Presentation of Lydia envelopes
Lydia lets you create several accounts to organise spending and save a bit of money, right from the app.
When should you create an envelope?
If you want to save money, there is nothing more important than having a clear view of what you're spending. Unfortunately, banks only let you have one current account — all of your expenses are merged in one single place. This creates useless confusion.
To help you out, we created envelopes !
Through the app, you can for example create...
- A "Shopping" envelope to define a clothes' limit for a month
- A "Leisure" envelope to define a budget for this activity
- A "Trip" envelope to start saving for a future travel
Etc.
Creating one or multiple envelopes
There is nothing simpler than creating an envelope. First, open the Lydia app, then:
- Go to the "Account" tab
- Open the "Accounts & money pots" section ;
- Click on the "+" button ;
- Create an "Envelope".
That's it! You can start crediting the account or sharing it with friends.
Manage an envelope with several people
An envelope can be managed by one or several persons.
When there's more than one member, the user needs to define his rights:
- See the balance
- See the transactions
- Spend the money
- Manage group members
Topping up the envelope by bank transfer
Any envelope can get a dedicated Lydia IBAN on which the customer can add money by bank transfer. Click here to get more details on Lydia IBAN.
Putting money in your envelope from a money pot
When an envelope exists, you can activate a web page automatically linked to it. Thus, this piggy bank will have a dedicated URL which can be shared to anyone in order to credit it. From the online page anyone can contribute to the money pot thanks to the payment form.
Using the money from an envelope
To know more, read this article
Managing display settings
Read : Managing your accounts