this video was brilliant, exactly what I needed. I can tend to feel anxious about personal finance but you have a really calm demeanor that made this feel really accessible. thank you for making it!
Recently switched to full monzo. Can't believe i used it for few years without knowing 'salary sort' feature😂 game changer.🤘 Thanks for sharing idea for yearly/unforseen expenses pots, that's super handy, as it's is where I always trip.
Amazing! Yeah the salary sort is a game changer isn't it. And the yearly expenses definitely paid off this year with Christmas and my various car bills haha. Good luck with it for the New Year :)
Brilliant video my friend, I was really lost when it came to pots. Played around with it a bit and with your video guidance it all worked out. I have subscribed to your channel and can't wait for your future videos. Much appreciated.
Thank you so much - this is JUST what I needed. You are informed, clear and break things down perfectly. Can't thank you enough, honestly. About to buy a house with my partner so we need this! :D
@@LiamGower Quick question, I want my bills to be paid directly from certain pots. Do I need to pay for Monzo Plus to do this? Would you advise it's worth it? Thank you :)
Hey, yes you would need Monzo Plus to be able to do this! I think it could be worth it if you value that, plus things like custom categories, transaction splitting, etc. The only thing that has stopped me from getting it, is that Monzo Plus features don’t work for Joint Accounts currently. So it will depend on whether you have a joint account with your partner or not. If you just have your own personal, I’d definitely consider it!
Hey zJosh94! I’ve been full Monzo for over 2 years now and never had issues! I think naturally you will only see people talking about the issues on things like reddit or twitter, because if you’re happy and going smooth, you aren’t necessarily inclined to shout up about it! If you’re nervous about making a full switch, you can easily setup an account to begin with and just transfer a small amount of money to play with the features and get used to the app. From there you can see how you get on!
Thanks, Liam for your helpful video. Just to ask with your separate Pots for bills etc due monthly.. Does the funds come out of your Monzo pot directly (as you don't have Premium, I see) or do you just transfer the cash to your main Monzo account when the bill is due?
Hi Liam, this video was amazingly helpful and I have been using this method for 9months and it actually improved my finance a lot. My question now is that I heard that Monzo has some financial issue at the moment and I am actually saving quite a lot of money in Monzo pots. I am wondering if it is safe or now time to move to other service.
Hey Sue, this is fantastic to hear my tips helped in some way, but of course a lot of the credit goes to Monzo ha! In terms of being worried, Monzo is an officially registered bank and with that comes protection on customer's current account deposits up to £85,000 I believe, so if they went 'bust', you'd be protected up to that value. So I wouldn't be too concerned. Of course if you are saving more than that, then this concern would be relevant regardless of what bank you use, and I would thus recommend you consult online financial literature about how best to save and invest your money responsibly. (ISAs, Index funds, Bonds and so on). Hope this helps, happy to help further if you have any questions.
Great post Liam - I dont use Monzo but I do use YNAB and with open banking from last year able to integrate all data into one app. I have something around consolidating financial data on my channel, do let me know what you think.Have subbed and liked and look forward to more videos on this topic and PF in general :)
Say I went food shopping and spent £40... Would this come straight out of the current account or is there a way to pay it straight out of a “food” pot? Love the vid👍🏻
Hey Dylan! Thanks for watching. This is something I would LOVE but unfortunately right now it would just come out of the current account, but you can obviously mark it as ‘groceries’ or ‘eating out’ category. But I agree with you, coming straight out of specific pots would be even more awesome.
Amazing video. Thanks. I started using pots for bills and subscriptions as you said. The problem is that not every bill or subscription is a direct debit. For instance, Netflix and Spotify are just a monthly payment and not a direct debit. Because of this I don't see the point of paying bill direct debits from a pot if I can't even include them all. Is there a work around for this or am I missing something? Thanks!
Hey Lewis, this has bugged me too. As far as I'm aware, this is something Monzo are looking to enable soon, so keep an eye out, and also when it happens, I'll be sure to let you know and possibly do a video on it!
Hi, I also have a question, when the mozo account is blocked due to an attempt to make a transfer, for example 1000 pounds and monzo considers a reason for alarm the account blocked money in the account blocked about what are the chances to unlock the balance and could recover money if possible in general. thanks
Hey Florin, I don’t think I can be much help here, would definitely advise speaking to Monzo support about this. I wish you all the best though and sorry to hear that!
Can you assign the amount to the pots in terms of %. So if you put different amounts in it splits that amount to the pits according to the % you set up to each pot
Hey @TheWizardlyBeard, this is such a great idea. I don’t think I’ve seen a way to do this yet, but I would love to see them add this! Maybe post it on the Monzo forums as an idea!
@@LiamGower I had looked on them, a few people have suggested it but no real reply from Monzo, thought they would jump at this. Tried to down load IFTT (if This Then That) to see if i could set it up that way but I could not. Shame I think so many more people would benefit from this, surprised they did not think of it to begin with ahh well maybe one day. If you ever find out a way please let me know thanks
It would be nice if the salary sorter could be used as a percentage of the salary that gets allocated into pots because as a self employed person my income changes from week to week
@@naazimahmed9781 yes totally! I just took a look for you and others have had the same idea! Check the link here: community.monzo.com/t/salary-sorter-calculated-as-percentage/92174 ... if you have an account I think you can 'vote' on features and ideas, which bumps it up the list for Monzo people to work on :)
this video was brilliant, exactly what I needed. I can tend to feel anxious about personal finance but you have a really calm demeanor that made this feel really accessible. thank you for making it!
This is the best summary of a Bank, ever! Thank you Liam!
Hey thank you so much, really appreciate the kind comment :)
Recently switched to full monzo. Can't believe i used it for few years without knowing 'salary sort' feature😂 game changer.🤘 Thanks for sharing idea for yearly/unforseen expenses pots, that's super handy, as it's is where I always trip.
Amazing! Yeah the salary sort is a game changer isn't it. And the yearly expenses definitely paid off this year with Christmas and my various car bills haha. Good luck with it for the New Year :)
Saw your post on the Monzo subreddit and thoughtI'd check out the video! Very helpful!
This video is so calm and helpful ngl
Great video, thanks. I’ve had Monzo since May 2017 but this month I have finally made it my main account so all your tips are really helpful 😁
Brilliant video my friend, I was really lost when it came to pots. Played around with it a bit and with your video guidance it all worked out. I have subscribed to your channel and can't wait for your future videos. Much appreciated.
Hi Gulam, thanks so much for your message I love to hear it! Glad I could help with your pots and thank you so much for subscribing!
This was a really good video actually. I'm new to Monzo so I watched a few videos but this was exactly what I needed.
Hi M Sho, I’m so pleased the video helped you! Good luck setting it all up 😊 I’d love to hear how you get on!
Thank you for this, the first video of the kind, with examples on the actual app.
This video was really helpful, the way you explained it was so easy to understand :)
Hi Rosie, I’m pleased you found it helpful! I’m hoping to do a few more videos on finances and Monzo soon so keep an eye out 😊
Liam Gower great, will look forward to it!
great content liam! i hope your channel grow. Update : I just set up everything.
finally I have money management system thanks Liam!
Best of luck jj! Thanks for commenting :)
Super helpful just what i was looking for! Thanks
Thank you so much - this is JUST what I needed. You are informed, clear and break things down perfectly. Can't thank you enough, honestly. About to buy a house with my partner so we need this! :D
That’s so nice to hear Estefania! Good luck with the purchase and happy saving 😃
@@LiamGower Quick question, I want my bills to be paid directly from certain pots. Do I need to pay for Monzo Plus to do this? Would you advise it's worth it?
Thank you :)
Hey, yes you would need Monzo Plus to be able to do this! I think it could be worth it if you value that, plus things like custom categories, transaction splitting, etc.
The only thing that has stopped me from getting it, is that Monzo Plus features don’t work for Joint Accounts currently. So it will depend on whether you have a joint account with your partner or not. If you just have your own personal, I’d definitely consider it!
Love the CGP Grey symbol 😃
So did you go full Monzo? I am thinking of doing this but I'm seeing people on Twitter having their accounts closed for no reason?
Hey zJosh94! I’ve been full Monzo for over 2 years now and never had issues! I think naturally you will only see people talking about the issues on things like reddit or twitter, because if you’re happy and going smooth, you aren’t necessarily inclined to shout up about it! If you’re nervous about making a full switch, you can easily setup an account to begin with and just transfer a small amount of money to play with the features and get used to the app. From there you can see how you get on!
Thanks, Liam for your helpful video. Just to ask with your separate Pots for bills etc due monthly.. Does the funds come out of your Monzo pot directly (as you don't have Premium, I see) or do you just transfer the cash to your main Monzo account when the bill is due?
I use monzon for 1 year its awesome.
Woop! It is :)
I got exactly what I needed. Thankyou very much for the info
Great to hear :)
Great video Liam, thank you!
Glad you enjoyed it
Hi Liam, this video was amazingly helpful and I have been using this method for 9months and it actually improved my finance a lot. My question now is that I heard that Monzo has some financial issue at the moment and I am actually saving quite a lot of money in Monzo pots. I am wondering if it is safe or now time to move to other service.
Hey Sue, this is fantastic to hear my tips helped in some way, but of course a lot of the credit goes to Monzo ha!
In terms of being worried, Monzo is an officially registered bank and with that comes protection on customer's current account deposits up to £85,000 I believe, so if they went 'bust', you'd be protected up to that value. So I wouldn't be too concerned.
Of course if you are saving more than that, then this concern would be relevant regardless of what bank you use, and I would thus recommend you consult online financial literature about how best to save and invest your money responsibly. (ISAs, Index funds, Bonds and so on).
Hope this helps, happy to help further if you have any questions.
Great post Liam - I dont use Monzo but I do use YNAB and with open banking from last year able to integrate all data into one app. I have something around consolidating financial data on my channel, do let me know what you think.Have subbed and liked and look forward to more videos on this topic and PF in general :)
Say I went food shopping and spent £40... Would this come straight out of the current account or is there a way to pay it straight out of a “food” pot? Love the vid👍🏻
Hey Dylan! Thanks for watching. This is something I would LOVE but unfortunately right now it would just come out of the current account, but you can obviously mark it as ‘groceries’ or ‘eating out’ category. But I agree with you, coming straight out of specific pots would be even more awesome.
Liam great video mate give us an update Monzo helped me a lot highly recommended.
Hey BD 3, Monzo is great isn’t it!? I am hoping to get a video out soon on my favourite finance apps, and let’s just say Monzo might feature in it 😉
Amazing video. Thanks. I started using pots for bills and subscriptions as you said. The problem is that not every bill or subscription is a direct debit. For instance, Netflix and Spotify are just a monthly payment and not a direct debit. Because of this I don't see the point of paying bill direct debits from a pot if I can't even include them all. Is there a work around for this or am I missing something? Thanks!
Hey Lewis, this has bugged me too. As far as I'm aware, this is something Monzo are looking to enable soon, so keep an eye out, and also when it happens, I'll be sure to let you know and possibly do a video on it!
Thanks 😊, didn't know these existed
No problem 😊
Great video. I noticed the mighty nail and gear btw :)
Cheers b4k3r! Here’s hoping HI returns in 2021 haha!!
Let’s hope! 🤞🏻
Great information. Thank you.
Cheers Patrick!
Really helpful thank you!
You’re welcome Cara!
What is fixed saving pot ?
Hi, I also have a question, when the mozo account is blocked due to an attempt to make a transfer, for example 1000 pounds and monzo considers a reason for alarm the account blocked money in the account blocked about what are the chances to unlock the balance and could recover money if possible in general. thanks
Hey Florin, I don’t think I can be much help here, would definitely advise speaking to Monzo support about this. I wish you all the best though and sorry to hear that!
Can you assign the amount to the pots in terms of %.
So if you put different amounts in it splits that amount to the pits according to the % you set up to each pot
Hey @TheWizardlyBeard, this is such a great idea. I don’t think I’ve seen a way to do this yet, but I would love to see them add this! Maybe post it on the Monzo forums as an idea!
@@LiamGower I had looked on them, a few people have suggested it but no real reply from Monzo, thought they would jump at this. Tried to down load IFTT (if This Then That) to see if i could set it up that way but I could not. Shame I think so many more people would benefit from this, surprised they did not think of it to begin with ahh well maybe one day. If you ever find out a way please let me know thanks
It would be nice if the salary sorter could be used as a percentage of the salary that gets allocated into pots because as a self employed person my income changes from week to week
Ahhh that is a great point that they have considered. You should post the idea on Monzo Forums!
Sorry typo, *haven’t
@@LiamGower thanks! do you think that's the best way to get my idea across?
@@naazimahmed9781 yes totally! I just took a look for you and others have had the same idea! Check the link here: community.monzo.com/t/salary-sorter-calculated-as-percentage/92174 ... if you have an account I think you can 'vote' on features and ideas, which bumps it up the list for Monzo people to work on :)
@@LiamGower great. I'm gonna message the support team too to give them a nudge
Lowkey Jack Whitehall
Say if you set your saving oit limit to £10 can you then later change it to another amount?
Hey do you mean the saving pot target? If so I believe you can change it anytime yes!
What is the name of that book
Where is the salary sort on the app
Anytime you receive a payment into your Monzo current account, you can click into it and scroll down and you should be able to see it there.
Hi
Great video
What the meaning the cash left for 14 days anyone?????
Until they block your account and hold ur money for 4 months! Monzo is well known for this!!!
Yeah, it's the reason I don't feel safe enough to use it as my main bank account.
Hallo Monzo 👌👍🤳
Looking at the financial position before the pandemic I doubt momzo will be here in 12 months
If I was on reddit I'd be typing !remindme 12 months ;P haha. For my sake I hope you're wrong because I love Monzo!! :D
@@LiamGower Well it's 9 months and they are still here. 11 months since Gareth's comment too!
Give update on your monzo?
Please can you do joint account Monzo!