Following on from @nikimukhi class document I thought it would be fun to see/ share how you’re set-up and what your goals are! Whether that be ISAs/ LISAs/ Stocks and more!
For me as a recent graduate I’m working towards a few things:
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;So my set up is this (please excuse the crude flow chart) 
Let me know how you’re set up!
Without a flow chat, but mine is as follows…
25th of every month is payday, salary comes into Monzo
26th of every month (1 day after payday just in case I need to stop something) - I have 3 standing orders that come out…
1st of the month comes round and all Direct debits and rent comes out (Girlfriend pays me her share of the bills too on the 1st)
This leaves me 24days with the money in my account to do groceries, transport, buy a new tshirt and all the rest.
I find this way works best for me, I get rid of “excess” money into savings accounts, before I get chance to really see it, then I have a few days between payday and bills coming out, to sort potential problems out, e.g. Pay didn’t go through properly
That gives me the rest of the month knowing exactly what’s in my account, and where it’s being spent.
Before Monzo, I simply was playing a guessing game every time I spent money “Did a bill come out last night?!? Who knows!”
I think we have fairly similar set-ups!
I just enjoy knowing how much money I have in my account - my old Legacy Account it was a complete guessing game! No too dissimilar to your woes:
It is honestly my main attraction to Monzo - I can see everything and there are no headaches!
Mine’s a bit all over the place as I get paid weekly, but my bills are monthly.
Every Friday my salary comes in and immediately bits of it fly off everywhere. A portion goes into my savings, a portion goes to paying off some debt - and then 1/4 of the monthly total of my bills goes into a Bills pot.
The day before any bill is due out, the required amount is shuffled back into my main account. I am extremely eager for the committed spending pot.
Whatever is left in my main account is mine. Also any month that has five Fridays gives me a little windfall. Yay for me.
Do you find it relatively difficult to manage the weekly/ monthly split? Or is it just a case of micro-managing it all so it fits?
Nah, now that I’ve automated it all I have essentially turned all my monthly bills into an equal and manageable weekly bill.
It’s a bit of a ball ache if the amount of any of my bills changes and I have to re-do all the transfer maths, but I mostly don’t have to even think about it.
Big fan of the Pots I’m guessing? #POTLIFE Is that just because its a good visual aid of what you have and where?
Do you manually decide what goes where (apart from the IFTTTs you have)?
In terms of what else Monzo could offer (apart from the obvious higher % interest bearing account/pots) that would help your structure?
Yes but they are the same each month. Don’t mind sharing:
I have to admit, the main reason I started using Pots is because using the budgeting feature in summary didn’t work for me. If i budget £500 for a food shop I want it hidden from my total but this didn’t work. However I am happy with the way my set-up is. I guess it’s one of the great things about Monzo, it’s flexible for people to use as they wish.
Interest would be good, but also more categories and categorizing certain amounts within a transaction. I don’t like classing alcohol as groceries as that is for me not my family so it should come under shopping (or Personal Care!!) but if I buy it with the rest of the food shop it automatically declares it all as groceries. So that would be a nice feature. Being able to take £9.99 of this £100 transaction and categorise that as something different to the rest.
Oh and the soon to be announced new pots page
I think this is something that Monzo desperately need to get right - I’m not on it yet but the Dozen’s money management visually looks brilliant - whereas Monzo’s just doesn’t really work.
The flexibility is great - I just want them to continue to innovate!
Hopefully this is something they have in the pipeline (especially now Flux are on board)!
Well, if we’re doing pictures…
All money to other current/savings accounts pretty much transferred on payday. The rest happens on demand (with payments into and out of the Fuel pot managed by IFTTT).
(Tops up fuel pot to a set level with any left-over topup money going into the roundup pot.)
This looks cool and really neat and organised! Its fascinating to see how differently everyone uses the features held within Monzo.
I typically prefer to manually move money around and just keep and eye on my spending through summary whereas you seem to really use the power in IFTTT - or use a wider array of Pots.
I’m still building up a system that works well for me - however my “savings” just got wiped out for a deposit for a new flat i’ll be renting 
Wasn’t that what you were saving for?
Mine went on a new kitchen roof last year. Some things just have to be paid for.
No separate - my LISA holds the money I’m saving to purchase a house, which is still intact.
I just had to empty my Nationwide Savings to put down the deposit for the next place I’m renting as am moving to a new flat.
Then I spend 