I signed up to Monzo little over two weeks ago now after seeing an advert on the T.V which caught my eye due to the way Monzo seems to work, it appears to fit into the way I currently manage my money using YNAB but I have yet to put any of my actual money into my Monzo account, I feel a bit hesitant…

It seems using the budget function would be better suited to this task. Pots are like envelops in a drawer that cash isn’t in my wallet so I can’t spend it, I first need to get some of that money out of the envelope. Thank you

[image] BonzaOwl: It seems using the budget function would be better suited to this task. Spot on. That’s how i use it. Transport budget of £x Just make sure fill ups at supermarket petrol stations come out of that category and not Groceries otherwise Budget is inaccurate.

Pots can be used as non-interest savings pots or ‘build-up’ pots. Let’s say your car MOT is due in 12 months and costs £30, if you set up a POT called [cough] MOT, then set-up a monthly transfer to that pot of £2.50 per month. After 12 months, you can withdraw from the pot to your main account, pa…

So you are able to sort your transactions by Categories - generally Monzo does it automatically and gets it right If you disagree it is very easy for you to change it yourself

Thank you everyone, I had it in my head that pots were like categories which in YNAB you use to slice up your money from the available balance, much like the Budget function within Monzo thanks for clearing that up for me. I understand now. One thing I am a little puzzled on though is the figure yo…

I started this topic a little over a week ago and then the thought of me using Monzo as an account to handle my day to day spending was still in the deciding stages, one week on I now have the majority of my day to day spending on Monzo with all my bills and committed spend still over at HSBC while …

[image] BonzaOwl: One of the down sides here though is the inability to split transactions across a few categories, for example if I went to Tesco and did my grocery shopping there but also bought something else at the same time Yeah. There’s a few apps which offer this, but Monzo ain’t one. …

[image] BonzaOwl: One of the down sides here though is the inability to split transactions across a few categories, for example if I went to Tesco and did my grocery shopping there but also bought something else at the same time which wouldn’t be part of the grocery budget it would be good to sa…

Using Monzo for budgeting

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davidwalton (Award Winning Hot Coral Analyst) 28 June 2019 09:51 21

Explained via example here; Account Summary - Left Over Question

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Using Monzo for budgeting

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