I’ve recently moved over to using Monzo as my main account so now all my monthly bills, DD etc come out from Monzo.
I’ve created a bills pot and (where I can), set bills to be paid directly from the bills pot.
The issue I have found is that the committed spending is not taking into account that these payments are set to come from a pot, and is deducing the value from the summary. This means that’s the “left to spend” value is incorrect.
I’ve set a manual budget as a workaround, but this isn’t ideal as I will then have to “exclude” any payments in the month that I want to come from other pots.
OS:14.7.1 Device:iPhone 8 plus
**App Version:3.95.0
If you assign your DD’s/Standing Orders/Scheduled payments to a Bills pot, they are ‘ringfenced’ and while will show as committed spending once they have been paid. BUT - if you have budgets set, this interferes with the ‘Left-to-spend’ figure.
I’ve cleared all budgets (none set) and have assigned all assignable DD’s to a Bills pot. I simply then transfer enough money from the main account into the Bills pot at the start of the cycle each month.
This results in a ‘Left-to-spend’ value which is as accurate as possible - even with a few subscriptions/CPA’s which can’t be assigned to a Bills pot (but these are shown as upcoming committed spending and accounted for properly in the resulting ‘Left-to-spend’ value)
EDIT: @DaveJ is correct, you need to go through the first month of activity for Monzo to ‘learn’ to account for your money.
Sounds like I may just need to wait a bit longer until all DD payments have been billed one and that should sort it.
Do you know if setting virtual cards against a pot would allow subscription payments (like Netflix) to be from a bills pot (as far as committed spending is concerned)?
Yes, having a VC funded by the same Bills pot (as your other DD/Standing Order/Schedule payments) will work for subscription payments and won’t affect the Left-to-spend’ amount - because they’ve been ringfenced too. By doing this, you are instructing Netflix/etc., to take payment from the VC, which in turn takes it from the Bills pot. So as long as you have enough in the Bills pot to cover it, your main account is never touched and so the ‘Left-to-spend’ (from that main account) is correct.
