I always struggle on a night out to not oversepnd, so setting a limit for a period of time (let’s say 10 hours or so) could help people like me not go overly mad on the spending of booze!!
Could be called “my night out limit”
Just put everything you don’t plan on spending in a pot. You can always empty the pot back into the main balance the next day so any upcoming direct debits etc are still catered for. Job done.
Edit: reliant on no overdraft, of course!
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It’s a novel idea but what happens if you reach that limit but need a taxi home?
Or what is to stop you going into the app and increasing your limit?
What you need is some sort of prepaid card and load it with the money for a night out. However honestly, I can see you coming unstuck.
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What I used to do for things like this is have a pot called “holding pen” where I put all my money except what I wanted to spend that night. I then had a widget on IFTTT where if I needed a top up, I could move £5 over to my account from the holding pen in case I fell short for something. Obviously it takes a few minutes to initially set up but after that, it’s fairly simple. Just a possible suggestion for now.
I have this problem so I only carry cash that I’m happy to spend these days on a night out I don’t even take a card with me. Old fashioned I know but means I know exactly what I’m allowed myself to spend.
I then leave a few quid on the fide at home to pay for taxi if I overspend my taxi money it’s never happend though.
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I know that I am not alone when it comes to spending more than I planned at an event or night out.
Being able to cap spending for a short time period would be hugely helpful.
For example, just before heading out for the evening I am able to activate a setting that between now and 6am Monzo will only allow me to spend £40. Once I reach the limit my card effectively freezes temporarily. This could be taken a step further by setting a cap on a specific category, for example, ‘eating out’ or whichever category alcohol consumption falls under for example. This way you are less likely to find yourself in a predicament as you can reach your limit on the more frivolous spending for the evening and still have some money set aside for say a taxi ride home for example.