Pot limit!

Hi all,

Just found out that there’s a 20 pot limit, and I could do with adding a few more pots!

Has this been an issue for anyone else? If so Maybe Monzo will be willing to raise the pot limit, what’s the likelihood/chances of that happening?

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It certainly has and @Revels will be along shortly to let you know how many people it has been an issue for.

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I’m always curious by this.

I have 1 Pot :joy:

Could you share what types of Pots you have that result in so many provided not personal?

Some people like to have pots for absolutely everything.

Haircuts, school fees, petrol, one for each item they’re saving for and so on.

For me it would be too much of a chore to keep them all updated :sweat_smile: I too prefer to keep things simple with the one savings pot for everything, general bills pot and so on.

Especially for savings. You feel like you’re making better progress because deposits aren’t spread so thin across loads of pots.

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Each to their own with multiple I just get really :thinking: about it :joy:

Maybe as I can’t think of that many Pot suggestions even if I wanted to. I’ve tried multiple (House, Grocery, Car, Drinks, Eating out, Events) but it doesn’t work for me.

I have a few pots on the go with some tied to virtual cards…

Direct Debits | Holiday Payments | Credit Card Payments | Petrol | Subscriptions

My cash savings that used to be in their own pots now just lives in a savings pot with a spreadsheet to keep track of whats what.

I used to have pots for each monthly bill and each annual expense (that I’d put 1/12th in each month) plus whatever major minor savings goal I had. This was coming from being trained on YNAB where ever £ needed a job.

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Can’t get my head around 0 based budgeting.

But then if you have children you can have a whole load set up for them also. But since pots stopped earning interest, I just keep everything in instant access savings/ISA and have to transfer to current account when needed. Shame because pots were a nice feature.

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Yeah, it was useful when money was tight and I needed to retrain my spending habits but I’ve not used it for quite a while now because the effort now outweighs the benefit

Imagine going to Greggs and accidentally using your Netflix virtual card. Budget absolutely wrecked!

There’s definitely a place for multiple pots and I reckon it can be taken too far but, as you said, each to their own. This is the beauty of Monzo, it often feels tailored just to your own needs.

And then they wreck it with Savings Pots :bomb::bomb::bomb::fire::fire::fire:

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So I used to use the Martin Lewis method called ‘piggy banking’ where you took every known monthly or yearly expense and set the money aside monthly into another bank account. That way the balance left in my main account was my ‘free’ money. I started by pre-filling some upfront like car insurance, to allow me to pay in full next renewal to avoid interest. It was quite a bit to maintain on a spreadsheet when I spent from it to know what was left.
Then Monzo came and changed the game! I use all 20 pots and it tells me exactly what I have for each.
I use the ‘salary sorter’ on payday which remembers these after the first one!

7 pots used to save for each family members birthday presents - I never have a ‘big’ month with 3 bring in March, the moneys already there.
1 for all Xmas presents (worked out how much I’d like to spend per person, divided by 12 to save over the year). December comes and I just pull from that.
Food - I save a few hundred a month and have an IFTTT rule that moves money out from it everytime I buy anything that is classed as ‘groceries’ into my main account.
Bills - all monthly direct debits over the month come out of here. It means again no surprises in ones set up for later in the month. Most DD’s can be paid directly from the pot. Needs spreadsheeting to work out monthly amounts as these change with renewals, but only a few times a year.
Hair & beauty - as it’s expensive!
Dentist - ditto
Car insurance - ditto
Car emergencies - £20 a month so I have something ready should the MOT flag anything.
Holidays - The big one! I don’t spend what I don’t have so book to what I have here. I also have an IFTTT ‘reverse 1p challenge’ set up for this pot which moves £3.65 on 1st Jan, £3.64 on the 2nd, getting less as the year goes on. Thats £300 I never notice.
Rainy day - just in case the sh*t hits the fan, very useful, just chuck £30 on payday in. I also roundup all transactions into this pot.

At the end of this I know that my current account is my ‘play money’ (around £600 per month - 40s with no children) and I don’t have any debt or interest due. The main help was redundancy 15 years ago that allowed me to get ahead on all these, and I’ve kept it going since. There very little that happens that wipes me out so it’s one less thing to worry about.

I :heart: pots!

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I’ve got looooads of pots. One for everything I consider a required expense at any point in the year, but I pay for them all monthly. So I need a new contacts order every few months, and then I split the cost and put a third into my Glasses and Contacts pot. Same with things like skincare, haircuts, petrol, birthdays, Christmas etc. Then I have pots that I use for virtual cards - subscriptions etc. It just helps me understand what money I have that’s “allocated” and what’s free to use on whatever I want. It also helps me control my impulse spending, because yeah I might have £100 in my petrol pot and a full tank but my brain associates that money with petrol so I won’t spend it on a new PS5 that I definitely don’t need and can’t afford. Everyone is different obviously, but that’s why I’m a huge fan of pots :honey_pot:

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Thanks @JenMc84 (welcome to the community) and @Clrbyl

I think I just struggle in general with managing finances to a refined degree.

Bills pot has everything from housing, bills, phone, card, loan, car, that goes on a monthly basis.

The rest just sits in my spending account.

Tried the groceries Pot but doesn’t work for me.

Maybe persistence is key.

I’m generally financially anxious.

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It’s funny how differently people work - having one pot would give me anxiety :joy::joy:
It all started with YNAB for me but it was too intense and confusing so I just adapted and took what worked for me and left what didn’t. If one pot works for you, stick with it. That’s what I like about Monzo - it generally supports lots of different ways of budgeting and managing your money. I couldn’t go back to having just one bank account - I’d be constantly skint.

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My own pot situation is:
Subscriptions - Netflix etc
Commuting - Car Park/TFL
Savings - pays out DD’s/SO to my investments
Card Payments - DD’s for credit card
Charity

Commuting is the one that causes me the most turmoil as I keep wanting to make some cashback on it, but as the same time it’s easy just to have the monzo virtual card hooked up for it

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Before Monzo I was using multiple current accounts, it was always a mess as I had to constantly watch each account to make sure I had enough in there.
Pots is just easier

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Frustrates me a bit they’re all on the home page.

Hiding them doesn’t solve much cuz then I have unhide to check everything.

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It’s very annoying, viewing them as images rather than list helps though.

Visually doesn’t align with the rest :pensive:

Chase over two pages for current and savings doesn’t work either :sweat_smile:

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