Withdraw transaction amount from a pot depending on spending category

Feedback & Ideas
1

Hi,

I think it would be great if there was functionality to enable a spending category to be associated with a pot.

For example, when I get the bus and pay using my Monzo card, the app already categorizes this as ‘Transport’. It would be cool if I could create a pot named something like ‘Commute’ and schedule a monthly payment into that pot (as we can already do :smile: ), and then assocaite that pot with the transport category so that any future transaction recognized as ‘Transport’ would be automatically withdrawn from my Commute pot back into my main account balance.

This is just one example, I’m sure there are tonnes more use cases where a category could be linked to a pot so that budgeting is even more seamless!

What are your thoughts?

Thanks :smile:

1 Like
2

How would you handle manual re-categorisation in this scenario? I can’t decide whether I think this would work in all circumstances.

3

This did cross my mind - I’m not 100% certain how it would work in that scenario.

I’m imagining this feature would primarily be used for expenditures that are frequent but not exactly regular in their timing, and when the locations and businesses where these costs occur would be pretty consistent for the user. Perhaps a one-off notification when it detects a first time transaction withdrawing from the pot (such as a purchase made in a significantly different location, or a from new business), prompting the user’s nod of approval, would avoid inaccurate withdrawals being made from pots set up in this way.

Not a perfect solution, but with some more thought it could potentially be refined :slight_smile:

4

platform.ifttt.com supports the following options fo filtering, you can’t do these through the regular ifttt.com, but you can use platform for free for some personal triggers.

  • Monzo.cardPurchase.TransactionId
  • Monzo.cardPurchase.MerchantName
  • Monzo.cardPurchase.MerchantAddress
  • Monzo.cardPurchase.MerchantCountryCode
  • Monzo.cardPurchase.MerchantLogo
  • Monzo.cardPurchase.Category
  • Monzo.cardPurchase.Emoji
  • Monzo.cardPurchase.Notes
  • Monzo.cardPurchase.AmountInAccountCurrency
  • Monzo.cardPurchase.AccountCurrencySymbol
  • Monzo.cardPurchase.AccountCurrencyCode
  • Monzo.cardPurchase.AmountInLocalCurrency
  • Monzo.cardPurchase.LocalCurrencySymbol
  • Monzo.cardPurchase.LocalCurrencyCode
  • Monzo.cardPurchase.TransactionTime

Something like this might work, I haven’t tested it.

58

The filter code is:

   if(Monzo.cardPurchase.Category.toLowerCase() !== 'transport') {
      Monzo.potWithdraw.skip();
   }
1 Like