Thank you so much for all the great advice! I had a question- for all the lovely pots you made to budget (Gifts Christmas Holiday Giving fund Baby Car insurance Home insurance Pet Pampering (nails) Takeaways) How much of monthly income, percentage wise, would go towards each pot? :)) cheers !
This would vary VERY much according to peoples personal finances and circumstances. But if you’re just curious to know what it is for me, these pots are around 10% of my income, excluding my giving and holiday pots as these can be quite a lot depending on what’s going on. Hope that answers your question 😊
@@FinanceDee thank you so much! That for sure helps😊. So do you suggest distributing the 10% across all pots? Or 10% of income for each pot? And how much of your income would you suggest goes to savings? I’m trying to live by the 50-30-20 rule and am trying to input your suggestions of distributing pots from income within the 50-30-20 rule so all help and guidance would be much appreciated :))
@laurahihaha I don’t actually suggest anything as it will really depend on personal circumstances, I was just sharing the pots are around 10% of my income. Instead of looking at all the pots as one, maybe try looking at them according to your 50-30-20 rule. For instance, fun money and pampering would be a part of wants so should be within the 30% of your income allocated to that. Car insurance and home insurance would be a part of essentials (50%) and giving would be a part of financial goals (20%). So you would still need to make sure you’ve got enough budget for all the other things in those categories as well as your pots. Hope that helps!
I had a question. So If I am using a fixed term savings pot I understand that money is locked away for the duration of the term. So If I want to save some more money where can I add that money? in another saving pot? BTW very informative video thank you!
I don’t actually have a fixed one so not entirely sure if you can add to it, but I do have multiple easy access saving pots so you could consider having that in addition. Glad it was informative ☺️
@@FinanceDee in the easy access pot they are saying “Can I withdraw money? Yes, you can take out money at any time, but it won’t reach your account until the next working day. The minimum balance is £10. If you want to take out the remaining £10, you have to withdraw your full balance and we'll close your account.” Does that mean they will close my whole account or only the pot?
I also use Monzo pots a lot but one annoying thing is if you open a savings pot and then later they offer a better rate the existing pots don't get the new rates. So I have pots paying 1.8%. I need to close them and open better paying ones now.
I actually was going to talk about that in the video then edited it out because it fit in weird lol. But yeah that is so annoying because the rate is changing all the time. But I guess it’s the same as any regular savers account where rates are subject to change at any moment and you’ll be fixed in at whatever rate you got when opening the account
If Monzo can buy bonds from the bank of england at the base rate (5.25%) and only pay you 1.8% on your cash deposit that means they get to pocket the difference (3.45%).
I use monzo and similar to you most pots I used as sinking funds. Now I have switched them to instant access, cash ISA and easy access. Might need to use the fixed one as well
Not quite because they can change the interest rate at any time. Mine has gone up twice since making this video and has almost reset the 12 month period.
Thank you so much for all the great advice! I had a question- for all the lovely pots you made to budget (Gifts
Christmas
Holiday
Giving fund
Baby
Car insurance
Home insurance
Pet
Pampering (nails)
Takeaways)
How much of monthly income, percentage wise, would go towards each pot? :)) cheers !
This would vary VERY much according to peoples personal finances and circumstances. But if you’re just curious to know what it is for me, these pots are around 10% of my income, excluding my giving and holiday pots as these can be quite a lot depending on what’s going on.
Hope that answers your question 😊
@@FinanceDee thank you so much! That for sure helps😊.
So do you suggest distributing the 10% across all pots? Or 10% of income for each pot? And how much of your income would you suggest goes to savings?
I’m trying to live by the 50-30-20 rule and am trying to input your suggestions of distributing pots from income within the 50-30-20 rule so all help and guidance would be much appreciated :))
@laurahihaha I don’t actually suggest anything as it will really depend on personal circumstances, I was just sharing the pots are around 10% of my income.
Instead of looking at all the pots as one, maybe try looking at them according to your 50-30-20 rule. For instance, fun money and pampering would be a part of wants so should be within the 30% of your income allocated to that. Car insurance and home insurance would be a part of essentials (50%) and giving would be a part of financial goals (20%).
So you would still need to make sure you’ve got enough budget for all the other things in those categories as well as your pots. Hope that helps!
This is very informative video and I am seriously considering Monzo.
Glad you found it informative 😊
I had a question. So If I am using a fixed term savings pot I understand that money is locked away for the duration of the term. So If I want to save some more money where can I add that money? in another saving pot? BTW very informative video thank you!
I don’t actually have a fixed one so not entirely sure if you can add to it, but I do have multiple easy access saving pots so you could consider having that in addition.
Glad it was informative ☺️
Love these videos Dee! Is there a maximum you can put into the fixed term pot?
Hey Amy! So glad 🙂 apparently £100,000 monzo.com/help/budgeting-overdrafts-savings/instant-access-savings-pots-web
Not bad!
@@FinanceDeeI think it might be £85,000 but that could me something different
Yeah that’s the amount you’re protected by the financial compensation scheme per bank/institution.
Is it free to put in the pots? So I only get benefits from the intrest and not pay anything?
Yes it is free, just interest paid to you. No fees 😊
@@FinanceDee in the easy access pot they are saying “Can I withdraw money?
Yes, you can take out money at any time, but it won’t reach your account until the next working day. The minimum balance is £10. If you want to take out the remaining £10, you have to withdraw your full balance and we'll close your account.”
Does that mean they will close my whole account or only the pot?
Is there any risk investing in the instant saving pot
Investing? The instant saving pots are just for saving so essentially no risk.
I also use Monzo pots a lot but one annoying thing is if you open a savings pot and then later they offer a better rate the existing pots don't get the new rates. So I have pots paying 1.8%. I need to close them and open better paying ones now.
I actually was going to talk about that in the video then edited it out because it fit in weird lol. But yeah that is so annoying because the rate is changing all the time. But I guess it’s the same as any regular savers account where rates are subject to change at any moment and you’ll be fixed in at whatever rate you got when opening the account
If Monzo can buy bonds from the bank of england at the base rate (5.25%) and only pay you 1.8% on your cash deposit that means they get to pocket the difference (3.45%).
I cant find on the Monzo app what my limit is on 4.10 percent and what wil it go down to thanks
Click on a pot and then scroll down to ‘pot details’ then click on ‘pot summary’ and the details are on that. From what I can see the limit is £250k
I use monzo and similar to you most pots I used as sinking funds. Now I have switched them to instant access, cash ISA and easy access. Might need to use the fixed one as well
Yeah I might end up using the fixed one for my car insurance pot as I won’t need to renew for 6+ months
@@FinanceDeedoes the fixed ones comes with risk also Dee😀
Hi there, I have heard anything over £10,000 does not get the interest bonus, is this correct or do I get the 4.1% on any money in there?
The limit is £100k according to their website: monzo.com/blog/instant-access-savings-are-here
Can I keep adding money to the pot to earn interest?
Yes you can keep depositing into your pots unless it’s a fixed term one 😊
If i put 100 in pot how much i get according to thier 4.89 interest
Try this calculator to help you out :)
www.thetipton.co.uk/our-savings/savings-interest-calculator/
Hi
Good video
😁
Thank you 🙂
Is there 1 year period of investment deposit
Not quite because they can change the interest rate at any time. Mine has gone up twice since making this video and has almost reset the 12 month period.