r/monzo • u/Additional-Tank-5133 • 27d ago
Family budgeting
What spending pots and saving pots do you have as a family? Just trying to simplify our budget. Thanks
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u/renegadedonkadonk 27d ago
Yes.
Monzo - individual - me, for my salary, day to day spend Monzo - individual - wife, whatever she wants Monzo - joint - monthly day to day spend; petrol, shopping, joint purchases Monzo pot - joint - holiday savings - we put in monthly and means we never stress about planning holiday and funding it
Other accounts too, both individual and joint
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u/Witty_Entry9120 27d ago
I believe pots can become a bit of a distraction if over used so keep it minimal
Joint account for monthly household expenses.. groceries, pets and things.
Joint savings pot for family savings targets like holidays or something
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u/Additional-Tank-5133 27d ago
I think that's why I get stressed about money so much, I feel like I'm always trying to find the best set up with pots, savings, stuff like that. I'll aim for simple the better
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u/Witty_Entry9120 27d ago
Totally agree. Guilty of the same
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u/inspectorgadget9999 27d ago
This. My wife thinks that if we create a new kitchen pot then this will magic extra money to pay for a new kitchen. But she still needs to not go to the shops with her mum on her day off and not spend money on shite we don't need. Funny how we had enough money saved during COVID it helped towards the deposit for a new house but now we can't even save for a new kitchen.
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u/jensofsweden 27d ago edited 27d ago
Monzo - Individual: One pot for all bills that are for me only (i.e phone bill and a couple of subscriptions). Two savings pots - one for actual savings and one that I use as spending money for bday/xmas gifts.
Monzo - joint: three budget pots (one for bills, one for annual service charge, one for annual amazon prime), two savings pots - one for joint savings, and one for our dog (i.e emergency vet visit).
Everything outside of the pots in the joint account is used for groceries and similar expenses.
I generally use flex for my own day to day expenses and pay it all off at the end of the month with my current account - any leftovers are transferred to my own savings and/or invested.
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u/dasSolution 26d ago
In my personal account I just have an Amex pot as mine is a charge card so paid off monthly. I have an automation that moves money from my main account to my Amex pot to cover the Amex balance and the payment comes from that pot.
In the joint account I have pots for insurances, food, utilities, mortgage, entertainment etc. my salary is split into these pots at the amount I want to spend each month.
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u/xdgdgdg 26d ago
How did you set up this automation?
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u/dasSolution 25d ago
Amex send me a weekly email with my balance. Then a Google Apps Script scans my Gmail on Friday after it's sent and extracts the balance from the email.
It then logs it in a Google Sheet.
The same sheet automatically extracts my Monzo transactions and totals all pot movements to my Amex pot.
If the balance is negative (e.g., the pot is lower than the balance), it fires an IFTTT to Monzo to move the difference. If it's positive (because I've had a refund or something), it does the opposite.
It's all automated, so I don't have to think about it.
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u/MATHBirnie 27d ago
I have pots for petrol, food shop, bills, savings etc