Hi everyone,
I’ve become an avid Monzo user myself and like many of you I particularly like (or dislike at times!) how much it tells me about my spending habits. Being able to create various savings pots is great and there’s actually a few bank-agnostic options out there (even though they’re focused on savings and do not allow for budgeting at the same time they’re still nice to have).
Bouncing off the OP’s point my question is: what would be your preferred format for savings? (I’m particularly looking at you @richardray, @harryjest, @Danthejaw, @dafzthomas, @dc.robertshaw, @JamesBell, @UrgeToSplurge, @MarcGeoffrey, @SladdinCJ)
- Direct debit (simple pre-determined amount on a daily, weekly or monthly basis so you can reach your savings goal in time)
- Put whatever’s left over of your daily/weekly/monthly spending limit aside automatically or manually
- Round up/Save the change (as discussed here: Save The Change 1)
- Create your own rule, i.e. I know I spend too much on hip coffee (I definitely do!) and I decide that every time I buy a coffee I automatically match that amount and put it aside / Or like @Fawxy said, allocate a chosen percentage of every transaction to my savings pot.
- My very own twist on 3) & 4): Every payday that I celebrate with my colleagues, I match the amount that I spend on drinks and set it aside towards my savings goal - This could even become a competition, with Monzo teams from different cities or boroughs competing for the top saver spot. In a nutshell: a drinking/saving contest! (I’m planning on setting this up as a Monzo meetup if this option proves popular)
Any thoughts from this inspired community are most welcome.
Cheers,
Audrey