My partner and I just moved over to using Monzo as our main account.
We get paid (monthly) into the Joint Monzo account then moving enough money into a pot to cover all outgoings until the next payday - anything left over goes into another savings pot.
Most of our outgoings are monthly direct debits/standing orders (bills, rent, credit card) but we manage our personal and joint “discretionary” spending on a 4 week cycle (this has been a game changer - much easier to manage discretionary spending when it’s a fixed number of days/weeks!)
So the “Bills” pot covers all the recurring outgoings (as per above) via Direct Debt and I also have scheduled payments every 4 weeks for the discretionary spending in our joint account (and our separate accounts).
On our accounts we’ve set it up so that the Monzo account expects to be paid every four weeks - works perfectly.
But the “Bills” pot is using the same time period. So right now I know (and so does the pot) that a scheduled payment will drop on Monday to pay for another 4 weeks of discretionary spending. But the app is showing there is £0 “left to pay” in the Bills pot because it’s using the same time period which renews on Monday but I won’t be paying more money into the Bills pot
Hope this makes sense!
