What Pots do you have? 🍯

[alawrence (Anthony 🛩️)]

Welcome back @samdickie!

To split my salary up, I’ve used the Monzo API - as I get paid on the last working day of a month, I didn’t fancy having my salary undivided for a few days (especially at Easter, where the last working day might be a Thursday)!

On receipt of my salary, I divide the salary up into bill pots based on the regular amounts (for most of these, they’re pretty fixed, but I’ve rounded them up to the nearest £10 to give me a buffer). Each of the pots has a goal set of the expected amount for each of those bills. I’m hoping the upcoming salary sorter is going to remove the need for me maintaining this!

In the future, it might be that it divides my salary into pots by adding a set amount, or increasing to the pot goal if the set amount won’t reach it.

As for paying from them, I use the Bill Pots feature in Labs to move the money from pots to my main account on collection:

Monzo Labs: Bills Pots

Hey everyone We’re really excited to let you know that we’re ready to test Bills Pots! This’ll allow you to pay for direct debits (and soon, standing orders), right from a Pot of your choosing. It’s available now on Android, and will be available for iOS on Tuesday. What are Bills Pots? Exactly what it says on the tin! You’ll be able to assign any direct debit to be paid from a specific Pot, rather than from your main balance. Right now, we’ll only support direct debits from Bills Po…

For those subscriptions that are card-based, I revert back to the API and move the money on receipt of a transaction for specific merchants. This goes a bit further and moves from some pots based on the context - i.e. there’s set days that it’ll come from the socials/work expenses pots, but this is soon to be based on my calendar entries, along with repaying back into these pots when I split a payment / get repaid by work.