Pots within a Pot (Savings or Normal) / nested pots

Great idea, and one I will back.

However, a way around is to use a spreadsheet/notes app which is what I do. I would love to see sub-pots though, which would fix this.

Only really a UI thing I would imagine (I’m no developer, though).

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I do the same with my Marcus at the moment.

Have an excel sheet containing the breakdown of my overall balance :slight_smile:

Problem with that is it requires manual changes… a monday is painful trying to remember whats been added at the weekend :laughing:

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The ability to add notes to Pots could help with this:

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Could you not have multiple pots for this instead?

We have them set up for monthly spending commitments but rather than just one for “all” things I have broken them down into sub categories.

So e.g. we pay in 700 a month to our joint account for spending but rather than leaving the balance as a total we have:

Food shopping £240
Dog food £60
Meal out £100

And so on

You could easily do the same for your savings goals:

Plane ticket £500
Hotel £400
Etc

And just spread your monthly savings target across each pot individually. I’ve automated a payment into each pot the day after we pay in to ours so we don’t do a thing.

I guess allowing savings pots to have sub pots would work just as well?

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Functionally it’s the same.

But I think introducing sub pots is an undesirable feature in terms of complexity to the user, and increasing the complexity of the app.

Whereas, having multiple accounts - i.e. Joint Account, is a feature that already exists and pots exist under accounts already.

This would only work if each pot had at least £500 in it since Savings Pots (the ones which earn interest) have a minimum deposit amount of £500.

Not in the case of cash ISA savings. You can only deposit into a single cash ISA in a given year.

Good thing we’ve changed the minimum Savings Pot amount down to £10 :tada:

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Now that the minimum has come to £10, I would still like to have ideally, sub-pots, or less ideally but still usefully, a pot description field.

Regardless of savings, I would like to put aside money I budget for cash expenses. These amounts are too small to warrant their own pots, but together add up over the month, e.g. playgroup is £6.80 a week, slimming world is £4.95 a week, getting the car washed at £14 a go, etc. I could have named sub pots or a description field, but without either the list is quite long and the amounts so little that I’d find it difficult to keep track half-way through the month of what has been taken out and what hasn’t, especially if I remember something I’d like to budget for but forgot to when I set up the pot.

Anyway, perhaps now that the minimum savings amount has come down, should this type of thing be voted for elsewhere or here?

You can vote for this feature here:

This other thread has started to consider the same concept

but as the idea is essentially the same, let’s broaden out the topic of this thread and keep all the votes together!

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Breathing some life into this suggestion as I was looking to see if it had been suggested before.

Currently I use YNAB, and because of the limit on the amount of pots I can make I can’t do a like-for-like with my budget in YNAB. I think if I could do this in Monzo I might not use YNAB anymore. I saw some people mention they use spreadsheets for the same reason, which this could potentially replace?

Personally I would find it very useful if we could group pots together, or have nested pots as OP suggested. This may also solve the mess that would be created if there were to be no limit on the number of pots we can make (endless scrolling).

I have often thought the same, but as the Name for a pot has no limit (that I have found) I utilise that.

Yep I did the same today, it’ll have to do for now but hopefully they introduce grouped pots one day as it would be neater and easier to manage.

A great budgeting tool especially when going on holiday.

The idea is you can open a specific pot (i.e. holiday / monthly disposable budget) and use envelopes, so you put an amount of money in the pot and then choose how many envelopes (days) you want it split over.

The system then separates the total pot amount into each envelope which you can open each day, so you can only use what’s in that envelope each day, anything you don’t use automatically rolls over to the next days envelope

Your best bet is to set up the pot, use scheduled pot withdrawals to draw that amount out of the pot into the main account balance.

That’s how I handle my day-to-day budgeting at the moment, and it works great.

Sounds similar to nested pots which has been suggested before (see below and make sure you vote for it) however envelopes sounds like a nicer name.

aye, similar, except with envelopes it does it all for you, so it automatically separates the whole pot amount into the individual days so you don’t have to set up different schedules and then anything left over rolls over

Well yea, but setting up a scheduled pot transfer is pretty straightforward. The only difference between envelopes & scheduled pot transfer if the terminology & how you set it up.

Both still require you to have the money in a pot. Both still allow the money to roll over if you don’t use it.

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