Monzo Banking App - Review and Experience - What Katy Said

Taking control of my finances with Monzo

Inside: A review and my experience of the Monzo bank app

I have always been a bit crap with money. I think it comes from the fact that I grew up with money and so took everything for granted. I racked up big debts at uni, always asking my dad to bail me out and pay for everything.

In short, I’ve been spoilt.

I am not sure whether I have ever mentioned by my husband is an accountant. The last 18 years being with him has made me more aware of spending and we have definitely lived a frugal lifestyle compared to everything I was used to as a child.

But then the last year or so I have found myself slipping back into old habits. One too many McDonalds, a cheeky new pair of shoes, Amazon Priming everything and my god, PayPal – that is like not having to pay anything at all – just click a button and boom.

Last month, I realised that over the previous 3 months we had spent £1k every month on nothing. Looking through our bank statements I couldn’t really account for anything. It was just the odd bit of money spent here and there, on crap!

That is just the last 3 months – god knows what I’ve wasted over the last year!

A friend of ours recommended Monzo and after seeing the money we’d wasted I decided to give it a go. Nothing to lose and literally everything to gain.

So what is Monzo?

Monzo is a bank, which you access via an app. You’ve probably seen similar versions on Facebook etc but this one is used by 2.5 million people and is recommended by each and every one of them. And it is brilliant.

There are a few ways you can use the bank, either having your wage paid straight into it in place of your existing bank, use it for spending money, or a mixture of both.

Once your money is paid in, you can set up budgets for different areas of spending, set up saving pots and see at a quick glance what you have spent so far.

How we are using the app

We worked out the amount of money we needed to spend each month on things like bills, mortgage and other standing orders and then that amount stays in our Halifax account. The remainder gets transferred into our Monzo account.

The aim for us is to save money each month, so out of the money that gets transferred we budget to use only £800 of that. Then, we make sure we don’t go crazy with our spending so that we stay within that budget.

How Monzo makes it easy to budget

You can either set up an overall budget or break it down into sub-budgets for different areas of spending.

So for example, we have set a budget of £430 for food shopping for the month and £160 for fuel.

The handy sliders tell you how much you’ve spent and how well you are doing for each area.

Oh, and it messages you every time you spend money – making you totally accountable. We have a joint account and so every time either of us spends money the other one is made aware – no hiding pairs of shoes under the bed anymore for me! Eek!

How else does it help you to save?

Something I’ve seen on various other apps and the main reasons I liked the idea of the app was the pots feature.

Every transaction gets rounded up to the nearest pound and those extra few pennies get moved into a savings pot.

We have saved almost £20 just by having our usual spends rounded up by 10p etc… Not enough that you’d notice but enough to add up to pounds! My aim is to get to £500!

Sign up and receive £5

I have written this review off my own back as I genuinely think the app is brilliant. But every person that signs up using this link gets £5 when they spend their first £5 and I then get a £5 bonus for signing you up. If you recommend a friend you will then reap the rewards too and so on… No catch, just refer a friend and get a happy bonus.

So if you’d like to take control of your finances and get a cheeky £5 then sign up today via this link. Let me know if you love it as much as I do!


  • Reply
    August 2, 2019 at 1:40 pm

    Thanks Katy. I need to get a hold on our savings as we have none now! I have just signed up with your link 🙂

    • Reply
      August 5, 2019 at 3:15 pm

      Fab!! I really hope it helps! I am so much more aware when spending now and it’s made me see how much I must have wasted over the years!

  • Reply
    Alice Megan
    August 6, 2019 at 12:08 pm

    I love Monzo for it’s freedom abroad it’s really helped on our holiday trips

    • Reply
      August 18, 2019 at 7:46 pm

      It is SO handy isn’t it? I wish I’d discovered it sooner!

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