Coming up to 2018, a chance to reset
I like the pots function but it needs the ability to AUTOMATE savings to be more useful
A variety of different savings options for pots in the pots settings would be
One method I really like is either the 52 week or 365 day saving method.
So, you want to save Ā£? in a year
You enter the amount into the pots settings and it automatically creates an increasing or decreasing savings plan over 365 days or 52 weeks, whatever you choose.
On the 365 day plan on the lowest setting starting at 1p day 1 and ending on Ā£3.65 on day 365 would save Ā£667.95 and Ā£671.61 in a leap year
I like this idea, may have to give it a go manually for now. If the maximum Iād be putting a side is Ā£3.65 in a day then that money would soon add up
Iām going to try this using the āĀ£1 for every week of the yearā model, so Ā£1 in Week 1, Ā£2 in Week 2, etc. Never been able to do this before because mobile banking apps were such a faff. Excited!
I think it would be really cool if you could sweep your balance into a pot automatically. So if youāve been good that month and not spent all your monthly money you can set up a pot to sweep your remaining balance into.
Ie. I might have Ā£27.98 remaining and Iāve set it up to sweep my balance into the Savings Pot on 28th of the month because my Pay Day is the 29th and I want to make sure I only spend what Iāve budgeted for. Next month I have Ā£5 left and it does the same thing regardless of how much is left.
Did anyone ever used Folio? Unfortunately is now closing down but I always found their way of budgeting the best to achieve good results. I was looking for a replacement but couldnāt find any, is basically a āpotā but based on when you need the money it will show you how much it will automatically transfer weekly, fortnightly or monthly to your pot.
I have attached few screenshots that explain the whole process. Is Monzo planning something similar for the pots? image|230x500
Although my overall balance is quite high (for me, for the 6th of the month) I feel super poor because of available balance so Iām not spending money
Pots and creating rules to round up and save pennies. Does this actually exist? As it was one of the main reasons i opened current account to have access to these cool pots and rules.
Me too, I get that many people just struggle with really understanding and taking account of what that interest rate really means, and that leads to financial mismanagement, but the potential cost of Ā£100 OD and a 50p day chargeā¦ Itās been boiled down to a bit of a āstupid taxā, and an expensive one at that (until you really start to borrow a lot).
I have added appreciation for pots as of yesterday. Sadly, I was the victim of a card fraud attempt on my Monzo account. Gladly the attempt fell at the first hurdle because Iād moved all but Ā£19 out of my Current Account and into a shiny new pot. Transaction declined, push notification from Monzo app, card immediately frozen in app: no money stolen! Big Sigh of Reliefā¦
Would be good if for every purchase you could round to the nearest Ā£1 and the difference between sale price and the nearest Ā£1 is transferred to the savings pot.
So for example if you purchased something for 88p. 12p would be transferred to the pot.
Think this would be a good way to save those extra pennieās!!
One thing that Iād like to be able to do (this may have been said but obviously I canāt see if it has been) is to send exact amounts to and from pots - kind of similar to the plan for direct debits to go from a pot, but so I can budget each amount for food, travel etc and spend from there, knowing how much I have left and so I canāt overspend!
I just save the months target at the beginning of the month. Started for 2018 already.
