Monzo + Zero-Sum Budgeting

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Connect your Monzo account to Airtable, and start saving using a zero-sum budgeting strategy. This allows you to give every penny of your Income a job, and budget accordingly.

Want to ask me a question? Contact hey@russellbishop.co.uk

If you just want to start planning your spending with a Zero-Sum Budget – there is no requirement to complete the Monzo integration. You can delete most of the columns in the Transactions table as you see fit.

There are Blocks already set up to display "This Month's Zero-Sum" and "% Overpacing".

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Integrating Monzo and IFTTT

This integration is completely free!

Follow these instructions to integrate Monzo with Airtable using IFTTT.

Sign up/sign into the Monzo Developer Portal

https://developers.monzo.com/

Access token found here:

https://developers.monzo.com/api/playground

Sign up/sign into IFTTT

https://ifttt.com

Connect your IFTTT Monzo Integration

https://ifttt.com/monzo

Connect your IFTTT Airtable Integration

https://ifttt.com/airtable

Create an Applet on IFTTT, and use the following info:

Which base?

Your airtable Table name - mine is "Coinsheet"

Table

Transactions

Record Content

::airtable::TransactionId::{{TransactionId}} ::airtable::MerchantName::{{MerchantName}} ::airtable::MerchantAddress::{{MerchantAddress}} ::airtable::MerchantCountryCode::{{MerchantCountryCode}} ::airtable::AmountInAccountCurrency::{{AmountInAccountCurrency}} ::airtable::AccountCurrencySymbol::{{AccountCurrencySymbol}} ::airtable::AccountCurrencyCode::{{AccountCurrencyCode}} ::airtable::AmountInLocalCurrency::{{AmountInLocalCurrency}} ::airtable::LocalCurrencySymbol::{{LocalCurrencySymbol}} ::airtable::LocalCurrencyCode::{{LocalCurrencyCode}} ::airtable::TransactionTime::{{TransactionTime}} ::airtable::Notes::{{Notes}}

Save

(You'll have to go and use your card to test…)

How do I start using this?

I would recommend starting from a payday - with fresh income and budgets.

  1. Create and Name a Month with a Start and End Date
  2. Create Categories - the more specific the better!
  3. Create Budgets for each Category and link them to the Month you just created.
  4. Set a Target for each Budget.
  5. Add this month's Bills.
  6. Add this month's Income.
  7. Add this month's Savings.

How do I adjust my budgets?

If you'e not already clued up on zero sum budgeting, I recommend reading up on YNAB:

https://www.youneedabudget.com/the-four-rules/

As you spend through the month, you should adjust each Target to reflect how much you're spending. You can use the This Month's Overpacing view of Budgets to see which Budgets are likely to overspend, and what the predictions are.

Once you've updated your budgets, remember to check that your Zero-sum is still zero, or close enough.

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Updated July 8, 2020 at 7:30 PM
Copied 169 times
Explore the base
Master View
Grouped Months
Manual Entry
Unbudgeted
⚡️ This Month
Master View
Grouped Months
⚡️ This Month
⚡️ This Month Overpacing
⚡️ This Month Overbudget
⚡️ This Month Underpacing
Master View
Grouped by Month
⚡️ This Month
Master View
⚡️ This Month
Master View
Grouped Months
⚡️ This Month
Master View
⚡️ This Month
Grouped by Year
Master View
Average Targets