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Home » Blog » 4 Reasons to Set Up Monzo Pots to Manage Your Finances

4 Reasons to Set Up Monzo Pots to Manage Your Finances

Both my hubby and I applied for a Monzo account a while ago. But it’s only recently we’ve started utilising the accounts to their full potential. And set up Monzo pots to manage our family finances.

It’s no secret that we’ve struggled financially for a while now. And I’m pleased to confirm we are just starting to take control of our monthly incomings and outgoings. We can now start addressing the debt we have outstanding. And save small amounts for a rainy day. 

Set Up Monzo Pots to Manage Your Finances

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A change in spending mindset

Being confident with our monthly budget is something I haven’t felt for about 4-5 years. I know all about the dread of getting letters about outstanding debt. And having to count every penny in the supermarket. Even putting items back.

It’s a great practice to question the money you’re spending and whether you actually need to. 

Join Monzo and get £5 free!

If you join Monzo with this link, Monzo will give you £5 free!

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Set Up Monzo Pots to Manage Your Finances – How Monzo Bank can help you

Reduce the stress & exhaustion of budgeting

Because I was previously a career woman, with money rolling in, I never had to think about budgeting. Life was good. Budgeting and financial struggles then came hand in hand with a mental breakdown and pregnancy.

It hasn’t been a good time for our family, over the last four years. As a result, I still feel drained and exhausted whenever I have to create a budget. Thinking about every penny you’re spending and not having enough to go around, can be such a drain on your energy.

An account like Monzo can help you. By taking away the stress of organising money.

Read on, because I’m going to outline exactly how to set up money pots on Monzo, with screenshots to guide you through

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Competitive savings rate 

We’ve just had a notification to say that the Monzo savings rate has increased. Whilst we can’t save a considerable amount of money until our debt is repaid, even small amounts add up to a more significant financial goal.

Notifications to alert you about spending and transfers

As with any family, we regularly transfer money to one another. Especially if we are out for a meal. I’ve just learned that you can search for another Monzo account without your vicinity, to transfer funds to. How amazing. 

Luckily all of our extended family now have Monzo accounts. And therefore it takes the stress away when paying your share. 

Want more money offers? Check out my Money Saving Hacks page below

Secure payments and online support 24/7

I previously had 24/7 support with a current account and the fee was £10 per month. With Monzo it’s free. And I’ve used it a few times. Once, to stop my card if I suspected fraud (they have a feature where they unlock your card for 10 minutes to allow you access to cash).

For any new transactions, Monzo asks you to authorise payments in the app. It’s great to feel like you’re protected and you have financial security. 

So how do you set up Monzo pots?

Monzo

Firstly, you can pick which categories you want to exclude from pots. And which date you would like the pot to reset on.

Monzo Pots to Manage Your Finances

We have an individual bill account each. But we use Monzo for household expenses and shopping.

It’s now essential for us to estimate the amount we use on each type of spending throughout the month. And allocate this to a different pot.

I have included an example here, for food shopping and the amount I want to add and spend monthly. My hubby and I will be sharing the monthly food cost between us. And this is my share.

Monzo

There is an excellent feature where you can set the amount you want to save into the pot each month.

As a practical example, we spend around £250.00 per month on food. To get the exact figure, I would look back at the last six months’ spending on this type of transaction. Monzo allows you to do this easily, without having to trawl through a monthly bank statement.

Monzo Pots to Manage Your Finances

You can also lock the pot.

This doesn’t mean you cannot access your money – you can unlock this whenever you want.

However, the money is hidden away so you don’t think you have access to it. It’s a psychological thing.

Monzo

Have you set up Monzo pots?

How is it working for you?

Until Next Time

Don’t forget to use this link to sign up for your Monzo account.

Set Up Monzo Pots to Manage Your Finances

4 Comments

  1. September 3, 2023 / 8:16 AM

    I’ve never used Monzo, but I almost opened an account, but never did as their interest rates were never good. Having the ability to use pots can be useful, but I found having multiple accounts with different banks better for allocating money for different things
    Unwanted Life recently posted…The Importance Of Learning How To Be AssertiveMy Profile

    • September 20, 2023 / 9:15 AM

      Having multiple accounts can definitely help.

  2. September 23, 2023 / 1:30 PM

    I really like the sound of Monzo, but I have recently started using Revolut. Their interest percentage isn’t quite as good, and I have been considering switching x
    Caroline recently posted…Climate Change Collective updateMy Profile

    • September 30, 2023 / 1:59 PM

      Monzo is great & their savings rate is the best we’ve got across three different banks. I use Revolut for my blog costs.

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