How can I set a regular monthly transfer to a pot as a committed spend?
I use IFTTT to do the daily and weekly savings challenges, it works really well. You could easily make an Applet that moves money from your main account to a set pot on a certain date. I don’t believe there is a way to do this within the app yet.
Are you after this:
You can schedule both deposits and withdrawals to and from your pots on a scheduled basis. As pay day hits for me, my salary is split up over a number of different pots.
Thanks for this, never noticed it was there! ooops! I guess the IFTTT one works well for the daily/weekly challenge as it auto-increments the amount… but for the regular saving of a set amount I’ll switch to this method!
Yes, I’ve done the scheduled payment to the pot as recurring monthly. However, when I click the summary tab it does not deduct the money scheduled to go into the pot later that month.
Am I missing something, all I want is for the money going into a pot to be treated same as subscriptions and D/D’s?
I see. Short answer, no I don’t think you can. I believe I had the same issue when it came to the summary tab and why I rarely used it. I can’t check at the moment as I’m trying out the new UI which no longer contains the summary.
However, I believe the rationale behind it is that the moving of money to and from your pots isn’t actually leaving your account and therefore you haven’t spent anything. It all boils down to how people (and Monzo) are perceiving pots. I believe you and I have the same opinion that once the money moves to a pot, I’ve spent it and I should see it as committed spending. However, if you then withdraw money from that pot, you’re undoing your own spending which can seem weird.
I’m aware of this feature request:
If this was implemented then it could potentially include what you’re after by treating a pot as being an actual expense.
Yes that’s what I was referring to.
Glad I’m not the only one!
Thanks for your reply.
I was referring to payments into pots, being shown as committed spend.