Pots for Owed Money

Hello Monzo users and developers,

I’d like a way for me to track what I owe to another monzo user.

It would work similarly to a pot:
User A would set a total owed value (adjustable) and user B would pay into the pot until the value is met. Each time User B pays into the pot, the money enters User A’s account. Once the total value has been met, the pot closes and User A is notified that they are no longer owed.

Me and my partner regularly lend each other large amounts of money and it would be nice to track paying each other back.



For the moment, could user B create a pot named ‘user A: 150’, and pay into that?

The amount you owe is in the title, and you just transfer and close it when you hit the intended amount.

Not as smooth, but possible?

Have you seen the new shared tabs functionality in Labs?

You could set up a tab and add in the amounts owed there as well as any amounts paid to each other.

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I think a generalised version of this would be even better. Think: say you have a student loan that you’re paying back. Or a credit card. Or even a mortgage! I think it would be excellent to have this modelled. I wrote at length about it over here :smile:.

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I tried Shared Tabs but from testing, it seems that i’m only able to assign outgoing costs to the tab and have them split 50-50 with the other user. I’d like the pot to have a total value that (perhaps) only the owed user can update.

Let’s say I owe my partner £100 for some groceries:
My partner makes a new ‘owed money’ pot and adds a record to it called “groceries” with a value of £100. The pot’s total value is now £100.
Some time after that, I pay £50 into the pot towards the groceries my partner is notified.
Some time after that, my partner lends me another £100 for some clothes and updates the pot total value (this could even be automatic if there was functionality that allowed transferring money on the basis of it being owed). The pot total is now £200 with two records; £100 for clothes and £100 for groceries, of which £50 has been paid.
Some time later, I pay £150 into the pot (let’s say, by clicking a “clear debt” button) and my partner gets notified that they are no longer owed by me. The pot could close or it could remain open for us to continue lending to one another.

I really like the idea of having an “owed” value for each user so that we can easily lend money via Monzo. It would be cool to click on a user and see how much you owe them and how much they owe you. When transferring money, there could be an option for the transfer to be owed money. Lending money made easy.

That’s what I have been doing but if I owe for many different things, I need to create pots for all of them.