Six Reasons Why I Love My Monzo Account, And How It’s Help Me Budget And Save

I’d heard a few friends rave about their Monzo bank account a few months back. But it wasn’t until I got my own that it really made sense. I am a bit of a bank account whore, I have loads of them. I like to spread my money about and have different savings accounts and pots for different things. It makes it easier to visualize how much I have saved for each thing. And it helps me manage my money better.

So I thought I’d open a Monzo account and over the past few months of using it, I don’t know how I lived without it. With a Monzo account, you can have your wages put straight into it, but I prefer to transfer my disposable money from my current account into it after payday. So I’ll leave in my current account enough to cover all my direct debits and standing orders. Then what’s left is my money and it goes into Monzo so I can spend it.

Monzo is a MasterCard so it’s readily accepted pretty much everywhere. I have it set up on my Paypal, my Apple Pay and of course carry the card around. Here are some of the reasons I love my account.

It’s all digital and super easy to set up

As Monzo is a digital-only bank without physical locations everything is done via the internet. To set up an account I just filled in a few bits and then took a very quick video of me to prove I was me. The whole process literally took a few minutes, and even the validation process was very quick.

Just a few days later I received my card through the post and I didn’t have to wait for a pin number. When you validate the arrival of your card on the app, you set up your pin number there. So you can literally be using the account in a few days.

I think it’s great how tech-driven the company are and how much they are utilizing our love for all things online.

It gives you a step-by-step rundown of what to do when you open your account

To make the most of our your account there are things you can do. Such as setting up pots, savings goals, adding contacts etc. And when you set up your account you’ll be reminded to do these things. And each time you complete something you’ll get a push notification. For example, adding your card to Paypal/ Apple Pay etc.

This is a great way to keep on track with using your card and making sure you’re making the most of the features.

You get an instant notification when you make a purchase

When you start spending with your Monzo account you get a push notification the second you make a transaction. For me, it’s usually before I’ve even walked away from the till point. And I love this as it helps you stay accountable. But it also helps for security as you know exactly when a transaction has gone through, which is great if you share an account/ card.

When you use the app it tells you how much you’ve spent that day. This is great to keep track of your spending (especially if you’re on a day/ night out), but it can also be quite scary to see how much you use your card.

The money comes straight from your account and the transaction doesn’t sit in pending

The thing I hate most about banks is when you look at your balance and think yeah I’ve got enough to last me. Then bam all your pending transactions come out in one go and you’re left with nothing. I can’t be the only one this happens to no?!

With Monzo, the money comes straight out of your account so you know exactly where you stand with your money.

You can see an instant split of your money and exactly what you’re using

On the summary tab, you can see a breakdown of what you’ve spent on what. I used to create long spreadsheets breaking down what I spent on eating out, groceries or shopping. But ow Monzo can do this for you. You can look at this on a month-by-month basis or just week on week which is great.

It’s a good way of seeing where your money is going so if you’re looking to budget you can plan where to make cuts better.

You can do money round ups

Money round-ups are a great way to save a tiny bit of money without noticing it. What this is is rounding up your purchases and saving the difference. So if you spend £4.70 on lunch, that extra 30p gets saved so you spend £5. I used to do money round-ups via Moneybox but I found roundups were taken out once a week which could mean £10-20 in one go and I noticed it.

Monzo takes the money as soon as you make a payment and deposits the extra money into a savings pot. Mine is called ‘home’ as I know I’ll be moving anything in there to my house savings. I love looking at my spending and seeing clean numbers and whole pounds looks much nicer). And it’s such an easy way to make a few extra pounds a week (depending on how much you spend), and you don’t notice it coming out.

Have you ever heard of or used Monzo?

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