New (hidden) feature: Macro-budgeting (USA only)

Monzo USA 🇺🇸
22

The above is Monzo :man_shrugging:[quote=“krr13, post:5, topic:91691”]
I’m struggling to see how this would benefit someone who gets paid monthly and uses Monzo
[/quote]

Almost no one is paid Monthly in the USA. Bi-weekly followed by weekly depending on region.

23

That surprises me, I assumed permanent salaried workers were generally paid monthly like in the UK. Seems like a lot of extra admin and overhead to pay more frequently. But you’re right, less than 6% of workers in the US are paid monthly! :exploding_head:

4 Likes
24

I’m shocked by this as well

25

When I moved to the UK monthly shocked me.

I hate it.

1 Like
26

So are bills paid monthly? I can’t imagine budgeting for monthly bills on a weekly or fortnightly income cycle.

27

Why not? Most if not all spend is weekly.

Only rent, and electricity are monthly really.

What is there to budget?

28

I used to get paid weekly

Week 1 and 2 were great. Week 3 you realised that next week is bills week so slow down and then week 4 totally skint

This was a long time pre Monzo but I think it would be a lot easier with Monzo

29

Were all bills in a single week? My bills are at different points in month.

30

I tried weekly pay once and hated it.

Similar to @Rat_au_van I just blew all my money because in my head I was getting paid again soon so it didn’t matter.

With monthly pay, I can pay all my bills in one go (on the 1st) and whatever is left I can spend as little or as much as I want because all the important stuff has already been paid. Much easier in my opinion :slight_smile:

2 Likes
31

How do you pull that off?

32

Just phone the company up and ask them to move your direct debit date. Most will, but you might pay a little more one month to balance it back out.

I think the only one that wouldn’t was the AA. So I cancelled and then just set it up again on the 1st :slight_smile:

33

Yep all bills on the 1st or there abouts - within 3 days anyway! Much prefer it that way.

1 Like
34

I only have one direct debit and they said no.

35

One isn’t hard to budget for. Just schedule it into a pot and have it taken directly from there :slight_smile:

1 Like
36

Yeah, last week on the month or first week. Effect was the same, needed majority of money from 1 pay

This was 10 -12years ago so you couldn’t go online and change the pay dates

37

Huh? I just leave it in my account, it’s not going anywhere.

38

Now I’m confused. You said bills (plural) and we’re in a topic discussing budgeting.

Now you’re saying you only have one and there is no need to set it aside in a pot :confused: So you don’t need to budget for it then?

1 Like
39

I said I only have one direct debit. I did not say I only had one bill. Either way if the money is in a pot, or my account it ain’t going anywhere.

Only useful thing would be if one could pay from a savings pot so one could earn interest.

40

That’s not true at all. Money in pots are ring fenced so will not go anywhere, no matter what. Money in your main balance can be taken by anyone at any time. Legitimately or not.

I’m sure if you re-read back through the replies you’ll see where the confusion comes from. Must be a terminology thing.

1 Like
41

Thanks to Monzo, I didn’t have to bother with the faff of arranging that (I’ve only just moved to the first place where I’m responsible for the bills). I just distribute everything for bills out to the appropriate pots on payday (thanks salary sorter :raised_hands:) and let the bills sort themselves out whenever they’re arranged for in the month :grin:

4 Likes