What's your 2019 money resolution?

(Nick) #21

My money resolutions for 2019 are to account for all my, er, accounts.

To be clear, my own accounts, that I have opened myself, those have always been accounted for. But when I was a child, there were accounts opened by my parents, accounts opened by my grandparents (one side), and accounts opened by my grandmother (other side).

When I was aged 18-21, I got access to these. But when you’re aged 18-21 and no-one’s given you any financial education, sometimes things end up slipping between cracks.

So that’s where I am now, at a more advanced age. Poking and prodding between the cracks to see what pops out. Any money I do find or retrieve as a result will get reinvested somewhere - if I’ve managed without it this long I can manage without it still, and hopefully working better for me.

I’m also looking forward to the Android launch for Freetrade. Should things line up, I’ll surely funnel some money through there.

(James Bond) #22

Pots, Pots, Pots! My partner and I love them. We have 16 so far in our joint account.

As an example I have added the following:

  • Bills (we break this down for specifics such as water, energy, mortgage, etc). Particularly useful for bills that aren’t monthly but that we put away for monthly.
    For bills that are monthly, these are quite transient as they’re only required until the money is taken out. Then they stay £0 until next month. I might look at using IFTTT or write an API to move money automatically on relevant payments dates instead and have a single large pot that contains all monthly bills. Being able to specify a pot for certain scheduled payments would be great though. The main reason is that I like to ensure my main account contains only my completely disposable income. Everything else should be in a pot.
  • Other Deductions (Window cleaner, annual management fee for our housing area, birthdays for family/friends, etc)
  • Savings (Long term, short term, Backup funds for things like pets, car repairs, MOT, etc.) Each of which with a set goal amount.

We have some pots locked until 2021 and others on a weekly rotational basis to help control spending.

** p.s. Please update the horizontal view and add the ability to take schedule payments from specific pots :smiley:

For 6 years now around Christmas I like to give back to the community or people in general. To make it easier this year i’m using the ‘Round Up Transactions’ feature to put away money throughout the year. Whatever I have in it by then I give away to somewhere I believe it’ll be helpful.

My main goal for 2019 is to stop spending (wasting in my case) as much money on lunch whilst at work by limiting myself to a specific amount using the budgets functionality.

I can honestly say I’ve never been in more control of my finances and have such a clear view of them than with Monzo. I’ve had years of frustration with the high street banks and this influx of challengers is a breath of fresh air.

(Paul G) #23

Mines a pretty simple one… stop spending £3.50 a day on lunch at work. Instead, I’m taking a pack up/leftovers.

My hope is that doing this will make the 1p challenge more palatable once we get towards the end of the year and I’m putting more than £3 in everyday.