I just lent someone some money Monzo to Monzo, which will be repaid in instalments. Would be great if I could have a way of tracking when it all comes back, perhaps a “reverse pot”, with a target of £0? This could either be per lend, or a total pot for all lending where you can go in and see who owes you money and for what.
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Thats a Bangin idea… 
Interesting idea 
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I know something similar had been discussed here ‘Lend to Friend’ Feature
But the way it displays with a pot could work well 
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My overall stance on it is this though: ‘Lend to Friend’ Feature
Yeah I think mine’s a bit simpler. I dont think it’s necessary to fix the repayments in-app or charge interest.
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I like it, sounds good!
How would this work with your summary though? Currently pots make up your overall total so yours would be minus the amount that you transferred to your friend and minus the pot value because that is negative too.
Well clearly it would need deducting from the balance because you wouldn’t have the cash any more, but you wouldn’t also deduct the negative pot - that would be ignored.
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That’s my point. It’s not going to simply be a pot that allows negative values.
It needs to be a special pot that has different rules to standard ones. The summary was just one place where this would need to be considered.
Yes - it wouldn’t work anything like a normal pot. It would really just be a list of loans, but it might have a total shown near the other pots.
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This would be really cool - great idea!
I’ve lent money to both my brothers and they’re paying me back in installments. Monzo has removed the need for a manual spreadsheet by introducing the summary, and this lending balance is the only manual calculation left in my life.
I haven’t played with the btw split payments functionality yet, but I wonder if this could be an extension? You transfer money from your current account, use split the bill to divide it by 7 (say) then assign them all to the same person? Then use it to track repayments? (Can you use the new functionality to track repayments? Hopefully you can…)
Hmmm - havent seen it yet cos I’m on Android…
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Me neither (hence the wild guessing!)
If you could move the lent money from your “Lending Pot” into your main pot to ‘cover’ the amount lent to your friend then the net effect would be zero on your overall total. e.g. Starting balance: £200 main pot and £0 “Lending Pot” Overall total £200. You lend money to a friend: £100 lent from main pot. Move £100 from lending pot to main pot. Means your final balances are Main pot £200 (200 (starting) -100 (lent) + 100 (from pot)); “Lending Pot” £-100 (0 (starting) - 100 (moved to main pot)); Overall Total £100 (200-100). When payments are received you could transfer the payment from main pot into lending pot.
I want to do this so that I can “borrow” money from future weekly budgets. This is when I need to pay for something in advance but want it to count towards the budget for the week I’m actually doing the activity. E.g. I book a dinner in a few weeks and need to pay a deposit now. I don’t want this to count towards my current week’s budget so I move money from a pot (taking it negative) into my main pot and then on the week of the dinner I can move the cost of the deposit from the main account into the sub-pot taking that balance back to zero. Hope this makes sense
I do something similar for large purchases.
I’ve traditionally had a number of budget pots (figuratively at least, the funds were were actually lumped together in a single savings account) so when I want to pay for something expensive, I may borrow the money from these pots and pay it back over time. (The purchase doesn’t need to be related to the purpose of the pot, the pot is just a convenient source of funds to take a loan from).
The most recent example is buying my daughter’s phone. I took all of the money from my funds account and determined to pay it back over a 3 year ‘contract’ (with myself). Cheaper than taking out a contract with a phone company!
This is now harder with Monzo pots since my funds are split up according to planned purpose meaning I can only borrow from a pot that’s large enough to cover the expense. My ideal would be to represent this as a negative value pot (where the overall balance of all my pots together is still positive) so as to be effectively borrowing from my aggregated funds. It’s very much an offsetting scenario.
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To be clear, no one was suggesting you charge interest when lending money to friends in the other thread.
I think the negative pot idea would be useful, but limited because you’d have to track repayments manually. Also, since there aren’t notes for pots yet you’d need to create a separate negative pot for each different person you lend money, then keep the amounts and other details stored separately somewhere else.
Yes - that’s really all I was suggesting. Simple but way better than nothing.
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