Personal Finance when I first left University: 1. Receive income and escape overdraft. 2. Spend indiscriminately for the first week. 3. Check my bank account 3 weeks in and realise I'm back in my overdraft again. 4. Literally stop going out as I can't afford a beer.
Basically, I've automated financial responsibility. I've written this up because I don't know how many people are aware that this is possible now. Part of the work is manual: you need to look at your repeating fixed costs and then setup financial pots that will handle these.
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There are manual ways of achieving the same thing (manually moving rent/bills money into a separate account, etc), but Monzo makes it much easier to do this automatically because of the salary sorting feature and the ability to assign bills (and other direct debits) to pots.
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This could be improved with better ways of seeing repeated costs (e.g. annual coffee expenditures), and then improving the assign bills feature by combining category budgets with pots and allowing transactions other than direct debits to be paid from these.
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It turns out I had just inadvertently reinvented
@ynab's "Four Rules" without realising. A very worthwhile read if you haven't read it already:https://www.youneedabudget.com/the-four-rules/Show this thread
End of conversation
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