.

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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).

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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.

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Good point!

This is the IFTTT applet for that.

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Mine has actually changed a few times and will change again in the coming weeks with dozens bonds now being released.

Old:

  • LISA - First home deposit
  • Iceland Holiday Pot - Monzo Locked Pot
  • Other Holiday Pot - Monzo Locked Pot
  • Rainy Day Roundups Pot (Car) - Monzo Locked Pot
  • Marcus - Longer Term Savings

Now:

  • LISA - First home deposit
  • Iceland/Rainy/Other Holiday - All moved to Marcus
  • Marcus - Longer Term Savings - Move some to Dozens soon :slight_smile:

I’ve got a few goals, some are pots and some other vehicles are not in the Monzo App natively but I use Monzo to help organise it all.

  • Nutmeg LISA (first house deposit) - pay anywhere from £50-£100 in this a month (I’m not min/maxing my availability as this isn’t achievable on my income). I use Monzo to siphon off the money in a month and then pay it in just before I next get paid.
  • Round-ups Pot - a pot on its own that I periodically move into either the Nutmeg LISA pot or a general savings pot
  • Penny Challenge - 1p a day challenge to unlock around black Friday
  • Watch Full Service Pot - I’m terrible at amassing money for one-off things that I really should be saving up for over the course of 12-18 months so I’ve set a scheduled payment to this pot every pay day
  • “Move to Savings” Pot - throw a little in here every now and then and then put it into either Dozens or Nutmeg (trying to amass 1 months salary in Dozens

Thanks for that.

I’ve just set up IFTTT and transffered £32.40 (80 days worth) into the pot so from tomorrow (which should be 81p) I should be set to go! :slight_smile:

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Yup, 81p tomorrow, welcome to the club!

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Excellent!

It’s small things with pots that motivates me. For the 1p Challenge, it’s all about the positive look of the pot… I will succeed!

Screenshot_2019-03-21-16-17-54

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Thanks for the idea! I’ve just changed my pot to the golden colour.

Love the idea of paying into a monthly yearly pot! 110% setting that up today!

Also like the idea of the £20pcm birthday pot as I always forget those sort of things each month!

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Same!

I’ve also got a Christmas pot for the same reason.

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