Every day at work I buy a sandwich from the local shop, whenever I budget I move money into a pot called “Lunch” and then every day, after I buy my lunch, I move that value from the pot into my account.
I would rather the payments came directly from the pot and I’m sure many of you also have examples of times when you would rather spend from a pot directly.
I am proposing the addition of a button to each pot which can queue it up to be used for the next payment which leaves the account, like this:
After you press it there could be a permanent message at the bottom of the screen telling you that you have queued up a pot. Only one pot would be queue-able at a time so queuing up another would overwrite your choice.
Now I can walk into the shop, pick up a sandwich, and while I wait to pay I can queue up my lunch pot for the payment.
Would it only do 1 payment and then switch back to taking payments from main? The ability to also select it for a day would be handy so you could have a Christmas pot and all your shopping that day would come from that
I don’t see any benefit whatsoever if it’s only turned on for 1 single purchase as you still have to open the app and tap a button every single time. However, if your button stayed active until it was turned off then I could see that working well. Perhaps after a few purchases Monzo could send a notification reminding you that your ‘Pot For Purchases’ option is currently activated and you could tap on it to take you directly to the off button, or just swipe it to leave it on.
I have a use case for this. I have a couple of things pre-ordered from Amazon and I’ll get charged when they ship. I’ve set aside the cost for them in a pot and when they come out I’ll move the money out of the pot manually. Ideally, I’d like to tap on a transaction and have a button to take out that exact amount out. It’s a shortcut, but a handy one.
However, the real big change that needs to happen is assigning direct debits and standing orders to pots, so the money gets set aside when I get paid and then gets taken from the pot directly (not my day-to-day balance).
Having a button somewhere within a transaction would be a good idea, but again you still have to physically do something to swap the balance. I’d much prefer it to to be automated. Maybe the Monzo bods can’t find a suitable way to implement it just yet.
No matter what, to spend from a pot, you need to use the app.
Currently you need to use it to move money from the pot to your current account before or after you make the purchase.
I’m proposing you instead use the app to select your pot as the next source of money.
There’s no extra app usage, but there is a simplified transaction statement, and you don’t have to move over the exact value yourself which is handy if you don’t know how much it will cost exactly but need to move it over before you can pay
That’s exactly my point. Using it before or after a purchase, with or without a couple of extra taps, doesn’t make much difference. I’d like to think Monzo are trying to eliminate this excessive app use rather than change the time we have to use it.
I wonder if you perhaps have more money than me in your current account?
Often I keep particular funds in pots to avoid them accidentally being spent, but when it actually comes to spending them the payment would decline unless I transfer them first as I don’t live off of a lot. This is a bit of a pain if I’m standing at a checkout, waiting for the assistant to tell me how much my shopping costs so I can then move the money over before paying
Nobody is telling you that your idea is bad or that it wouldn’t get used. Everyone uses their accounts and manages their finances differently so they are merely giving you their opinion on if it would work for them - and only them. Please don’t take it personally.
In my situation…
I get paid at the end of the month and all my direct debits come out on the 1st so whatever I have left in my account is available to spend. It’s because of this that I don’t need to worry about spending money that is earmarked for a bill.
Then I split money into various pots for saving etc and I always leave a bit of money in my main account for miscellaneous bits and pieces such as going to the pub. So as you see my situation is different from yours, and I wouldn’t need to queue next payments from pots. The amount of money I have has no baring on this because the process would be the same.
I hope this helps give you another perspective on things
I think you’ve massively misinterpreted my post and if I’m being honest I’m a little confused at why you seem so offended by it. I have never said that you can’t discuss or win people over with your ideas, in fact I took time to write out my own situation for you to do exactly that and add to the discussion.
I only mentioned not taking it personally as, to me, the tone of your recent comments were becoming a little hostile, especially when you said the following:
Not wanting to argue. So happy to carry on with the discussion and put this misunderstanding behind us