I’d like to suggest a feature where you can spend directly from Pots without having to move the money back to the main account.
The Curve card has a feature whereby you can use the app to choose, which bank card you pay with, but paying with the single Curve card.
I’d love it if Monzo did a similar function, but without adding additional cards like Curve, instead using the Pots as the payment method up to the balance of the Pot and then withdrawing the rest from the main account if the transaction value is over the Pot value.
An example is that I currently have 4 Pots on my account for my food budget. Let’s say I’ve put £75 in to each of the 4 pots, one for each week. It would save me time having to transfer my grocery bill amount into the main account at the checkout before paying for the transaction or transferring the full £75 into the main account and then transferring the remaining amount back into the pot.
I’d have a look at IFTTT and the applet for grocery shopping. You’re right that it will take grocery shopping from a dedicated pot, but in order to ensure I remain on budget, I didn’t want to keep all £300 in one pot as I risk over spending one week and then reducing my budget for the following weeks etc. This is why I split the £300 between the 4 pots to ensure i can’t spend more than the allocated money in the pot.
Great suggestion though, thanks. I’ll keep that in mind for other things and will look to build my own similar applets through IFTTT for stuff like Eating Out or Fuel.
Just bumped into this this week. At the end of this month I need to pay the balance on my holiday. Money is in the pot waiting. Scheduled the pot move and then the bank transfer. Summary then goes all red on me - your committed spend is more than your balance. I understand the general rationale for not including scheduled income and am a massive supporter of that. Being able to mark this transaction as coming from a pot would have been awesome.
I would love this feature too. Maybe go a bit further and assign specific merchants to come from each pot. We put food shopping across to a separate pot to keep track of things, but when you spend, the left to spending summary doesn’t take into account that you may have moved money back to cover the payment.
If I could assign a supermarket to my food shopping pot, then it would go from there and the transaction wouldnt affect main balance spending.
As suggested earlier, I’d have a look at IFTTT for that. It allows you to specify a merchant and request money from a specific pot immediately after payment so that your main balance is then replenished (assuming the pot has the money available, of course).
It works well for my Petrol spend until the end of the month where I don’t have the main balance to buy the fuel in the first place.
I would just like to be able to click on any payment I’m my main account and then choose a pot to assign it too. For example I have a pot saved up to buy Christmas gifts. When I make a payment from the main account I would like to just go back and click any payments which were for gifts, assign them to the Xmas pot, and then have the values transferred, and the payment listed in the pot.
I would love this feature:
If I’m on a business trip, I’d set aside a pot for the expenses, then anything I spend on the trip should come from the pot & my expense transactions will be separated from the main account & make the paperwork to my company easier.
Failing that, the ability to transfer transactions from the main account into the pot would help.