Pots - General or Specific?

I’d be interested to hear how everyone uses their pots to split up their money? Do you have specific ones like Holiday, Car or is it more general savings?

I have my main savings pot (interest generating), a holiday pot, one for Gifts (I save for Christmas etc here), rainy day (this is my roundup pot), car insurance and one for a music festival I go to yearly. All my household expenses get transferred to and paid out of a different joint account.

Several pots for different things, all of them are temporary collection pots. Rainy day fund, car, rounding up change for savings. All the money eventually goes elsewhere to be more useful and gain interest etc. and then start again.

Interesting - so you have a separate savings account elsewhere that gains interest? E.G. Not the Investec one from Monzo?

Interesting - Do you find the 1% with Investec adds a lot to your experience? I feel 1% is not enough for me to consider putting money into there as it’ll be a minuscule amount.

I have a pot for each thing that’s predictable over the long term but isn’t a fixed amount monthly. So: car, holiday, new laptop, new phone, house repairs. Then I figure out what those things cost on average per month and autopay that much in.
That way all my expenses turn into fixed monthly amounts and I can put the rest straight in my pension/isa!

Yeah, once pots build up a bit I transfer them all into their associated accounts, LISA, ISA, etc. They all have different goals so I have separate pots for them outside of monthly transfers.

Hmm, not really, but it’s better than the 0.75% I was getting elsewhere. It’s useful to me at the minute to have all my money together.

I just use it to allocate for savings or upcoming bills like fuel.

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