New feature coming 👀

UK Monzo Chat
253

Why one for each bill and not just a bills pot?

Curious to know what 20 pots too :sweat_smile:

1 Like
254

Fair question and to be honest I have been debating switching it to one pot.

Just like the extra visibility of seeing where my paycheque is going

It’s no extra effort once set up, as I have scheduled payment into the pot and bill pots set up on all of them

2 Likes
255

I’ve currently got 13 pots in play; if I was doing budgeting a bit more seriously via pots, I would wayyyy exceed 20; but here’s what mine are:

  • Routine monthly bills - i.e recurring subscriptions I use bills pots for
  • Amex bill - primary credit card, paid from here. I try to transfer any amex spending immediately to this pot, but I’m not good at that by routine (please implement a way to do this with open banking!)
  • Transport pot - primarily for TFL transactions - IFTTT auto moves money spent at TFL here.
  • Coffee Pot - IFTTT auto moves any coffee purchases from my regular coffee shops from here.
  • Emergency Fund - aim to keep 1-2 months salary in here, targetting 3 months eventually.
  • Cash Pot - this is sort of a place I chuck a bit of cash when I do salary sort - to try and keep it away from my main balance.
  • Holiday 2020…
  • Christmas 2020…
  • Holiday 2021… savings for those three things.
  • Bonus Pot - Put my bonus from work here, and hid it.
  • ISA Savings pot
  • 1p Challenge Pot - for the IFTTT 1p challenge
  • £1 challenge pot - again for the IFTTT challenge.
  • and finally just a generic pot I made for testing some IFTTT things.

So a lot of these are designed around short to medium term savings. Some for emergency money. Some for hiding money from myself.

And some I use as some form of budgeting.

I could very easily make more for other budgeting type things. If I could do more payments from pots more easily, I would have:

  • personal care pot - hair cuts, toiletries, self care, etc
  • Clothing
  • Eating and Drinking out
  • Groceries
  • Household stuff (i.e. non grocery things).
  • Stupid Tax
    And lots of others for joint stuff, and things I’ve no doubt forgotten!

All of this I would generally do to clearly earmark money for various purposes.

3 Likes
256

I have the full twenty pots. 5 are interest bearing, just about.

All carry small balances for specific short term savings.

Anything else is in as high an interest rate account I can get atm, excl. NS&I Income Bonds as the £500 criteria makes it useless to me really.

2 Likes
257

This excites me wayyyy too much

258

So my pots are:

  • Water bill
  • Electricity bill
  • Mortgage
  • Savings
  • Amex bill
  • Badminton
  • Transport
  • Friends and family discount pot (for when people as me for work discounts)
  • Christmas/birthday presents planning
  • Content insurance/internet
  • Council tax
  • Ground rent
  • Ground maintenance
  • Maintenance fee
  • insurance pot
  • Phone bill
  • Groceries
    & a spare pot for savings for a certain item(s) which is currently “PS5 pot”

Definitely would like to shove all the bills (or at least categories of bills) into one pot, but I like to keep track of how much I am putting aside per month for each payment (can be solved by having the option to add a notes field to a pot so I can make a list in there).

Or

Just let me make more pots :joy::joy::joy:

2 Likes
259

Or just add the total amount to the name of the pot:

image
image1125×2436 258 KB

2 Likes
260

I set it as the target for the pot myself

3 Likes
261

(Getting a tad off topic now :joy:)
Tried that for a while, and I have one pot which is still “in trial” like that. Though I find it easier with them listed out individually. Hence why I want an option to add static notes to pots

1 Like
262

I’m curious how you use this one? (As someone that is always giving out discounts!)

263

So are we all reasonably sure the new feature is open banking?

264

Yes.

4 Likes
265

Fairly simple setup for me.
I pay with my Amex, then request the money from the person buying the product and put it straight in that pot. So when paying off my Amex I can easily see what’s my spending and what’s “other”.

Also means that they get a discount and I get avios points :joy:

1 Like
266

Whats benefit of virtual card?

267

If you read back up, I asked the same question and a few people posted some good suggestions.

4 Likes
268

Ahh. Awesome! Make senses.

Could be ideal for handling subscription payments from pots too. I’d actually pay for this convience.

2 Likes
269

You can get one with Monese for free

270

Fingers crossed for a little more info on this tomorrow

1 Like
271

I’m not expecting anything next week. Just intuition, but think we’re probably looking at late July or August.

272

Nah next week it is. Feel it in my waters