🔜 Salary Sorter

Making Monzo
42

love love love this.
Thanks for sharing!

1 Like
43

Looks awesome - looking forward to trying this out, if only just to make my joint account transfer a bit easier!

Maybe the way I do finances is weird, but is there any chance of being able to do overflowing with this? Eg. move money into X pot, and then when that’s reached your goal, move the rest into the ‘next’ pot etc?

So for example, when you get paid, you can prioritise the money filling up your bills, then your emergency fund, then holiday pot, then ‘treat yourself’ pot?

Also - any longer term plans to merge this with credit card payments? So I can say ‘pay X card off £X every payday’?

Looks exciting and promising though!

1 Like
44

Ooh yes, this is a good idea

45

This is a fantastic idea!!!

46

It appears as though any variance/additional amount would remain in your main account by default? Could you please make it possible to elect a pot to be the one to receive any remaining amount instead?

For my use case, I would want to set it to allocate this way:

  • to the main account: ÂŁ0 (I don’t want it to come into the account until the 1st of the month)
  • to my “holding” pot: ÂŁ2250 - this covers committed costs + typical spending
  • all remaining amounts to my savings pot

I then have a scheduled withdrawal which pulls the £2250 out of the “holding” pot into the main account on 1st of the month.

And late on the night before the 1st, I sweep the entire remaining balance in my savings.

So it basically means I can ensure my salary isn’t spendable until the next month actually starts, and then my main account always starts the month with precisely £2250 in it. Makes it an absolute breeze to budget and the spending tracking works perfectly

4 Likes
47

My nice to have would be to allocate like this:

ÂŁFixed to pot 1 (bills)
ÂŁFixed into pot 2 (budget for incidentals)
ÂŁRemaining into spare pot

The ideal for me is:
ÂŁFixed to bill pot
ÂŁFixed to budget pot
X% (of remainder) into spare
Y% (of remainder) into savings
Z% (of remainder) into holiday

Ie I have fixed known commitments, and anything left after those is split amongst other pots by percentage.

Also it makes the allocation a lot simpler and risk free to mix and match percentages and fixed transfers if it’s done as a percentage of remaining after fixed transfers.

(speaking as someone who wrote a salary + end of day spare cash sorter using that other bank’s API. This will cover the basic use cases of my app. I’ll probably still migrate it to the Monzo api since it has a few other capabilities though.)

3 Likes
48

I just really like the separation of months for my budgeting - and my salary as “next months money” helps with that.

The main benefit being that the pots I split money into would be holding “this months” money. I’d rather see my Bills pot fully depleted (for those DD’s that come out between Payday and the 1st) than add money mid-cycle.

Maybe an option to trigger a multiple-sort like feature would be possible, if not triggered from salary incoming


2 Likes
49

It would be really, really, really great :heart_eyes: if you could add this feature (it doesn’t seem too hard, unless I’m missing something). I talked about using pots to “smooth” income, for people with non-traditional single salary payments over here. If you could then use a pot withdrawal with the Salary Sorter, then a whole class of people would be much better served by the app.

1 Like
50

True, you could guess it. But wouldn’t it also be great to let people “re-align” their month, so that the salary could be held in a sort of “holding pot”, and then released on the date of their choice - probably the first of the month? It would make managing money so much more intuitive, and a lot of people in this exact same situation could benefit.

51

Will this be automatically done each month, or would it need to be manually instigated?

52

I’ve read all the replies but I don’t understand :sob:

Do I pick an incoming payment from my accounts screen to use the salary splitter on or do you determine my salary?

Currently Monzo thinks I have multiple salaries so I’d want to pick which one, or better still have different settings for each “salary”. Also what if my salary is less one month and there isn’t enough to split into a pot?

Being able to move money to my joint account without a standing order is awesome!

Lastly
 Percentage would be cool as someone mentioned. That would save me time to calculate my tax from my freelance work if it could automatically take 20% out and put it in my tax pot :open_mouth:

1 Like
53

I think this is a great feature! Could I ask a few things though.

  1. As others have said can I select any incoming payment as my salary?
  2. Can I customise the dates?
  3. How does this work if my salary differs each month?
  4. In additional to this feature PLEASE can salary sweeper be added, for anything left over at the end of the month to go into a specific pot?

Can’t be too difficult to implement I’d imagine since we’re on about sorting into pots with salary as a trigger. The trigger would be the final date before payday.

54

I believe that’s what the current system is, with the caveat that if your different salaries vary too much (amount/date) month on month, they may not be recognized as the same salary you set a specific setting for.

55

Looking like a big step in the right direction.

How about a round down to the nearest ÂŁ1/ÂŁ5/ÂŁ10 into a designated pot?

Will I be able to setup a transfer to my account elsewhere (and get rid of one more payment on the scheduled tab) or does the money have to stay within the Monzo ecosystem?

How will it handle being paid fortnightly with summary set to 4 weekly?

How are you matching incoming payments to the plan for splitting - i.e. could I have a different splitting plan based on where the money is coming from?

Lastly when percentages come will I be able to mix absolute amounts, percentage amounts and (pretty please) a round down? (I’ve grown to really like seeing that my balance is whole pounds thanks to your round up feature).

56

Would salary sorter allow you to have paid early your money through BACS without going in to the app to manually get the money and sort it in to the correct pot you want? I get weekly backs on a Monday early payment a Friday at 4pm

With the faster payment can these be added to salary sorter I get one faster payment every week from same source that is same principle as a salary but not done by backs and comes in on a Wednesday morning during the night. This is manually added to pots at present can this be used on salary sorter?

57

From an earlier post it sounds like it is manual, or at least needs to be “confirmed” before any money is moved.

Will wait and see if this is the case, but I definitely think it needs to be automatic to be useful.

1 Like
58

Looks great! Two questions:

  1. My partner and I put equal amounts into our joint account each month on payday. Would it be possible for Salary Sorter to recognise both of our payments in to the joint account as one ‘salary’ somehow so we can use the total amount to budget?

  2. How does it deal with existing account balance at the point your salary is paid in? It would be great if there was an option to include any remaining balance so you could sort that too, to put extra into savings for example. Something similar has been proposed in the past with a ‘Salary sweep-up’ I believe

1 Like
59

Isn’t this just a case of setting up regular pot transfers though? You can do that already - indeed, it’s what I do for the 1st, but I’d prefer the trigger to be salary paid in so Salary Sorter will be perfect for me. (Except seemingly not being able to transfer to external accounts :pensive:).

2 Likes
60

What is ‘backs’?

61

Yeah absolutely - and it’s what I do already (so no change I guess) - I’d just like to do it at the touch of one button!

1 Like