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Money, Save It

Monzo and IFTTT: the easy way to save money

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The main reason I’m a Monzo fan is because it helps me to save. But using Monzo and IFTTT together can help you to accelerate your savings even further. 

I’ve previously written about Monzo and what a brilliant banking platform it is. If you’ve never heard of Monzo before, then you should read my previous article before delving into this one, as it will give you a feel for the platform and its functionality.

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Monzo and IFTTT

Monzo is a bank account, but what is IFTTT and how do these two platforms work together?

The This Then That app, which is known simply as IFTTT, is a free, secure, web-based service. It creates chains of simple rules and commands called applets. An applet is triggered by changes that occur within other web services. In the UK, you can sync IFTTT with Monzo, Gmail, Facebook, Telegram, Instagram and Pinterest. 

IFTTT is a secure system to use. And if you decide to sync your Monzo account with the app, then IFTTT won’t receive any of your personal information except your name. All other information relating to your bank accounts remains within Monzo. 

I’m not concerned about IFTTT’s security. I trust Monzo and I don’t think it would allow security to be compromised. The IFTTT model is also purely based on security. If there was even a slight breach then the companies it syncs with would stop the relationship and IFTT’s business model would crumble.

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The benefits of linking Monzo and IFTTT

It’s obviously up to you if you pair up Monzo and IFTTT, but for me, doing this has been a savings game changer. It was also really easy to connect the two apps. You download IFTTT and ask it to connect with Monzo, the app then walks you through the process.

You can take part in different savings challenges on IFTTT, which makes saving fun. I have an applet which takes 10p form my main account and adds it to a savings pot each time it rains! I also take part in the 1p savings challenge. This is a year-long challenge which starts on 1 January, when you save 1p. On the 2nd you save 2p and so on and so forth. You can read more about how the challenge works on Skint Dad’s blog

By connecting IFTTT and Monzo, money for the 1p savings challenge automatically leaves my main Monzo account and enters a savings pot each day. I do the challenge in reverse too (which started with £3.66 on 1 January and goes down by a penny each day). If you decide to start either challenge part-way through the year, then you’ll start with that day’s amount. For example, on 15 April 2020, £1.06 went into the 1p challenge and £2.60 went into the reverse challenge. 

I don’t notice the 1p savings challenge money leaving my account, or the 10p that leaves every time it rains. But I’m aware of the amount that is accumulating in the corresponding savings pot.

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Is it worth it?

Monzo makes saving effortlessEven if you just used the in-built account features then I imagine you’d see a change in your saving patterns. However, I do think that it’s worth pairing your Monzo account with IFTTT. Doing this makes saving fun.

Monzo and IFTTT certainly work for me.


12 thoughts on “Monzo and IFTTT: the easy way to save money

  1. Monzo sounds like such a great idea, I don’t have a Monzo account yet but it sounds like something that would be really beneficial for helping to save! xo

  2. This sounds great! I really struggle with saving, I never used to, but since having children and working less hours there never seems to be much to put aside. I will certainly look into this.

  3. Thank you for this useful tip, I have Monzo already so now is the matter of linking two accounts together

  4. I’ve never heard of this before, I find financial things tend to go over my head a little but I’ll show my husband as he works in it and he’ll be able to give more insight

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