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Original poster

Your best money tips from 2024

31 replies

Stripybasket · 31/12/2024 20:21

Mine is nothing new or exciting but I've really found using Monzo pots has helped us get a better grip on finances this year. Just wish there wasn't a limit of 10.

What's your top money tip to share?

OP posts:
Isittimeformetosleep · 01/01/2025 15:32

MauveVelcro · 01/01/2025 12:39

My current Monzo pots are:

  • Mortgage
  • Utilities (Gas, Elec, Water, C Tax)
  • Car (Ins, AA, Tax, MOT)
  • Optician and dentist
  • Comms and subscriptions (V.Media, 4 x mobiles, Prime, Netflix, Xbox, couple others)
  • Kids activities (various regular costs)
  • Childcare bill
  • Dog (Vets, also collects money for food orders)
  • Kids allowance and extra costs
  • Misc (for emergencies)
  • General savings (longer term, gets transferred out every few months elsewhere)
  • 2025 Holidays
  • 2025 Birthdays
  • 2025 Xmas

For the bills pots, each of the Direct Debits or Standing Orders come directly from that pot.

Some pots I use to collect a credit balance so the cost is spread. Like in the kids activity pot, ds3 does swimming lessons for which we have to pay £100 every 12 weeks. I put £34 a month in there for that so the money's always there, in advance, when the invoice is received.

Show quote history

Thank you! I didn't realise you could pay directly from pots

dynamiccactus · 01/01/2025 15:49

I used to have a cashback credit card but I didn't like the idea of being in arrears all the time, even if you pay it off in full each month, for me it's better to have a debit card and it goes out right away.

I don't actually have a credit card now.

My tip is to have a linked savings account to your current account and put money in it each month as soon as you get paid. Sometimes I have to borrow back from myself if I have a particularly expensive month but usually it means I spend what's left and no more.

And have a nice husband who makes you sandwiches to take to work so you save money on buying lunch :)

Thatsinteresting · 01/01/2025 18:11

I have an app for my credit card and my bank. I check both as soon as I wake up, it takes less than a minute but means I can spot any problems immediately. I also pay off my credit card daily so I'm not in arrears

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General money
itsparklesitshines · 01/01/2025 19:14

My best tip is to use a financial advisor. I did last year and it has completely restructured my finances for the better.

Thatsinteresting · 01/01/2025 21:56

I don't think I have enough money to require a financial advisor!

PollyOrange · 01/01/2025 22:27

@Stripybasket can you give me an idiot's guide to the pots? Do the pots stay separate to your main pot so if you try to use your card , that money is protected or do you bave to choose what pot to use? Tried to google and went down rabbit holes

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