Since I created the Money Mess To Financial Success Facebook group in early 2017, my long standing belief that everyone has their own unique way of managing their money has truly been affirmed.
Some people swear by challenger banks such as Monzo and Starling. There are people who love money management apps such as Money Dashboard. You’ve got those obsessed with tracking every purchase in Google Sheets. And then there’s those who love the traditional envelope system to split their income into manageable chunks. Of course, you’ve also got people who are hopeless at managing their money and are either still searching for a method that suits them or they have their head firmly in the sand and don’t yet realise changes need to be made.
Well, today I learnt about a cool new feature offered by Monzo that could inspire thousands to manage their money a little more effectively.
Last week, the challenger bank announced that it had teamed up with If This Then That (IFTTT) to allow customers to connect their account with a number of other platforms from Twitter to Spotify.
Thanks to this new integration, Monzo account holders can set up dozens of automation rules aka ‘Applets’ to make it easier to manage their money.
Monzo has already created tons of Applets for users to choose from. These include:
*Round up my card purchases to the nearest 50p
*Reward me every time I visit the gym
*Save my receipts to Dropbox
*Log my card purchases to a spreadsheet
*Pay me a daily allowance from a pot
Users have also gotten creative, making a bunch of rules to suit their own approach to money:
Great feature guys, using it well pic.twitter.com/uhJW6YWZh4
— Olly Newport (@OllyNewport) June 8, 2018
— Ömer Çelik (@omercelik) June 8, 2018
— Nick Reynolds (@Nick__Reynolds) June 7, 2018
Uh oh… pic.twitter.com/BW2W5VFY6Y
— Tom Haczewski (@thehacksaw) June 7, 2018
To get started, you’ll need to create an account on IFTTT and connect this account to Monzo. If you aren’t yet a customer at Monzo bank, it’s super easy and quick to set up. Simply download the app via the App Store of Google Play and take it from there.