This would work nicely as part of an automated solution. Especially if the salaryâs were paid at on different days and had different payment frequencies. Fingers crossed this feature does become automated in the future
I think itâs pretty fair to have it set up so that you handle the sorting of different salaries separately. Most couples earn different amounts and may be paid on slightly different schedules. Setting up âsortâ settings per salary rather than combined makes more sense to me. If youâre an individual with multiple incomes, then I guess I can see the appeal in wanting to sort them as a combined income.
I think itâs really cool as is but I would love an automated function along with percentage values an option too eventually.
I strongly disagree. Whatâs actually needed is another feature - that has actually also been suggested several times in these threads - which allows people to âbufferâ their salary/salaries and then âreleaseâ it at an appropriate date. This solves multiple problems:
- Combining salaries in the joint account, and only having to Salary Sort once
- Combining multiple sources of income, and only having to Salary Sort once
- Re-aligning the financial start of the month from the (arbitrary) date that the salary is transferred, to, for instance, the actual start of the month, which is intuitively much simpler.
Whilst I agree and am one of the people who have mentioned it here, Im not sure how Monzo would market such a feature easily at the moment since they are pushing the âget paid earlyâ feature and this would essentially be the exact opposite of that. So I guess it should really just be something we do manually, sort the salaries using the salary sorter into a holding pot and then release the money when we want to get âpaidâ. This all seems like it will be possible so Iâm not worried.
I think that the two appeal to different audiences. If you want to get paid early, the strong indication is that youâre living month-to-month and that money is important to you immediately. But for others, likely people who are older and paid more (with larger expensesâŠ), itâs less useful to get your money a day early than it is to have the hassle taken out of planning a large and complex set of expenses.
Iâm not sure this works for people who use Monzo for both personal account and joint account (which should be Monzoâs aim for joint account users surelyâŠ)
Using myself as a working example - each month when my salary comes in I do the following:
- add X amount to my credit card pot to pay off last monthâs bill
- add Y to my Monzo joint account
- leave Z amount in my main account for the next monthâs budget, moving the remainder into savings
My partner (who doesnât use Monzo for her personal account, only the joint) also transfers Y into our joint account. We then use our combined contributions to pay rent, joint bills and any joint spending such as meals/drinks out or petrol on our shared car.
Currently the salary sorter will only work on one of my accounts (whichever my salary gets paid into, which I chose as my personal account), but it would really help our budgeting if we could split our total joint account contributions (2Y) into rent pot/bills pot/takeaways/drinks/petrol etc
Thatâs a fair point! Releasing of salary on a set date would mean that combined sorting makes sense. But that feels like a different âproductâ to the salary sorter as itâs been presented so far. I think the answer is that peopleâs circumstances are all different so you kind of need a product that works for the lowest common denominator (at least at first). Sorting your salary into pots upon arrival feels like a great first step to me. Once in place, if a âbufferâ feature is developed to combine and release salaries on a set date, then making that compatible with salary sorter seems like a given.
Looks to be an interesting, if perhaps a little early, view of upcoming functionality. Will be interesting to see it develop before release.
However, as an example of ârelease fast and oftenâ perhaps such features need a little more finessing internally before being announced here as even the wording is misleading, let alone the functionality.
Looking back over the past year there is a trend and whilst I do like that we get early visibility, these threads tend to descend (very quickly) into what ifs/guesses on how things may work based on some (unfinished) screenshots. Just my thoughts, another round of internal discussion and validation/peer review, before announcing here might make subsequent threads more productive for all.
For the particular feature, Iâm still waiting to be able to tell Monzo what my incoming âsalaryâ is (itâs not done by BACS) so until that is introduced it remains somewhat pointless for me, but lots of value for others.
You will be able to use this on any incoming payment, itâs a seperate system to whats been used before in working out what your salary payment is.
Excellent. Once this lands and has been ironed out I will look into it and look forward to a clear communication of the entire functionality when it launches.
I have used my own monzo scheduled payments, bill pots and other pots to convert my monthly salary into a weekly âdiscretionary spend amountâ thats put in my main account weekly
Not sure whether other people would want ability to do this via salary sorter
Getting paid in 16 mins and sad Iâll be missing out on the salary sorter for this monthâŠ
I collected one salary 37 minutes ago - still got another to come on the 30th - hopefully Salary Sorter will be in place by then
I second this - why not have both features? Similar to a scheduled withdrawal, but a scheduled withdrawal and sort? (Yes, I can do that in IFTTT, but Native is better, right?)
I absolutely see the value for the payday function - but I think Payday + this option would be a good use case for most users.
Like you say, if you are trying to get ahead of your finances, the best way to do so is build up a buffer. Eventually once you have a buffer, you donât need the sort on payday, because you are ahead of yourself!
This would also work for users with multiple income streams, or variable income streams.
My vote goes for a future feature of âScheduled Sortâ once this is rolled out.
@JarnoWolf this is a game changer, exactly what I need, I canât wait!
I keep a note on my phone of my salary sorting plans and then flick between my note and Monzo to execute my plans on pay day. In future I will just adjust my salary sorter configuration in Monzo and it will prompt me to execute on pay day
Please have % and amount option
Why is this hierarchy of sorting useful over allocating funds once and directly to the specific budgets?
The Budget page, Pots, Total Account and Budget are all separate areas of the app but for some people are the same thing. My budget is my account and itâs confusing to have separate numbers for Total Account and Budget amount.
This has now been launched.
Iâd suggest that you direct any questions into this topic:
A good bit of advice above. Now some news appears to have been launched (I havenât read it yet) letâs move the discussion over there.