Terrified of checking your bank balance? You're with the wrong bank...
Ever had that horrendous sinking, terrified "oh christ, what am I about to see??" feeling, just before checking your bank balance? You're probably with the wrong bank...
Everyone does it at some point. One day, you just stop looking at your bank balance. A few days later you briefly think about your balance when you buy your shopping, but think "ah it's only been a few days - my balance can't be that bad". A few weeks later, you're mildly nervous. Then months go by, and you have no idea what's going on in your account, and are too scared to have a look and confirm exactly how much minus money you have.
If this sounds familiar, you need to think about switching to Monzo.
Monzo breaks down your spending, so you don't end up in a "there's no way in hell I'm checking my bank balance" situation.
It's like having a mum that lives in your pocket
Monzo is a new kind of bank, that encourages you to think about your spending as you go along. You top up a pre-paid debit card and download an app on your phone. Then, whenever you spend any money whatsoever, your phone will instantly alert you about your spending, and how much you've spent that day. It allows you to categorise your spend as well, so you can see how much you've spent that month, and on what.
Spending too much at Starbucks? You'll see that pretty quickly. Weakness for clothes? You're about to see exactly how much that weakness costs you.
The instant, intelligent notifications Monzo give you help you to think about your spending in a way that the old banks don't. Normal banks are like parents who give you a certain amount of money, let you spend all of it and then tell you off when it's all gone. Monzo is like having supportive parents talking to you about your spending throughout the month, so you don't get into that financial trouble in the first place.
And if you're going on a night out and can't be trusted with your own money, you can limit how much you have on your card before you go out, with no hassle whatsoever. Drunk you won't be able to blow your money.
Spend with Mondo 💸 get immediate notification 📲 add notes or receipts to transactions 📝 real time budget analysis 🚀 pic.twitter.com/PEbzjawO0n— Monzo (@monzo) August 3, 2016
As well as helping you to think about (and limit if necessary) your spending, Monzo also offers real financial incentives to switch.
For instance, when you travel abroad you can be sure you won't be paying hidden bank fees. You'll also be charged at the mid-market rate for the exchange, and will be notified of the exchange rate right away, so you know how much you're spending, rather than being surprised by your lack of money when you return home.
All in all, if you're worried about your finances or aren't used to managing your own budget yet, switching to Monzo is a great way to manage your finances, so you don't get to that familiar situation at the end of term, where you've got too much month at the end of your money.