What’s the reason for using Pots for general saving, when the value of your savings will only decrease, in real terms, over time?
Genuine question. Until the Marketplace is established bringing the promised ability to place these Pots in other savings/investment institutions, I just can’t see the point.
Honestly, I won’t be saving for long enough or saving enough money for it to really make a difference. I’ve always been terrible at saving, so for now I’m only setting savings aside to cover a 3 month ‘emergency fund’.
Once I’ve got that set aside I’ll likely put any excess into Funding Circle or something similar
Of course, that could change when we introduce new uses for Pots!
So looking at the results so far I may be an exception to the rule. I’m in second place but the majority does seem to be 1-2. For those in the 1-2 camp what’s your use cases? Curious if you have considered pots and only need that many. Or set up a couple to try them out but not really thought about them. Etc.
I have 8 pots - mostly so I can see how close I am to each goal (which at the moment I write in the title i.e. Car Insurance - £264 (£35pm)). I also have a holiday pot, rainy day (emergency fund) etc. On payday I put everything into my everyday pot and then send myself an amount per week to aid the budgeting It’s working really well for me so far. At the end of each week anything I have spare I move across to my holiday pot and start the whole process again. I think I can live with 10 being the pot limit as a few if my pots could be combined, for example I could just have a car pot instead of car insurance, car tax.
Yeah I have done the same with merging some pots. But would be good to look back over history of pots if history was available. I’m also sweeping unused pots balances into an emergency fund which is working really well. So 50% of my pots essentially reset to £0 then get topped back up on payday. While the other 50% are for more long term items. Again more ringfencing money for something that trying to build savings.
iPhone upgrade - I pay outright every year as the money I put aside each month over 12 months plus the money Apple pay for recycling the old phone is less than mobile networks charge even spread over 2 years instead of 1
Groceries - I have a fixed weekly budget, but this is more than I usually spend so there’s a surplus in there I know i can dip into if I need to
Money set aside for a specific short holiday which annoyingly is a few days before payday so I knew cash would be tight
Coffee / Hot Chocolate Machine (my friend gave me some money for when I move out in however many years… I like hot chocolate)
Jeremy (he is currently on an overnight stay at a vets, this could get expensive …)
(Last two are money and credit card pots that I have money in for now, but haven’t used in case I need for Jeremy. First is two weeks wages and second is to clear a credit card, but I’m not gonna pay it off until the cat is sorted)
My partner’s savings (while she waits for her monzo card)
But I have had a total of 7 pots at any one time (extra 3 on top of the above until I no longer required them as they are pots of ringfenced money for the different places I went to on my recent holiday).
Such a handy feature, can’t wait for the rules for pots!
I was trying to be more granular but have now grouped similar things together (my sons football, rugby, guitar is now under ‘activities’). But I don’t like it