Repeated Payments help

I know I am going to sound like a dip****, but I am numerically dyslexic, so please bear with… I have an insurance payment that I pay for annually. If I set up Monzo to remind me as a repeating payment, how does this work?

Does it, just remind me?

Does it set aside that amount each year or month in my budget?

How does it work? I don’t know how this can help me. Plus, if say in this case it is an insurance premium and an amount that is unlikely to be the same next year, does Monzo account for that? If it doesn’t, can it be changed?

I only found this facility a few days ago. Is this feature useful or is it better to put aside in a pot(s)?

My finances have to be simplified for me!

Thanks

You can’t setup payment reminders in Monzo. Unless you’re referring to something else or I’m misunderstanding.

I think they’re referring to setting a payment as a “Repeating Payment” and how it works.

You wouldn’t do that to a company to pay for insurance though :confused:

It’s not a direct debit so they won’t know it’s coming and they can’t account for it because they have no way of knowing what it will be, and if you were to change insurers it would be totally different.

Ok, say you make an annual card payment. After you’ve made the payment you get “transaction” options at the bottom of that screen, where you can get Monzo to “predict repeated payments” and you can specify the frequency. I don’t quite know what this does - apart from the obvious “prediction” notification.

This is shown at the bottom of the screen where you have made the card transaction (I haven’t checked to see if it works on other types of payments.

I’m not really talking about Insurance payments, I mean “any payee” insurance just as an example. Can be your water bill for example.

:exploding_head:

I’ve never heard of this and I don’t have any annual payments, so unless it’s something specific to that type of transaction I’m at a loss.

Have you got a screenshot? Don’t forget to redact any personal info.

All this does is put it in the list of scheduled payments on the ‘payment’ tab. And I think it will appear in your committed spending on the summary screen when that month comes round again.

If you paid your council tax by direct debit and tell Monzo that you’ll pay it again in 12 months, they’ll deduct that from your spend in due course.

It will only change your personal budget in a years time to what you paid now, it won’t know that you might pay more or that you might change insurer.

Oh my god that screenshot :exploding_head:

Lol what’s wrong with my screenshot :laughing::laughing: - it’s lovely! :grinning_face_with_smiling_eyes:

It’s the worst thing I’ve seen today and that includes watching someone pick up dog poo and they put their hand straight through the bag :smiley:

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And now we are all suffering that mental image with you

Thanks

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Maybe I’m being stupid here but isn’t that what a direct debit is? Where it’s a repeating payment to a company?

I’ve seen similar last month. Someone let their dog poo outside my front gate and went to walk off, I ran out and told them to pick it up - they said they don’t have a bag, I said well use something else, she tried kicking it onto the road, it hit the car then I said you better wipe it and she was wiping it with her jacket and picked it up with her hand before I said Oh here’s a bag😂

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And now we are all suffering that mental image with you

Thanks

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If you use the left to spend budgeting feature, each month/year, or whatever frequency you pick. It’ll visually “deduct” that same amount from your account balance, to show you what you have to spend for yourself minus your bills.