Pot deposits/withdrawals order


(Andy Slater) #1

I’v posted this on an old thread which was maybe about a lightly different issue so here it is all by itself

So… I get paid on the 25th and have an amount move into a ‘pocket money’ pot.
What time will the scheduled transfer take place? Will it happen after the BACS payment of my wages?

Then
Every Friday, an amount is scheduled to withdraw from ‘pocket money’ into my available balance, if the 25th is a Friday, which transfer will occur first?
The monthly amount TO the pot, or the weekly amount FROM the pot?


#2

Scheduled pot deposits happen around 2am GMT (and I assume 1am BST during the summer)

BACS payments are around 1am

Withdrawals from pots I think happen around 01:30


#3

Hmm according to @BethS its 3am :thinking:


(Andy Slater) #4

Just checked today’s withdrawal occurred at 1.35am, so the deposit would happen afterwards…

That means my withdrawal would fail. Hmm

Might have to use ifttt to make sure the timing is right


#5

I think we’ve changed it recently. :see_no_evil:


(Andy Slater) #6

I suppose there’s no right answer to this.

Its probably quite rare that auto deposits and withdrawals happen on the same day for people and if they do, different needs would require a different order.

The only real way to ensure mine always worked would be to have a £25 buffer in the pot so that when clashes happen it’s covered


(Kieran McHugh) #7

Yes, the order as of this writing is…

  • BACS inbound payments
  • Scheduled pot withdrawals
  • Bank transfers out
  • Scheduled pot deposits
  • BACS outbound payments

(Punit Mannari) #8

So wages still goes in at 1am right?


#9

That’s when my last one went in :ok_hand:


(Edward Robert) #10

Thanks for posting this. I’ve decided to do the same this year by paying myself pocket money each week. So I’ve found this thread very useful.

Also, I’ve found breaking my disposable up into quarters really helps me budget well for the month.


(Andy Slater) #11

Glad it helped.

I actually split it into fifths as depending on how you ‘pay yourself’ (i do it weekly on a Friday) there are sometimes 5 in between paydays. Then if it’s a ‘4 Friday month’ i feel like i have extra


#12

I actually get paid every Friday, so those ‘5 Friday’ months are the best – except I do have to manually recover some cash from my Bills pot as it gets shovelled over there every payday.


(Andy Slater) #13

Pot withdrawal now dealt with by ifttt, triggering at 7am on Fridays. Problem solved.

Think this is an example of where the ifttt affiliation works wonders. While this caused an issue for me I have no doubt that its far too small an issue to commit resources to so its great that users have the option to tailor a solution to suit themselves


(Edward Robert) #14

It was pay day today and my IFTTT automation worked a dream.

• I had my salary come in
• Standing orders go out
• Savings into my savings pot
• Bills money into my bills pot, then this will automatically move back to my main account when the bills are due.
• Disposable into my pocket money pot, then a fifth of that back into my main account. This will happen weekly up until my next pay day.

Feels good to have complete control of my budget for the month.


(Sam) #15

Sounds like a really good use case!

Might be worth posting/linking on this thread as I think it’s exactly what Kieran is looking for: Help me write a conference talk about IFTTT


(Edward Robert) #16

Thanks, I’ve posted it there too!


(Andy Slater) #17

Excellent, mine works well too, with knowledge of the order of transactions its then easy to use IFTTT to customise the ones that don’t fit.

Perfect example of a minor issue that doesn’t justify a full on solution (or indeed have a one size fits all solution) but the customisability of IFTTT allows the user to solve.

IFTTT’s announcement that they had linked with monzo was actually the first time i heard of monzo and instantly attracted me to it