When it comes to budgeting it is incredibly helpful to be able to separate your spending into different pots, so that you know exactly how much money you have available for each spend – like annual car insurance, Christmas time and birthday spends. With the Monzo saving pot feature you can do just that!
What is Monzo
Monzo is a bank that lets you sign up for a current account in just a few minutes using an app on your phone (iOS and Android).
With over 5 million customers, Monzo is very popular and with the Monzo saving pot feature it is easy to see why.
A Monzo account comes with some great features and also includes FSCS compensation up to £85,000 per person.
What are Monzo savings pots?
Monzo savings pots are a way to help you budget for your spending, however you want.
If you are saving towards a few things then you can get confused seeing the total in your current account. How much is your fun money for the month, how much is to pay for your upcoming MOT and how much is for your debt repayments?
By using the Monzo saving pot option you can easily split up the money and allocate it to each financial goal. You can even set goals in every Monzo saving pot and lock the pots – for example if you have a Christmas pot you might want to lock it until November.
You can either manually transfer money into your Monzo saving pots or use automation to automatically fund your savings pots. Automation makes things easier for you. And it’s used in many things today, from call center automation to large scale manufacturing.
I personally prefer to manually transfer the money in, but some of the automation options which we will cover further down are mind blowing.
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Monzo saving pot ideas
When it comes to setting up a Monzo saving pot your mind might go blank wondering what on earth you are saving towards.
There are plenty of ideas but here are some to get you going:
- House deposit
- Home repairs
- Annual insurances such as car insurance, travel insurance, home insurance and pet insurance
- Heating oil deliveries
- Buying a new car
- Paying for your annual bus or train ticket
- Creating an emergency fund
- Holidays and weekends away
- Pets expenses from buying your future pet to regular grooming and treats
- Birthdays
- Christmas
- Your wedding
- Attending weddings
- Child related costs – clubs, activities, childcare fees, school fees, new clothes, school uniforms or a general baby fund
- Debt repayments
- A big expense such as a new phone, new computer or even a boob job
There are so many Monzo saving pot ideas.
Automation options for a Monzo Saving Pot
Monzo offer you a few ways to automate the savings into the Monzo saving pot of your choice.
You can use the roundup feature to roundup your spending to the nearest pound and then pop it into a Monzo saving pot.
Or you can connect Monzo with IFTTT (which stands for ‘if this then that') which will tell Monzo to save some money after something has happened.
For example, you might want to tell Monzo to save into a pot every time you spend money at McDonald's or KFC, or to save money every time that you record a run with Strava.
There is even an option to save money into your holiday pot every time that it rains – genius!
Free Monzo Savings Pot Images
Whilst I love the Monzo saving pot idea, the photos available from Monzo are lacking – and that's why I have created over 300 images for you to use for your savings pots, completely free of charge.
They cover loads and loads of savings plans and there is a style to suit everyone.
Sign up for them by completing the form below.
Get £5 free
If you haven't yet used Monzo then did you know that you can get £5 for free when you use my referral link?
To get your free £5 sign up for an account with Monzo.
Top up your Monzo account and make a purchase in any store once your free Monzo card arrives.
A little hack is to use it to top up your Amazon account with £1.
You will then be credited with £5 cash to your Monzo account to spend wherever you like.
You can find lots of free money offers like this on my free money offers page – don't forget to sign up to be notified when a new offer is available.
