Monzo and stipends

I am soon going to be leaving my (quite well paid) job to pursue a PhD, for which I’ll be receiving a stipend at intervals throughout the year. I still want to budget monthly though - even more important given I’ll be on a lot less incomewise, and essentially keep my stipend in a Pot and pay myself a monthly “salary” out of it.

What’s the best way of doing this that you know about? Is there a way that Monzo can support this better, or help me flag those automatic “salary” Pot withdrawls as “payday” intervals? Any other thoughts on this approach?

Set up a separate account and set up a monthly SO to Monzo as your salary.

Job done.

I am in the same situation as you(I am doing a PhD at Newcastle). The way I do it is I use my main account as the spending account and rent etc is taken at the start of the month.

You can set a monthly budget in Monzo, if that helps.

Think I’d just do what you’re thinking. Set your budget to monthly from the 1st, and then when you get paid move it all into a pot and just transfer yourself money from a pot on the 1st for each month.

edit: replied to the wrong person, this was meant to be to the OP!

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Looking at the app you can set an automatic withdrawal from your pot of £X amount on the same day each month, not sure about categorising it though sorry

In general I think Monzo could be a lot better at dealing with money coming into your account, and in and out of plots. I’d love to see “flow” diagrams, and ideally the ability to match up a flow out with a flow in. This is a bit like splitting a bill, but a lot more freeform - give users more control over how they categorise their money! A good example is work expenses - if I’ve paid for a meal, and then work comp me it and pay into my bank account, I want to be able to go “this meal is paid for by this income” - that possibly also means it wants to be removed from general spending summary as that is working against “salary income”. But then some people - as we discuss here - don’t work on a salary basis.