So I’ve been using Monzo - and, in particular, Summary much more extensively than I thought I would.
I thought it would be interesting to share my setup and what features would be helpful to make my Monzo World complete. And to see if anyone is interested in sharing theirs. I’m also hoping that real world stories might be useful for folk like @Jami in planning the future!
Enough preamble, this is my set up:
- Salary comes in at the end of the month in a way that Summary can’t currently predict properly But will do soon. My financial month starts.
- On the 1st of the month, most direct debits and standing orders go out. Pulse drops off a cliff edge!
- As part of this, a standing order for £1000 goes out of Monzo. £1000 should also land in Monzo from a legacy account (assuming it’s a weekday!)
- I transfer regular cash expenses transferred to Starling via standing order weekly, fortnightly or monthly (e.g. barber etc). I use Starling as a virtual pot (0.5pc is better than nothing, right?) and it used to be helpful to make Summary balance before you could automate money into pots. I also withdraw the cash from Starling (Monzo has asked me to minimise cash withdrawals, Starling hasn’t… Although, I actually use my Curve card, so it’s kinda academic…)
- Also on the 1st, I transfer a transport budget to a pot. Every day I then transfer the cost of my commute to either my Oyster card pot or a cycling pot - depending on how much rain there is on my commute. I also add #tags!
- I have repeating transactions set up for stuff that i know I’ll (probably) spend on a daily basis, but want to budget for (e.g a coffee a day, breakfast in the work canteen etc).
- I try to avoid spending on my credit card, unless it’s for travel or a large purchase i want protection for. When i do use my card, I tend to transfer the amount I’ve spent into a credit card pot, which i use to pay the bill next month (and to keep Summary accurate)
- At the end of the month, i do some different things with money in pots. I transfer the contents of my coin jar and my cycling pot to an external savings account, and the contents of my Oyster pot to my credit card (which i use to top up my Oyster).
- also at the end of the month, I sweep any left over funds to a savings account
Doing all this keeps my books balanced and my Summary super accurate.
What would make my Monzo life better:
- I’d like to be able to select a recurring transaction and select to skip it - or to move it as either a one off or the whole sequence (think how you can manage recurring calendar invites). If i skip coffee, it moves it to the next day at the moment, when I’d like to tell the app just to ignore it. I’d like to do this both before and after the due date.
- I’d like some now sophisticated options for recurring payments. The one I’m really missing is every weekday - coffee etc is a work-based routine. (I might also start working from home a day a week, which would complicate this even more…)
- i keep meaning to explore IFTTT for my commute. It’s a bit labour intensive at the moment to do a double pot move every day - and I use tags, too. I’d love to automate all of this.
- My £1000 round trip is for the minimum funding requirements for another current account (that i actually use for savings). I’d like Summary to know that I’ll have this money coming in as well as going out. It’s a bit funky for a couple of days at the beginning of the period because of that
- I’ve set up most stuff to trigger on the 1st as that’s a nice, predictable date. I’d love to be able to perform actions in Monzo based on when my salary comes in though. For example, when salary is paid, transfer money to travel pot.
- Similarly, at the end of the month, I’d love to be able to move money from pots to external accounts automatically. Some logic like 2 hours before i get paid, transfer the contents of pot x to sort code/account number y.
- I’d also like some automation based on my credit card payment date. As Monzo can see the incoming direct debit before it takes effect, I’d like to transfer money out of my credit card pot so it’s ready and waiting in the main account to pay the bill. (This might be a bit like committed pots, so waiting keenly to see the implementation )
- I’d like the times that transactions take place to be a bit clearer in the app - or even to specify times as well as dates. That means i can safely string together a series of transactions that i know will make sense in sequence.
- I’d also like the ability for standing orders to only take effect on weekdays, so i can effectively send money to, and receive money from, a legacy account on the same day.
In my ideal world, i want Monzo to be my automated money hub. I’m currently enjoying managing my finances closely, but that will wear off over time, I’m sure.
Ultimately, I’d this to all tick over in the background, and for me to only intervene when there are exceptional circumstances (like running out of money).
So, that’s me!
What are your Monzo setups?