What do you use your Monzo card for?

Legacy_user

Heya. I’m a big fan of the piggybanking method, and I’m thinking of getting a Monzo card, due to its new saving features/applets. But I’m not sure exactly what I’d use it for as I have a spending account already. What do you use your Monzo card for? Does anyone have two ‘spending’ accounts? I’m thinking of using it as that or a money cushion when I’m running low on spending account (maybe?) does anyone do anything similar or have any suggestions?

wiseonesomeofthetime

Groceries

Petrol

Eating Out

Herbalus

Bookmark..

System

I don't have a Monzo account and I do piggy-banking using the financial software on my computer - I just create dummy accounts for various purposes and 'transfer' money to and from these accounts as necessary. I only actually mark items as cleared if they actually leave of enter my real account so my cleared balance always matches the cleared balance at my bank.

So, if I want to add £200 to my savings, I transfer the money to my virtual savings account and it is no longer available in my running balance. If I need to spend any of my savings, I transfer it back to my main account and then it is available to spend.

It works perfectly and puts me in control.

venomx

I use it for bits and bobs like Food, Groceries, Online shopping etc

I usually transfer little bits of money over from my Barclays to Monzo at the moment until my money comes in next month at which point i will use Monzo for everything

Mojo71

I use Monzo for practically all my spending now.

No need for spreadsheets when transactions are displayed instantly, instead of waiting a couple of days for them to appear.

Your concern of having two spending accounts may not last for long if you like Monzo and decide to make it your only spending account.

System

venomx wrote: »

I use it for bits and bobs like Food, Groceries, Online shopping etc

I usually transfer little bits of money over from my Barclays to Monzo at the moment until my money comes in next month at which point i will use Monzo for everything

Hey hey.


I've decided that I will use it as a shrapnel account , so kinda like you moving small bits of money over, and then will see how it builds and either put it into savings, or use it as a money cushion 'fill in the gaps' account... but yes deffo as a 'shrapnel' account I think.

System

Mojo71 wrote: »

I use Monzo for practically all my spending now.

No need for spreadsheets when transactions are displayed instantly, instead of waiting a couple of days for them to appear.

Your concern of having two spending accounts may not last for long if you like Monzo and decide to make it your only spending account.

Heya that's interesting. Can I ask why you decided to use Monzo as your spending account instead of your previous bank account, or do the reasons above say it all?


What did you do with the bank account you previously used then?

Mojo71

Sweetcake wrote: »

Heya that's interesting. Can I ask why you decided to use Monzo as your spending account instead of your previous bank account, or do the reasons above say it all?


What did you do with the bank account you previously used then?

If i have £50 cash in my wallet, and spend £20, then I can immediately see I have £30 left. Monzo replicates that real-time spending, so no need to use legacy accounts where you don’t get that immediate transaction history.

Why would you want to use an account where the transactions don’t appear for days, if there are now modern ones that eliminate that drawback? It kind of renders the old system obsolete for day to day spending.

I’ll use my old accounts for savings instead, which is useful if I’m not accessing it so often.

System

Does this mean the Monzo debit card is online only? Most creditworthy bank customers have offline cards which can still be used if there is no internet access between the merchant and their bank. What about a fuel station where your card is earmarked for £99 (ASDA trial) - do you see this immediately as a debit? I used to bank with Clydesdale and their online banking service showed debits immediately - but some were to check your card status (Amazon does this if you pre-order an item) and no actual debit ensures. Personally I found it a PITA. How does Monzo deal with these scenarios?

venomx

Do any of you guys top up the Monzo account from your main one when you need it ? Or just have it in one lump sum each month