I know there’s loads of discussion already about TFL integration etc, so this may have come up in another thread, but I’d love to be able to set aside a pot for TFL travel, and when I use my card that way, know it comes out of that budget. I continue to use a monthly Oyster card, even though it might be cheaper sometimes to just use contactless, because I know I’m bad at budgeting, and at the end of the month I could end up not having enough money to travel when I need to (one of the reasons I like using Monzo at the moment, all my spending money goes on it while all my bills come out of my ‘current’ current account).
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This is one of the reasons why I love the Targets functionality. You can set your Transport target at an amount that covers your monthly travel & then it’s easy to keep track of how much you’re due to spend in the remainder of the month & to compare that to your Total Monthly Target.
If you’re an Android user, then apologies for reminding you that you don’t have this feature quite yet 
it’s on the roadmap here.
I also discovered that I’d save money by not buying a monthly travel pass, after checking how much I spent on travel each month in my transaction history in the app 
based on last month’s spend, that’s saved me ~£20 a month 
yeah I use that for other categories, but it doesn’t stop me overspending on a night out or buying stuff on amazon when I should be keeping money elsewhere. Buying a monthly Oyster at the start of the month means I know I have that for the whole month. Just a written target is really helpful, but compulsive spending is something i’ve struggled with for years. If Monzo had a pot with my general spending, plus a seperate amount which can only be used for TfL transactions, that would be ideal.
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When you are paid monthly it can be difficult to leave money in your account to pay for that direct debit in three weeks, sometimes you accidentally spend too much before hand. Would be nice if you could create a pot that is linked to say your direct debit for your car loan repayment so you can place the money for that into the pot on pay day and know it won’t be used for anything else and you don’t have to worry about transferring it back into your main account on the day the direct debit is due.
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I’ve moved your post here as it sounds like the feature that Hugo’s previewed at the top of this thread is exactly the sort of thing you’re looking for 
It’d be great to hear your feedback.
I absolutely love this idea, and the designs look fantastic.
One suggestion is the idea of having items within a pot - for example, you could add a quote from a builder, or (a bit like pinterest) add a link to a new sofa which would go great in the living room you are planning to refurbish. That way, if you are planning on purchasing a more complex set of items, you’d be able to keep a project for the whole project.
A step further, it could even help me look after my money by suggesting where I could buy the same thing cheaper.
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@tristan Thanks for my new Current Account card. Some ideas already:
- When I put money on my Monzo card I feel great; that’s the money I’m free to spend. Natwest handles my mortgage and my major utilities and I know the money I leave there is enough to cover those expenses. With the critical stuff covered, I’m free to spend what I have on my Monzo card. As Monzo becomes a true bank, it would be really really really great if the virtual spending pots idea you are working on did two things; One, pot totals are separate so I can put money into a utility pot and put that to one side, focusing day to day on the main pot, whose balance I see unless I switch to the utilities pot. Two, please can we have as part of a direct debit setup / administration, the option to say “this direct debit is taken from this pot”; this allows me to put all my critical utilities money in a safe place, allocate the money for it, and forget it. I don’t want to track my utility spending because I know the amount of my mortgage - it’s a lot but it’s the same amount every month. I love Monzo telling me how much I’ve “spent” each month but I don’t define my mortgage as spending, and I don’t want to muddy the water with these enormous utility boulders which I can’t do anything about, have to pay each month and don’t care about much past them getting paid.
If we could have separate pots and the ability to make a direct debit come out of a designated pot, Monzo would be pretty much the best bank ever. A lot of us are doing this kind of thing anyway with multiple bank accounts, but it’d be nice if Monzo can do it in one.
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I like the idea of Monzo putting the right amount of money in a pot based on the known value of direct debits; then I wouldn’t even have to do the accounting once a month and make sure the right money is reserved. That’s a really cool idea 
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I legit cannot wait for the API to be fully functional. I’m going to go mental coding integrations.
Imagine it, coding stuff that automatically manages your money… What a wonderful world.
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As an extension of this, it’d be useful to be able to create a rule that “payments from this merchant should be taken from this Pot”.
That would enable users to set aside the money that they’re due to pay to Amazon or even, if they want to really micromanage their finances, TFL so that they don’t have to worry about not having enough money in their account for the payment, when it’s eventually taken.
This would also cover the use case that I originally raised here -
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This is a really good idea 
Pots sound like a great idea, I love how you can connect other services so say your savings account with TSB and it will show up in the app as a pot through the API.
Are there any plans to use API for example to connect to my Lloyds Credit which could be displayed as a pot and allow me to put payments into categories as you can with the monzo cardt? I suppose that’s more down the lines on what Yolt is looking to do though?
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This would be very close to my ideal. For years, iIve moved a sum over to a savings account on the 1st of every month to keep it out of my hands and provide for specific future costs.
Within that savings account, the money is split between insurance, car maintenance, fuel, Christmas funds, etc - hopefully you get the idea. Tracking all of that is the trick - I use the budgeting facility of my finance app for that with the occasional issue where I mis-allocate some expenditure.
I do get interest on that money but, with the sort of sums I’m talking about and the turnover within the account, that’s about 10p per month. The pots idea sounds like it would do the job much more easily (particularly if transactions could be allocated to a specific pot) and the cost to me would be about £1.20 a year in lost interest.
When can I have it? 
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This is one of my most eagerly awaited features.
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The trickier aspect to what I do that I didn’t mention before is that some of my pots are negative I.e. I’m trying to recoup the cost of a purchase. In the case of a savings account, this is literal - I have taken money out of the account for something but, rather than reduce the value of any of my pots, I’ve created a negative pot to compensate.
I’m not sure how I’d map this to a Monzo pot since I wouldn’t actually have a separate account to have withdrawn the money from. I guess I’m asking for the ability for notional transfers between pots so that I could recreate this sort of situation unless there’s a better way of managing things that I haven’t thought of yet.
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Hi Hugo
Having Pots would be awesome 
This was something that I was hoping that Monzo would introduce. The ability to create saving pots with specific names and function for my lifestyle
A Pot for holiday, birthday a special event or gift
My question is - “when will it be available”
Gerry
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I’ve got to admit, this is one of my most anticipated features.
Good feature. saving goals and round ups - it will be perfect to meet them on Monzo. But! The main problem for me is - i can’t save money if this saving account is “access your savings anytime”. I mean, for me Option to lock saving account until the needed day would be essential! So for example I want to save for the Christmas gifts - I would be able to withdraw money on 20.12.17 and no earlier.
Yes, I am not good with money ))) I tried a lot of saving app - and everytime I withdraw my savings to buy some *** so I never reach my goal.
I will move all my salary to Monzo if you will have this feature )))
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