Over the years I’ve found myself organising finances by separating the classes of financial activity between several bank accounts, as opposed to setting a budget for a single pot of funds. This way I can see exactly what finance I have available for each activity i.e. investing.
From my perspective it would be great to consolidate these into a single account, with the ability to setup ‘sub-folders’ / containers of some sort (maybe the titles of the ‘sub-folders’ could be customised ?) to separate the funds and improve organisation.
I know the budgeting feature helps somewhat, but I do feel this would also be a welcome addition to the app.
Spending pots are on the way and I think this will solve this case. On the move at the minute so can’t link to anything but a quick search (top right) of spending pots should help you
I’ve just stared using YNAB Http://www.youneedabudget.com. It’s great at doing this allocation of money thing and it doesn’t matter at all where your money actually is. Also handles credit cards really well - moving money from your groceries budget to the credit card budget when you pay for groceries with your credit card and then the money is ready to pay the card bill.
The goal fareature is really great, use tell it how much you want to have saved and by when and it tells you how much you need to budget each month for it.
Hopefully Monzo will be able to do something equally amazing with its saving posts… but in the meantime I’d really recommend YNAB.
