So something I’m genuinely struggling with is budgeting my student loan to last 4 months. There’s always the temptation to spend which then means I’m left with not much to live on. Would Monzo be able to come up with a feature where the student loan is taken but is then split out and paid each month in equal instalments to help manage money better? I know there are pots but you can easily close it and get access to your money. For those with addictive personalities it’s really hard to stop spending loads of money when there’s a massive chunk sat there. If anyone has any non-monzo options they’ve come across I’d be genuinely interested to hear.
I’m guessing you mean an annuity system where a certain amount is paid into the account each month. Monzo wouldn’t be able to do that they would suggest opening a pot and setting a scheduled withdrawal.
Alternatively, you could give the money to a relative that you trust and they can do a standing order each month of a certain amount 
I recommend this too. Monzo won’t know the frequency or the amount of your loan so you’d be best advised doing the math yourself.
You can even hide the pot too so that you don’t see the balance 
I find this feature very useful.
Reduces temptation to dip 
4 Likes
I put all of my student loan into a pot and then pay myself what I need on the 1st of every month.
Thanks all for the suggestions. I think the essence of what I’m getting at is not having access to the money at all and having it distributed. I think for myself and many others who opt in it would be such a beneficial feature. Like at pay day have all your money in one pot that then gets handed out weekly/biweekly/daily.
You’ve just repeated what you put in your first post. A scheduled pot withdrawal provides this and is something that already exists.
I think what he means is he wants the return of a truely locked pot, money that he has no way of touching until certain date.
Putting it in a pot at the moment, setting up a scheduled withdrawal and hiding are good but have backdoors which can be utilised very easily to gain access to all your money again by simply deleting the pot.
Why not put it into a LISA? you’d be charged 25% if you withdraw without buying a house or waiting until retirement. Seems like a good alternative no? With a heavy penalty.
Because a student loan is to live on now… unless you are fortunate enough to be financed by your family
Unfortunately what you want won’t happen. Monzo used to have locked pots that required support if you wanted to open it before that date and it was a huge drain on resources.
oops, misread, thought he was trying to save some of his student loan. sorry!
1 Like
I wish I could save some money from my student loan haha, but its barely enough to live off as is!
I was fortunate enough to live at home but I still got a student loan. I could have saved it all up and put it towards a deposit. Instead I got a student loan and spent 2 years of it having fun and going to the pub.
Uni me was stupid…
fortunately only got 2 years of loan so it isn’t too bad.
1 Like
That’s the whole point of being a student, got to take advantage of it whilst you can
1 Like
If the OP wants locked pots then this used to be a feature but was removed due to abuse. So it is highly unlikely to return unfortunately.
Hiding a pot or using a savings pot is the best friction you’re going to get. The rest will need to be willpower.
As others have said put the money into pots and hide them, work out what you need and then have either one main pot hidden with the full amount and draw down from that or have monthly ones with the money in each.
Can’t ever see Monzo implementing what you want and at some point you’re going to have to financially educate yourself and do budgets just like the rest of us have to on a monthly basis.
Agreed, those are his best options at the moment.
He is however trying to suggest an improvement to monzo that fits his specific need,
This sounds to me like he wants truly “locked pots”.
Locked pots were a fantastic idea, they just needed to find a way to remove the ways to abuse them.
Another option for you @Lukeccollinson coudl be 45 day notice savings accounts?
I know moneybox offer one, not too sure if there are others.
As the name suggests you need to give 45 days notice before you get your withdrawal amount. So could work for you potentially