I don't understand Monzo

[YellowSubmarine994]

I've just downloaded Monzo and the card is in the post on its way to me but I don't understand how payments get allocated to jars. If I have a direct debit for my mortgage, how will Monzo know to take it from the household bills pot? If I go to Asda and make a card payment for a food shop, will it automatically come from my groceries pot?

You have to manually move things to and from pots. So the pots are more helpful for saving up for infrequent expenses - there’s no real point moving money to a mortgage pot every month and then paying it out from the same every month.

It will automatically classify your spending into categories (groceries, shopping, bills etc) and you can manually reclassify if you want, so that you can better understand your day to day spending too.

so I have pots for eg car - so that I contribute every month but it’s enough for annual costs like MOT or insurance, and Christmas, and Birthdays. When I spend on those things I manually move money out of the pot to cover it

You don’t have to move everything manually every time, you can set the pots to take money from the main account every week or month and for certain bills to be paid directly from a particular pot.

Oh this makes sense. I hadn't discovered the categories function yet so I was trying to make a pot for groceries, pot for shopping etc.). I've got it sussed now. Thanks that really helped!