So having switched to Monzo, I have a budget setup and a pot for bills. What I’ve noticed is if you use rounding up or the 1p challenge then none of that is recorded against your spending budget.
At the moment this isn’t an issue in that I’m leaving the money for bills in a separate pot but next month I wasn’t planning to do this, as the idea of the budget and summary is to show you what’s left to spend.
Anyone know of way around this issue? Or will I either have to keep to the pots or stop the rounding up and 1p saving.
Unfortunately movements into Pots aren’t classified as a “spend” and so don’t have a category and therefore don’t feature on Summary.
I’m not actually sure if this has been suggested as a feature so you might want to move your post into the “Feedback” part of the forum and see if people will vote for it!
A very long time ago I ran up substantial debts, in part through stupidity and in part a lack of financial control. It’s all cleared and I’ve a good credit record now.
However it’s resulted in a somewhat obsessive nature over every penny. So that sadly wouldn’t work for me. I’m either going to keep my current solution or switch off the round up etc and dump it all into the main account.
I’m guessing this is because Pots don’t officially have an Account number? Although as far as I can tell you have to withdraw it back into your Main Account, so its like they do have an account number against them. Would like to know the business rules behind how they work…
It definitely doesn’t have an account number - it can’t send money outside of monzo and you can’t send money into it from outside your monzo account.
IMO it isn’t classed as spend because you haven’t spent it, it’s still in your account, its just siphoned off, you’ve just divvied it up into separate chunks. The problem is if you want to budget savings into your monthly budget, you’re gunna need to factor this in but if you use Monzo exclusively, this isn’t factored in unfortunately.
Suppose this depends on what pot (interest bearing or not, ISA or not, locked or not)
I’ve moved everything over to Monzo but it does seem obvious that money in and out of pots isn’t actually spend.
It just means the budget/summary only works properly if you don’t siphon off anything to pots.
I was just trying to uncomplicate things as I’ve got so many automated transfers, by leaving it all in the account but I quite like round up and 1p savings challenge. So they will have to stay.
I’m still dubious of moving over everything, as I’m not sure I trust Payments (i.e. being delayed, and possibly Monzo not being fully accepted by Retailers?)
Anyway, is this Budget/Summary being worked on, so that it includes Pots?
This is my only issue with Summary, which I rely on and is my most used feature.
I get paid on the last day of the month. Pot transfers are scheduled for the first. Between getting paid and the 1st my “left to spend” is out by the total of my pot transfers. This isn’t normally an issue when the 2 days are consecutive, but over a weekend (or worse a bank holiday weekend) it can be 4 days where left to spend is wrong. Add to that the fact this is the weekend I’ll probably spend the most!
I get that transfers aren’t actually “spent”, but the money isn’t “left to spend” either, so it falls into no man’s land.
