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Cost of living: how we’re supporting you and your money
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class="BlogPostHero_date__b5i87"><span class="VisuallyHidden_root__x7IBH">Published on: </span>24 August 2022</time><a class="Button_button__30ukX Button_primary__RWocB Button_center__53qAB" data-monzoanalytics-no-tracking="true" target="_self" href="/blog/topic/cost-of-living" rel="noopener noreferrer external"><span class="Button_text__d9Ltb"><span class="VisuallyHidden_root__x7IBH">Published in: </span>Cost of Living</span></a></div><div class="Block_block__xuwlb Block_transparent__Rd3Yj Block_textCenter__b99E8 Block_horizontalCenter__Ipvf0 Block_verticalMiddle__7339d Block_paddingHorizontalMedium__4Hk68 Block_paddingVerticalMedium__AGKd3 Block_marginHorizontalAuto__3Oijt Block_marginVerticalNone__C1sx6"><div class="Block_contentContainer__SKVP7"><h1 class="Title_title__SEYIO Title_primary__ztUzQ Title_xlarge__6GWQU Title_center__U_7bz Title_marginBottom__fXi7r Title_marginTop__YRUAq" id="cost-of-living-how-were-supporting-you-and-your-money">Cost of living: how we’re supporting you and your money</h1></div></div></div></section><div class="Section_container__ToDDs Section_section__vMEm_ Section_secondary__EAXP9 stack Section_paddingtoplarge__cVqWC Section_paddingbottommedium__S6xXE"><div class="Section_contentContainer__AM_ay"><div class="___dynamic__articleContainer__rrdpy"><article><aside class="BlogPostDisclaimer_BlogPostDisclaimer__JnMGB" data-testid="disclaimer"><div class="Text_text__yIi78 Text_marginBottom__lTNIK"><p>This blog post was accurate when we published it – head to<!-- --> <a class="Button_button__30ukX Button_link__Slw7D Button_inline__fUiRd Button_center__53qAB" data-monzoanalytics-no-tracking="true" target="_self" href="https://monzo.com" rel="noopener noreferrer external"><span class="Button_text__d9Ltb">monzo.com</span></a> <!-- -->or your Monzo app for the most up to date information.</p></div></aside><div class="Text_text__yIi78 Text_marginBottom__lTNIK"><p>The cost of living crisis is affecting all of us in some way. We’ve been speaking to customers about their experiences and worries, and we’ve summarised how we can help as the situation evolves. </p></div><h2 class="Title_title__SEYIO Title_primary__ztUzQ Title_medium__PPW3f Title_left__yaXgz Title_marginBottom__fXi7r" id="were-here-to-support-you"><strong>We’re here to support you</strong></h2><div class="Text_text__yIi78 Text_marginBottom__lTNIK"><p>We’ve got multiple teams working on how we respond to the cost of living challenges our customers could face, so that we can adapt to changes and keep supporting you. We have award-winning specialist teams who work exclusively to help people in vulnerable circumstances of any kind, including financial difficulties. They’re on hand whenever you need them. </p></div><div class="Text_text__yIi78 Text_marginBottom__lTNIK"><p><strong>Let us know if things have changed </strong></p></div><div class="Text_text__yIi78 Text_marginBottom__lTNIK"><p>Whether you’re feeling the pressures of rising costs yet or not, if you’re worried about keeping up with your repayments on a borrowing product, or something’s changed in your circumstances, you can let us know. Head to the Help tab in-app, where you can get more info and chat to us, if you need to.</p></div><div class="Text_text__yIi78 Text_marginBottom__lTNIK"><p>Depending on your circumstances, there are lots of ways we can help. We tailor repayment plans to what you can afford. If you’ve missed a payment, we don’t charge any late fees as standard across our borrowing products, and that hasn’t changed. </p></div><div class="Text_text__yIi78 Text_marginBottom__lTNIK"><p><strong>Contact specialist teams discreetly</strong></p></div><div class="Text_text__yIi78 Text_marginBottom__lTNIK"><p>It can sometimes be helpful to tell us a bit more about yourself. If there’s anything that affects the way you deal with your money, how you communicate with us, or if you have somebody helping you with your banking we can use that knowledge to help in a way that suits you.</p></div><div class="Text_text__yIi78 Text_marginBottom__lTNIK"><p>You can leave a note for our Specialist Team through ‘<a href="https://monzo.com/i/share-with-us" data-monzoanalytics-action-id="link_clicked" data-monzoanalytics-action-parameters="link_type=inline&link_location=Text inline&link_text=Share with us&url=https://monzo.com/i/share-with-us&currentUrl=/blog/cost-of-living-how-were-supporting">Share with us</a>’ about anything you'd like us to know - they'll reach out as soon as they can and offer any support that may help you. </p></div><div class="Text_text__yIi78 Text_marginBottom__lTNIK"><p><strong>Access more specialist advice</strong></p></div><div class="Text_text__yIi78 Text_marginBottom__lTNIK"><p>Sometimes, the support you need might not be best coming from us. If you tell us a little about your situation, we can point you to relevant specialist organisations who offer free, impartial advice on topics from managing debt to dealing with anxiety.</p></div><div class="Text_text__yIi78 Text_marginBottom__lTNIK"><p>If we do suggest you get some independent advice, that doesn’t mean we won’t also do whatever we can to help.</p></div><div class="Text_text__yIi78 Text_marginBottom__lTNIK"><p><a href="https://monzo.com/i/supporting-customers-signposting" data-monzoanalytics-action-id="link_clicked" data-monzoanalytics-action-parameters="link_type=inline&link_location=Text inline&link_text=Read more about some of the charities and organisations we signpost&url=https://monzo.com/i/supporting-customers-signposting&currentUrl=/blog/cost-of-living-how-were-supporting"><u>Read more about some of the charities and organisations we signpost</u></a>.</p></div><div class="Text_text__yIi78 Text_marginBottom__lTNIK"><p><strong>Be aware of fraudsters</strong></p></div><div class="Text_text__yIi78 Text_marginBottom__lTNIK"><p>Unfortunately fraudsters are always trying to take advantage of people. We’ve gathered advice on how to spot suspicious activity, including people pretending to be the police, utility suppliers, HMRC or your bank.</p></div><div class="Text_text__yIi78 Text_marginBottom__lTNIK"><p>If you’ve been tricked into sending someone money, speak to us immediately either over the phone or through the app.</p></div><div class="Text_text__yIi78 Text_marginBottom__lTNIK"><p><a href="https://monzo.com/i/fraud/" data-monzoanalytics-action-id="link_clicked" data-monzoanalytics-action-parameters="link_type=inline&link_location=Text inline&link_text=Read more about spotting potential scams&url=https://monzo.com/i/fraud/&currentUrl=/blog/cost-of-living-how-were-supporting"><u>Read more about spotting potential scams</u></a>.</p></div><h2 class="Title_title__SEYIO Title_primary__ztUzQ Title_medium__PPW3f Title_left__yaXgz Title_marginBottom__fXi7r" id="budgeting-and-saving-in-the-monzo-app"><strong>Budgeting and saving in the Monzo app</strong></h2><div class="Text_text__yIi78 Text_marginBottom__lTNIK"><p>Customers have told us that they’re using the tools and features within the Monzo app more than ever before, and that they’re proving helpful when it comes to saving and budgeting at every opportunity. We know that for some people though, budgeting tools won’t be enough. The situation is beyond their control with even the strictest budgeting and good financial habits. </p></div><div class="Text_text__yIi78 Text_marginBottom__lTNIK"><p>We’ve outlined the features our customers are using the most at this time: </p></div><div class="Text_text__yIi78 Text_marginBottom__lTNIK"><p><strong>Pots: neatly separate your spending, savings and bills</strong></p></div><div class="Text_text__yIi78 Text_marginBottom__lTNIK"><p>Pots let you turn your one main account into lots of little separate areas for your money. If you put physical cash aside to save up for special occasions, or to make sure your bills are covered, Pots let you do the same thing but inside your Monzo account.</p></div><div class="Text_text__yIi78 Text_marginBottom__lTNIK"><p>You can open a Pot in a few taps. You can hide them or lock them, to avoid the temptation to dip in. And you can give them names and personalise how they look to help visualise whatever you’re saving for.</p></div><div class="Block_block__xuwlb Block_widthFull__w_Lw6 Block_transparent__Rd3Yj Block_textLeft__uCVdg Block_horizontalCenter__Ipvf0 Block_verticalMiddle__7339d Block_paddingHorizontalNone__YeBoC Block_paddingVerticalSmall__7V26q Block_marginHorizontalAuto__3Oijt Block_marginVerticalNone__C1sx6"><div class="Block_contentContainer__SKVP7"><picture><source type="image/avif" srcSet="https://images.ctfassets.net/ro61k101ee59/4Sf4AAxV4pFHZXi2zIDnDb/3daba1143b51d7a1f8b6a476d49aa1d1/Emeregncy_Fund.png?w=2384&q=75&fm=avif"/><source type="image/webp" srcSet="https://images.ctfassets.net/ro61k101ee59/4Sf4AAxV4pFHZXi2zIDnDb/3daba1143b51d7a1f8b6a476d49aa1d1/Emeregncy_Fund.png?w=2384&q=75&fm=webp"/><img src="https://images.ctfassets.net/ro61k101ee59/4Sf4AAxV4pFHZXi2zIDnDb/3daba1143b51d7a1f8b6a476d49aa1d1/Emeregncy_Fund.png?w=2384&q=75" alt="A screenshot of the Monzo app showing a £450 Emergency Fund Pot, locked until 31st October 2022" width="1192" loading="lazy"/></picture></div></div><div class="Text_text__yIi78 Text_marginBottom__lTNIK"><p>You can also set up bills to be paid from Pots rather than your main balance (so there’s no danger of overspending), and open Savings Pots which earn interest. With interest rates rising this year, savings options are improving – <a href="https://monzo.com/features/savings/" data-monzoanalytics-action-id="link_clicked" data-monzoanalytics-action-parameters="link_type=inline&link_location=Text inline&link_text=see how much you can earn on easy access and long term options here&url=https://monzo.com/features/savings/&currentUrl=/blog/cost-of-living-how-were-supporting"><u>see how much you can earn on easy access and long term options here</u></a>. <a href="https://monzo.com/i/pots" data-monzoanalytics-action-id="link_clicked" data-monzoanalytics-action-parameters="link_type=inline&link_location=Text inline&link_text=Read all about the different kinds of Pots and how they work&url=https://monzo.com/i/pots&currentUrl=/blog/cost-of-living-how-were-supporting"><u>Read all about the different kinds of Pots and how they work</u></a>.</p></div><div class="Text_text__yIi78 Text_marginBottom__lTNIK"><p><strong>Categories and Trends: Gain visibility and control over your spending and savings </strong></p></div><div class="Text_text__yIi78 Text_marginBottom__lTNIK"><p>We automatically categorise your transactions into things like ‘Bills’, ‘Entertainment’ and ‘Groceries’, to give you an overview of where your money goes each month. You can set budgets for each category too and we’ll let you know if you’re on track to stay under budget, or if it looks like you’ll go over.</p></div><div class="Block_block__xuwlb Block_widthFull__w_Lw6 Block_transparent__Rd3Yj Block_textLeft__uCVdg Block_horizontalCenter__Ipvf0 Block_verticalMiddle__7339d Block_paddingHorizontalNone__YeBoC Block_paddingVerticalSmall__7V26q Block_marginHorizontalAuto__3Oijt Block_marginVerticalNone__C1sx6"><div class="Block_contentContainer__SKVP7"><picture><source type="image/avif" srcSet="https://images.ctfassets.net/ro61k101ee59/5Dw9iSsMcgpx1SP7zEGTxB/15a29e86d840610c81e1fb5aab510234/Trends.png?w=2384&q=75&fm=avif"/><source type="image/webp" srcSet="https://images.ctfassets.net/ro61k101ee59/5Dw9iSsMcgpx1SP7zEGTxB/15a29e86d840610c81e1fb5aab510234/Trends.png?w=2384&q=75&fm=webp"/><img src="https://images.ctfassets.net/ro61k101ee59/5Dw9iSsMcgpx1SP7zEGTxB/15a29e86d840610c81e1fb5aab510234/Trends.png?w=2384&q=75" alt="A screenshot of the Trends tab in the Monzo app, showing how someone's balance is changing over time and the amount spent across various categories, such as Groceries and Eating Out" width="1192" loading="lazy"/></picture></div></div><div class="Text_text__yIi78 Text_marginBottom__lTNIK"><p> The Trends tab shows you your spending and saving over time, split by category. This means you get a better sense of your own habits and can see where to reinforce the ones you want to keep, and where you might want to make a change. We’re also now rolling out <a href="https://monzo.com/blog/balance-in-trends" data-monzoanalytics-action-id="link_clicked" data-monzoanalytics-action-parameters="link_type=inline&link_location=Text inline&link_text=Balance&url=https://monzo.com/blog/balance-in-trends&currentUrl=/blog/cost-of-living-how-were-supporting"><u>Balance</u></a>, which helps with planning how you use your salary by showing upcoming payments and what you have left to spend</p></div><div class="Text_text__yIi78 Text_marginBottom__lTNIK"><p><strong>See your upcoming bill payments</strong></p></div><div class="Text_text__yIi78 Text_marginBottom__lTNIK"><p>If you pay bills through Monzo, we’ll remind you the day before they’re due to go out, and warn you if you need to move money around to cover the full cost. We also tell you if they’re different from month to month, so you can keep track of things like shifting energy prices.</p></div><div class="Block_block__xuwlb Block_widthFull__w_Lw6 Block_transparent__Rd3Yj Block_textLeft__uCVdg Block_horizontalCenter__Ipvf0 Block_verticalMiddle__7339d Block_paddingHorizontalNone__YeBoC Block_paddingVerticalSmall__7V26q Block_marginHorizontalAuto__3Oijt Block_marginVerticalNone__C1sx6"><div class="Block_contentContainer__SKVP7"><picture><source type="image/avif" srcSet="https://images.ctfassets.net/ro61k101ee59/3T6NpGW5Mnzj1UM1eHAM1Y/1b68aff4127519ccb1cd5461978b080d/Mask_Group_11.png?w=2384&q=75&fm=avif"/><source type="image/webp" srcSet="https://images.ctfassets.net/ro61k101ee59/3T6NpGW5Mnzj1UM1eHAM1Y/1b68aff4127519ccb1cd5461978b080d/Mask_Group_11.png?w=2384&q=75&fm=webp"/><img src="https://images.ctfassets.net/ro61k101ee59/3T6NpGW5Mnzj1UM1eHAM1Y/1b68aff4127519ccb1cd5461978b080d/Mask_Group_11.png?w=2384&q=75" alt="Examples of paying for a British Gas direct debit in Monzo, and a notification saying that "your direct debit is going up"" width="1192" loading="lazy"/></picture></div></div><div class="Text_text__yIi78 Text_marginBottom__lTNIK"><p><strong>Save little and often with roundups and IFTTT (If This Then That) </strong></p></div><div class="Text_text__yIi78 Text_marginBottom__lTNIK"><p>Roundups enable our customers to automatically round up and save spare change into a pot every time they pay for something. Customers tell us that they don’t notice it going out of their account and it all adds up very quickly.</p></div><div class="Text_text__yIi78 Text_marginBottom__lTNIK"><p>Connect your Monzo to the IFTTT platform and create rules to save by moving money around your account. You can use IFTTT for practically anything but one of the most popular challenges we see at Monzo is the<a href="https://monzo.com/blog/save-gbp667-95-a-year-with-the-1p-saving-challenge" data-monzoanalytics-action-id="link_clicked" data-monzoanalytics-action-parameters="link_type=inline&link_location=Text inline&link_text= 1p Savings Challenge&url=https://monzo.com/blog/save-gbp667-95-a-year-with-the-1p-saving-challenge&currentUrl=/blog/cost-of-living-how-were-supporting"><u> 1p Savings Challenge</u></a>. </p></div><div class="Text_text__yIi78 Text_marginBottom__lTNIK"><p><a href="https://ifttt.com/monzo" data-monzoanalytics-action-id="link_clicked" data-monzoanalytics-action-parameters="link_type=inline&link_location=Text inline&link_text=Read all about the different Monzo/IFTTT applets on the IFTTT website.&url=https://ifttt.com/monzo&currentUrl=/blog/cost-of-living-how-were-supporting"><u>Read all about the different Monzo/IFTTT applets on the IFTTT website.</u></a></p></div><div class="Text_text__yIi78 Text_marginBottom__lTNIK"><p><strong>Get paid early through Monzo</strong></p></div><div class="Text_text__yIi78 Text_marginBottom__lTNIK"><p>If you get paid into Monzo, you can get your money from 4pm the day before it’s due. It doesn’t just work on salary payments – it works on any incoming ‘Bacs’ payment. Most people are paid by Bacs, and things like Department of Work & Pensions (DWP) payments also come by Bacs.</p></div><div class="Text_text__yIi78 Text_marginBottom__lTNIK"><p><a href="https://monzo.com/features/get-paid-early/" data-monzoanalytics-action-id="link_clicked" data-monzoanalytics-action-parameters="link_type=inline&link_location=Text inline&link_text=Read more about getting paid early&url=https://monzo.com/features/get-paid-early/&currentUrl=/blog/cost-of-living-how-were-supporting"><u>Read more about getting paid early</u></a>.</p></div><div class="Text_text__yIi78 Text_marginBottom__lTNIK"><p><strong>Change your spending limits and block certain kinds of transactions</strong></p></div><div class="Text_text__yIi78 Text_marginBottom__lTNIK"><p>You can choose to set your contactless spending limits to levels you’re comfortable with, directly through the Monzo app. </p></div><div class="Text_text__yIi78 Text_marginBottom__lTNIK"><p>Turning on our gambling block has also helped customers with controlling their gambling transactions. You can also reduce your daily spending and transfer limits in the app too.</p></div><div class="Text_text__yIi78 Text_marginBottom__lTNIK"><p><a href="https://monzo.com/i/gambling-block" data-monzoanalytics-action-id="link_clicked" data-monzoanalytics-action-parameters="link_type=inline&link_location=Text inline&link_text=Read more about our gambling block&url=https://monzo.com/i/gambling-block&currentUrl=/blog/cost-of-living-how-were-supporting"><u>Read more about our gambling block</u></a>.</p></div><div class="Text_text__yIi78 Text_marginBottom__lTNIK"><p><a href="https://monzo.com/blog/2021/12/16/customise-contactless-limits" data-monzoanalytics-action-id="link_clicked" data-monzoanalytics-action-parameters="link_type=inline&link_location=Text inline&link_text=Read more about customising your spending limits&url=https://monzo.com/blog/2021/12/16/customise-contactless-limits&currentUrl=/blog/cost-of-living-how-were-supporting"><u>Read more about customising your spending limits</u></a>.</p></div><h2 class="Title_title__SEYIO Title_primary__ztUzQ Title_medium__PPW3f Title_left__yaXgz Title_marginBottom__fXi7r" id="well-keep-listening"><strong>We’ll keep listening</strong></h2><div class="Text_text__yIi78 Text_marginBottom__lTNIK"><p>We’re always thinking of more ways to support you, and we’ll keep hearing your feedback. </p></div><div class="Text_text__yIi78 Text_marginBottom__lTNIK"><p> If there are things about using Monzo which you find helpful, please let us know so we can highlight them for other people. We’d also love to hear specific ideas on what we can do to better support you – <a href="https://community.monzo.com/t/how-is-the-cost-of-living-impacting-you-and-how-could-we-help/136908" data-monzoanalytics-action-id="link_clicked" data-monzoanalytics-action-parameters="link_type=inline&link_location=Text inline&link_text=you can contribute to this conversation with our community here&url=https://community.monzo.com/t/how-is-the-cost-of-living-impacting-you-and-how-could-we-help/136908&currentUrl=/blog/cost-of-living-how-were-supporting"><u>you can contribute to this conversation with our community here</u></a>.</p></div><div class="___dynamic__authorsWrapper__f3CsL"><aside class="Author_Author__OfinC"><picture><source type="image/avif" srcSet="https://images.ctfassets.net/ro61k101ee59/3Y1tD2BSwbUejb354EhPjt/6e2c7145a6890e771f4349cb94f3d0d9/6WQu3oc2_400x400.png?w=300&q=75&fm=avif"/><source type="image/webp" srcSet="https://images.ctfassets.net/ro61k101ee59/3Y1tD2BSwbUejb354EhPjt/6e2c7145a6890e771f4349cb94f3d0d9/6WQu3oc2_400x400.png?w=300&q=75&fm=webp"/><img src="https://images.ctfassets.net/ro61k101ee59/3Y1tD2BSwbUejb354EhPjt/6e2c7145a6890e771f4349cb94f3d0d9/6WQu3oc2_400x400.png?w=300&q=75" alt="" width="150" loading="lazy"/></picture><div><h2 class="Title_title__SEYIO Title_primary__ztUzQ Title_medium__PPW3f Title_left__yaXgz Title_marginBottom__fXi7r" id="monzo">Monzo</h2><div class="Text_text__yIi78 Text_marginBottom__lTNIK"><p></p></div><div class="Text_text__yIi78"><p><a class="Button_button__30ukX Button_link__Slw7D Button_inline__fUiRd Button_center__53qAB" data-monzoanalytics-no-tracking="true" target="_self" href="/blog/author/monzo" rel="noopener noreferrer external"><span class="Button_text__d9Ltb">Read more from Monzo</span></a></p></div></div></aside></div></article><aside class="SocialWidgets_SocialWidgets__38tNE SocialWidgets_floating__q_HX3"><a class="Button_button__30ukX 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Monzo Bank Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our financial Services Register number is 730427. Our address is Broadwalk House, 5 Appold St, London EC2A 2AG.</small></p></div></div></div></div></div></div><script id="__NEXT_DATA__" type="application/json" crossorigin="anonymous">{"props":{"pageProps":{"preview":false,"head":{"title":null,"locale":"en-GB","rootUrl":"https://monzo.com","slug":"/blog/cost-of-living-how-were-supporting","description":"","ogImage":"//images.ctfassets.net/ro61k101ee59/3spf5jIXa5oiW1dyO4YLC0/f1abf7d7767b87c2ec15896bd3152533/CLC-Blog-v1__1_.png"},"pageTheme":"default","sections":[{"content":[{"data":{},"marks":[],"nodeType":"text","value":"The cost of living crisis is affecting all of us in some way. We’ve been speaking to customers about their experiences and worries, and we’ve summarised how we can help as the situation evolves. "}],"data":{},"nodeType":"paragraph"},{"content":[{"data":{},"marks":[{"type":"bold"}],"nodeType":"text","value":"We’re here to support you"}],"data":{},"nodeType":"heading-2"},{"content":[{"data":{},"marks":[],"nodeType":"text","value":"We’ve got multiple teams working on how we respond to the cost of living challenges our customers could face, so that we can adapt to changes and keep supporting you. We have award-winning specialist teams who work exclusively to help people in vulnerable circumstances of any kind, including financial difficulties. They’re on hand whenever you need them. "}],"data":{},"nodeType":"paragraph"},{"content":[{"data":{},"marks":[{"type":"bold"}],"nodeType":"text","value":"Let us know if things have changed "}],"data":{},"nodeType":"paragraph"},{"content":[{"data":{},"marks":[],"nodeType":"text","value":"Whether you’re feeling the pressures of rising costs yet or not, if you’re worried about keeping up with your repayments on a borrowing product, or something’s changed in your circumstances, you can let us know. Head to the Help tab in-app, where you can get more info and chat to us, if you need to."}],"data":{},"nodeType":"paragraph"},{"content":[{"data":{},"marks":[],"nodeType":"text","value":"Depending on your circumstances, there are lots of ways we can help. We tailor repayment plans to what you can afford. If you’ve missed a payment, we don’t charge any late fees as standard across our borrowing products, and that hasn’t changed. "}],"data":{},"nodeType":"paragraph"},{"content":[{"data":{},"marks":[{"type":"bold"}],"nodeType":"text","value":"Contact specialist teams discreetly"}],"data":{},"nodeType":"paragraph"},{"content":[{"data":{},"marks":[],"nodeType":"text","value":"It can sometimes be helpful to tell us a bit more about yourself. If there’s anything that affects the way you deal with your money, how you communicate with us, or if you have somebody helping you with your banking we can use that knowledge to help in a way that suits you."}],"data":{},"nodeType":"paragraph"},{"content":[{"data":{},"marks":[],"nodeType":"text","value":"You can leave a note for our Specialist Team through ‘"},{"content":[{"data":{},"marks":[],"nodeType":"text","value":"Share with us"}],"data":{"uri":"https://monzo.com/i/share-with-us"},"nodeType":"hyperlink"},{"data":{},"marks":[],"nodeType":"text","value":"’ about anything you'd like us to know - they'll reach out as soon as they can and offer any support that may help you. "}],"data":{},"nodeType":"paragraph"},{"content":[{"data":{},"marks":[{"type":"bold"}],"nodeType":"text","value":"Access more specialist advice"}],"data":{},"nodeType":"paragraph"},{"content":[{"data":{},"marks":[],"nodeType":"text","value":"Sometimes, the support you need might not be best coming from us. If you tell us a little about your situation, we can point you to relevant specialist organisations who offer free, impartial advice on topics from managing debt to dealing with anxiety."}],"data":{},"nodeType":"paragraph"},{"content":[{"data":{},"marks":[],"nodeType":"text","value":"If we do suggest you get some independent advice, that doesn’t mean we won’t also do whatever we can to help."}],"data":{},"nodeType":"paragraph"},{"content":[{"data":{},"marks":[],"nodeType":"text","value":""},{"content":[{"data":{},"marks":[{"type":"underline"}],"nodeType":"text","value":"Read more about some of the charities and organisations we signpost"}],"data":{"uri":"https://monzo.com/i/supporting-customers-signposting"},"nodeType":"hyperlink"},{"data":{},"marks":[],"nodeType":"text","value":"."}],"data":{},"nodeType":"paragraph"},{"content":[{"data":{},"marks":[{"type":"bold"}],"nodeType":"text","value":"Be aware of fraudsters"}],"data":{},"nodeType":"paragraph"},{"content":[{"data":{},"marks":[],"nodeType":"text","value":"Unfortunately fraudsters are always trying to take advantage of people. We’ve gathered advice on how to spot suspicious activity, including people pretending to be the police, utility suppliers, HMRC or your bank."}],"data":{},"nodeType":"paragraph"},{"content":[{"data":{},"marks":[],"nodeType":"text","value":"If you’ve been tricked into sending someone money, speak to us immediately either over the phone or through the app."}],"data":{},"nodeType":"paragraph"},{"content":[{"data":{},"marks":[],"nodeType":"text","value":""},{"content":[{"data":{},"marks":[{"type":"underline"}],"nodeType":"text","value":"Read more about spotting potential scams"}],"data":{"uri":"https://monzo.com/i/fraud/"},"nodeType":"hyperlink"},{"data":{},"marks":[],"nodeType":"text","value":"."}],"data":{},"nodeType":"paragraph"},{"content":[{"data":{},"marks":[{"type":"bold"}],"nodeType":"text","value":"Budgeting and saving in the Monzo app"}],"data":{},"nodeType":"heading-2"},{"content":[{"data":{},"marks":[],"nodeType":"text","value":"Customers have told us that they’re using the tools and features within the Monzo app more than ever before, and that they’re proving helpful when it comes to saving and budgeting at every opportunity. We know that for some people though, budgeting tools won’t be enough. The situation is beyond their control with even the strictest budgeting and good financial habits. "}],"data":{},"nodeType":"paragraph"},{"content":[{"data":{},"marks":[],"nodeType":"text","value":"We’ve outlined the features our customers are using the most at this time: "}],"data":{},"nodeType":"paragraph"},{"content":[{"data":{},"marks":[{"type":"bold"}],"nodeType":"text","value":"Pots: neatly separate your spending, savings and bills"}],"data":{},"nodeType":"paragraph"},{"content":[{"data":{},"marks":[],"nodeType":"text","value":"Pots let you turn your one main account into lots of little separate areas for your money. If you put physical cash aside to save up for special occasions, or to make sure your bills are covered, Pots let you do the same thing but inside your Monzo account."}],"data":{},"nodeType":"paragraph"},{"content":[{"data":{},"marks":[],"nodeType":"text","value":"You can open a Pot in a few taps. You can hide them or lock them, to avoid the temptation to dip in. And you can give them names and personalise how they look to help visualise whatever you’re saving for."}],"data":{},"nodeType":"paragraph"},{"content":[],"data":{"target":{"fields":{"description":"A screenshot of the Monzo app showing a £450 Emergency Fund Pot, locked until 31st October 2022","file":{"contentType":"image/png","details":{"image":{"height":746,"width":1192},"size":533008},"fileName":"Emeregncy Fund.png","url":"//images.ctfassets.net/ro61k101ee59/4Sf4AAxV4pFHZXi2zIDnDb/3daba1143b51d7a1f8b6a476d49aa1d1/Emeregncy_Fund.png"},"title":"Monzo Pots"},"metadata":{"concepts":[],"tags":[]},"sys":{"createdAt":"2022-08-24T12:31:47.487Z","environment":{"sys":{"id":"master","linkType":"Environment","type":"Link"}},"id":"4Sf4AAxV4pFHZXi2zIDnDb","locale":"en-GB","publishedVersion":6,"revision":1,"space":{"sys":{"id":"ro61k101ee59","linkType":"Space","type":"Link"}},"type":"Asset","updatedAt":"2022-08-24T12:31:47.487Z"}}},"nodeType":"embedded-asset-block"},{"content":[{"data":{},"marks":[],"nodeType":"text","value":"You can also set up bills to be paid from Pots rather than your main balance (so there’s no danger of overspending), and open Savings Pots which earn interest. With interest rates rising this year, savings options are improving – "},{"content":[{"data":{},"marks":[{"type":"underline"}],"nodeType":"text","value":"see how much you can earn on easy access and long term options here"}],"data":{"uri":"https://monzo.com/features/savings/"},"nodeType":"hyperlink"},{"data":{},"marks":[],"nodeType":"text","value":".\n\n"},{"content":[{"data":{},"marks":[{"type":"underline"}],"nodeType":"text","value":"Read all about the different kinds of Pots and how they work"}],"data":{"uri":"https://monzo.com/i/pots"},"nodeType":"hyperlink"},{"data":{},"marks":[],"nodeType":"text","value":"."}],"data":{},"nodeType":"paragraph"},{"content":[{"data":{},"marks":[{"type":"bold"}],"nodeType":"text","value":"Categories and Trends: Gain visibility and control over your spending and savings "}],"data":{},"nodeType":"paragraph"},{"content":[{"data":{},"marks":[],"nodeType":"text","value":"We automatically categorise your transactions into things like ‘Bills’, ‘Entertainment’ and ‘Groceries’, to give you an overview of where your money goes each month. You can set budgets for each category too and we’ll let you know if you’re on track to stay under budget, or if it looks like you’ll go over."}],"data":{},"nodeType":"paragraph"},{"content":[],"data":{"target":{"fields":{"description":"A screenshot of the Trends tab in the Monzo app, showing how someone's balance is changing over time and the amount spent across various categories, such as Groceries and Eating Out","file":{"contentType":"image/png","details":{"image":{"height":746,"width":1192},"size":339174},"fileName":"Trends.png","url":"//images.ctfassets.net/ro61k101ee59/5Dw9iSsMcgpx1SP7zEGTxB/15a29e86d840610c81e1fb5aab510234/Trends.png"},"title":"Trends view"},"metadata":{"concepts":[],"tags":[]},"sys":{"createdAt":"2022-08-24T12:18:10.248Z","environment":{"sys":{"id":"master","linkType":"Environment","type":"Link"}},"id":"5Dw9iSsMcgpx1SP7zEGTxB","locale":"en-GB","publishedVersion":9,"revision":1,"space":{"sys":{"id":"ro61k101ee59","linkType":"Space","type":"Link"}},"type":"Asset","updatedAt":"2022-08-24T12:18:10.248Z"}}},"nodeType":"embedded-asset-block"},{"content":[{"data":{},"marks":[],"nodeType":"text","value":"\nThe Trends tab shows you your spending and saving over time, split by category. This means you get a better sense of your own habits and can see where to reinforce the ones you want to keep, and where you might want to make a change. We’re also now rolling out "},{"content":[{"data":{},"marks":[{"type":"underline"}],"nodeType":"text","value":"Balance"}],"data":{"uri":"https://monzo.com/blog/balance-in-trends"},"nodeType":"hyperlink"},{"data":{},"marks":[],"nodeType":"text","value":", which helps with planning how you use your salary by showing upcoming payments and what you have left to spend"}],"data":{},"nodeType":"paragraph"},{"content":[{"data":{},"marks":[{"type":"bold"}],"nodeType":"text","value":"See your upcoming bill payments"}],"data":{},"nodeType":"paragraph"},{"content":[{"data":{},"marks":[],"nodeType":"text","value":"If you pay bills through Monzo, we’ll remind you the day before they’re due to go out, and warn you if you need to move money around to cover the full cost. We also tell you if they’re different from month to month, so you can keep track of things like shifting energy prices."}],"data":{},"nodeType":"paragraph"},{"content":[],"data":{"target":{"fields":{"description":"Examples of paying for a British Gas direct debit in Monzo, and a notification saying that \"your direct debit is going up\"","file":{"contentType":"image/png","details":{"image":{"height":746,"width":1192},"size":573424},"fileName":"Mask Group 11.png","url":"//images.ctfassets.net/ro61k101ee59/3T6NpGW5Mnzj1UM1eHAM1Y/1b68aff4127519ccb1cd5461978b080d/Mask_Group_11.png"},"title":"Monzo Direct Debits payments"},"metadata":{"concepts":[],"tags":[]},"sys":{"createdAt":"2022-08-24T12:19:17.073Z","environment":{"sys":{"id":"master","linkType":"Environment","type":"Link"}},"id":"3T6NpGW5Mnzj1UM1eHAM1Y","locale":"en-GB","publishedVersion":8,"revision":1,"space":{"sys":{"id":"ro61k101ee59","linkType":"Space","type":"Link"}},"type":"Asset","updatedAt":"2022-08-24T12:19:17.073Z"}}},"nodeType":"embedded-asset-block"},{"content":[{"data":{},"marks":[{"type":"bold"}],"nodeType":"text","value":"Save little and often with roundups and IFTTT (If This Then That) "}],"data":{},"nodeType":"paragraph"},{"content":[{"data":{},"marks":[],"nodeType":"text","value":"Roundups enable our customers to automatically round up and save spare change into a pot every time they pay for something. Customers tell us that they don’t notice it going out of their account and it all adds up very quickly."}],"data":{},"nodeType":"paragraph"},{"content":[{"data":{},"marks":[],"nodeType":"text","value":"Connect your Monzo to the IFTTT platform and create rules to save by moving money around your account. You can use IFTTT for practically anything but one of the most popular challenges we see at Monzo is the"},{"content":[{"data":{},"marks":[{"type":"underline"}],"nodeType":"text","value":" 1p Savings Challenge"}],"data":{"uri":"https://monzo.com/blog/save-gbp667-95-a-year-with-the-1p-saving-challenge"},"nodeType":"hyperlink"},{"data":{},"marks":[],"nodeType":"text","value":". "}],"data":{},"nodeType":"paragraph"},{"content":[{"data":{},"marks":[],"nodeType":"text","value":""},{"content":[{"data":{},"marks":[{"type":"underline"}],"nodeType":"text","value":"Read all about the different Monzo/IFTTT applets on the IFTTT website."}],"data":{"uri":"https://ifttt.com/monzo"},"nodeType":"hyperlink"},{"data":{},"marks":[],"nodeType":"text","value":""}],"data":{},"nodeType":"paragraph"},{"content":[{"data":{},"marks":[{"type":"bold"}],"nodeType":"text","value":"Get paid early through Monzo"}],"data":{},"nodeType":"paragraph"},{"content":[{"data":{},"marks":[],"nodeType":"text","value":"If you get paid into Monzo, you can get your money from 4pm the day before it’s due. \n\nIt doesn’t just work on salary payments – it works on any incoming ‘Bacs’ payment. Most people are paid by Bacs, and things like Department of Work \u0026 Pensions (DWP) payments also come by Bacs."}],"data":{},"nodeType":"paragraph"},{"content":[{"data":{},"marks":[],"nodeType":"text","value":""},{"content":[{"data":{},"marks":[{"type":"underline"}],"nodeType":"text","value":"Read more about getting paid early"}],"data":{"uri":"https://monzo.com/features/get-paid-early/"},"nodeType":"hyperlink"},{"data":{},"marks":[],"nodeType":"text","value":"."}],"data":{},"nodeType":"paragraph"},{"content":[{"data":{},"marks":[{"type":"bold"}],"nodeType":"text","value":"Change your spending limits and block certain kinds of transactions"}],"data":{},"nodeType":"paragraph"},{"content":[{"data":{},"marks":[],"nodeType":"text","value":"You can choose to set your contactless spending limits to levels you’re comfortable with, directly through the Monzo app. "}],"data":{},"nodeType":"paragraph"},{"content":[{"data":{},"marks":[],"nodeType":"text","value":"Turning on our gambling block has also helped customers with controlling their gambling transactions. You can also reduce your daily spending and transfer limits in the app too."}],"data":{},"nodeType":"paragraph"},{"content":[{"data":{},"marks":[],"nodeType":"text","value":""},{"content":[{"data":{},"marks":[{"type":"underline"}],"nodeType":"text","value":"Read more about our gambling block"}],"data":{"uri":"https://monzo.com/i/gambling-block"},"nodeType":"hyperlink"},{"data":{},"marks":[],"nodeType":"text","value":"."}],"data":{},"nodeType":"paragraph"},{"content":[{"data":{},"marks":[],"nodeType":"text","value":""},{"content":[{"data":{},"marks":[{"type":"underline"}],"nodeType":"text","value":"Read more about customising your spending limits"}],"data":{"uri":"https://monzo.com/blog/2021/12/16/customise-contactless-limits"},"nodeType":"hyperlink"},{"data":{},"marks":[],"nodeType":"text","value":"."}],"data":{},"nodeType":"paragraph"},{"content":[{"data":{},"marks":[{"type":"bold"}],"nodeType":"text","value":"We’ll keep listening"}],"data":{},"nodeType":"heading-2"},{"content":[{"data":{},"marks":[],"nodeType":"text","value":"We’re always thinking of more ways to support you, and we’ll keep hearing your feedback. "}],"data":{},"nodeType":"paragraph"},{"content":[{"data":{},"marks":[],"nodeType":"text","value":"\nIf there are things about using Monzo which you find helpful, please let us know so we can highlight them for other people. We’d also love to hear specific ideas on what we can do to better support you – "},{"content":[{"data":{},"marks":[{"type":"underline"}],"nodeType":"text","value":"you can contribute to this conversation with our community here"}],"data":{"uri":"https://community.monzo.com/t/how-is-the-cost-of-living-impacting-you-and-how-could-we-help/136908"},"nodeType":"hyperlink"},{"data":{},"marks":[],"nodeType":"text","value":"."}],"data":{},"nodeType":"paragraph"}],"componentProps":{},"blogData":{"blogTitle":"Cost of living: how we’re supporting you and your money","blogStartDate":"2022-08-24T12:00+01:00","blogCategories":[{"fields":{"categoryName":"Cost of Living"},"metadata":{"concepts":[],"tags":[]},"sys":{"contentType":{"sys":{"id":"blogCategory","linkType":"ContentType","type":"Link"}},"createdAt":"2022-08-24T12:21:40.789Z","environment":{"sys":{"id":"master","linkType":"Environment","type":"Link"}},"id":"ITO536AgnkGjrYF2jAX2h","locale":"en-GB","publishedVersion":2,"revision":1,"space":{"sys":{"id":"ro61k101ee59","linkType":"Space","type":"Link"}},"type":"Entry","updatedAt":"2022-08-24T12:21:40.789Z"}}],"blogAuthors":[{"fields":{"name":"Monzo","profilePicture":{"fields":{"file":{"contentType":"image/png","details":{"image":{"height":400,"width":400},"size":3451},"fileName":"6WQu3oc2_400x400.png","url":"//images.ctfassets.net/ro61k101ee59/3Y1tD2BSwbUejb354EhPjt/6e2c7145a6890e771f4349cb94f3d0d9/6WQu3oc2_400x400.png"},"title":"Monzo Logo"},"metadata":{"concepts":[],"tags":[]},"sys":{"createdAt":"2020-02-20T17:43:31.319Z","environment":{"sys":{"id":"master","linkType":"Environment","type":"Link"}},"id":"3Y1tD2BSwbUejb354EhPjt","locale":"en-GB","publishedVersion":16,"revision":2,"space":{"sys":{"id":"ro61k101ee59","linkType":"Space","type":"Link"}},"type":"Asset","updatedAt":"2023-01-04T16:40:37.331Z"}}},"metadata":{"concepts":[],"tags":[]},"sys":{"contentType":{"sys":{"id":"author","linkType":"ContentType","type":"Link"}},"createdAt":"2022-06-24T10:37:05.995Z","environment":{"sys":{"id":"master","linkType":"Environment","type":"Link"}},"id":"6E8IGHzkenxMVjINJbtrAP","locale":"en-GB","publishedVersion":4,"revision":2,"space":{"sys":{"id":"ro61k101ee59","linkType":"Space","type":"Link"}},"type":"Entry","updatedAt":"2022-08-24T14:05:13.035Z"}}]},"featureGates":{"business_banking_marketing_site_new_nav":true,"ca_daxenabled":true,"ca_new_attribution":true},"anonID":"anon_11286c50-812c-4be5-a736-6c31c9654945","experiments":[{"experimentID":"ca_homepage_navigation_cta_pairing","variant":"Control"},{"experimentID":"header_navigation_reorder","variant":"Test"}],"hasExperiments":true,"dynamicText":{"nav":"Sign up","cta":"Open an account for free"},"cookies":{}},"__N_SSP":true},"page":"/blog/[...dynamic]","query":{"dynamic":["cost-of-living-how-were-supporting"]},"buildId":"TeelwESUi70r-gbfdXtW2","assetPrefix":"https://static-assets.monzo.com/monzo-com/b7cd134545bbdeebdf0b99e92da6cde75b0f5ddf","runtimeConfig":{"apiFqdn":"internal-api.monzo.com","test_apiFqdn":"api.s101.nonprod-ffs.io","sentryProject":"monzo-com-web","sentryOrg":"monzo","sentryDSN":"https://06894583d63658ed47fe4e9943f497fa@o23827.ingest.sentry.io/4505743602483200","environment":"production"},"isFallback":false,"gssp":true,"appGip":true,"scriptLoader":[]}</script></body><script src="https://internal-api.monzo.com/static/util.js"></script></html>