I donāt think this will ever happen because of the amount of problems it will cause Monzo if your bills differ.
I know itās your own responsibility and if you set your bills account to have Ā£1000 for 11 months of the year then itās your responsibility to increase it for the 12 month when the annual bills are due, but right now itās a very obvious part that youāre doing that, if itās automatic then people will just blame Monzo. And the last thing they need is another feature that just causes CS questions.
Kind of. My scenario was to set up a repeating scheduled payment to an external account, but which is paid from the Bills pot. And then ensure that the amount to cover the transfer to the external account was included in the Salary sort to the Bills pot. So it is a payment from a pot (as is known to current users of Bills pots), but it isnāt a direct payment from a pot.
Honestly, it feels like thereās a layer missing in Monzo. There are all these disparate parts - pots, the bills pot, scheduled payments, salary sorter, the budgets feature (such as it is), IFTTT integration, āOther accounts in Monzoā, and so on. It all feels like different aspects of a whole, but the complete whole is missing. That erstwhile mission of creating a āFinancial Control Centreā.
IMHO what is really needed is for Monzo to take a step back from the coalface of individual accounts and pots, and to provide a higher-level interface, one where you can really see your overall financial picture. I think that things as they are at the moment are too wedded to the nitty-gritty of payments flowing in and out of specific accounts and pots, too much at the day-to-day, or single-month level, and not enough at the higher levels needed to actually have an accurate picture of where you are, and where youāre going.
Some questions that I think Monzo could do a much better job in making it easy to answer:
āWhatās my mandatory vs discretionary monthly expenditureā
I fear that their blanket solution to all that was the Google Sheets integration which was put into their premium accounts.
With this theyāve kind of said āhereās all your data to do with as you pleaseā rather than thinking up of every possible budget tracking / graph / dataset people could possibly want. If they started to go down this route it could possibly end up with them diverging more into a budgeting app rather than a bank.
Some would argue theyāre synonymous but personally I donāt think they are.
Could you expand upon with what you mean here by updates based on your last bills?
Iāve maybe used this twice and it didnāt seem to do anything remarkable for me. It was just manually triggered standing orders.
Or do you change the amount manually?
I ask because where I use pots, finances are rigid, rarely changing. And when there is a change, amending the value of a standing order is no more difficult than engaging salary sorter. Other than that, standing orders are automated so everything runs itself with no intervention from me!
Just wish the bill transactions stayed in bill pots, instead of cluttering my personal account feed! (Now possible if I revert some back to paying by recurring card payment as opposed to direct debit. Would need a 6th virtual card though!).
I am getting paid in a couple of days so I will try and frig with it to confirm it all works the way I thought it did but I have my sort fixed right now to spread my pay out across several pots with my bills pot as part of that.
I am hoping it shows the amount I need to cover my new virtual ones coming off that pot as well.
It has meant I worry less about getting my bills to come out around the same date as sorter handles it with 2 taps but I am also pretty static like you.
I thought it did tell me and update but I will check when I get paid. I also wish my council would take tax out in 12 monthly payments instead of 10. It borks me.
Yes the rework with manage is nice but I want it all to be inside the pot with a notification to say it went out if you want. At least a hide option would be nice or something.
Hands getting sore now. Donāt know how these kids type on phones all day
I do like seeing the upcoming dd in the main feed tbh though and I think it would be nice if it did the same for upcoming virtual card bills as well but after it goes just a notification or even a feed item saying āĀ£x of bills went outā with a clear button on the right and if you tap it takes you to the pot rather than the several lines items it is now.
I actually created an idea topic for voting purposes, but it would be really good if the salary sorter could have an āautomaticā option. If thereās not enough money when it fires then it could just drop that message into your feed and fire a notification. Itās opt-in anyways, so presumably only people who know that they get paid enough by a certain date every single month would use it anyways. It seems really silly not to have this option.
This is how I might do the joint account actually. My girlfriend and I get paid upto 10 days apart, so this would be a good solution to have a holding pot and then everything is triggered from there.
