How many times has one of these happened to you?
I’ll place “some” money in my savings account. This time I promise myself I’ll leave it here till the next paycheque.
I am not sure how much money I can put aside, therefore I won’t put any this month. Maybe I just need all that money every month, that’s the way it is. Not sure how people on minimum wage can make it, seriously…
You are not alone. The good news is, whether you are on minimum wage or not, there is a way to save the right amount of money, every month, without even having to open a savings account or thinking about what amount is right. Since the start of 2018 and even since 2017 in the UK, banks legally have to share your data with regulated third-party apps (if you give them your consent, of course).
This is great for putting money-saving on autopilot! Apps have been popping open like flowers to save your money automatically since they can access your spending and anticipate how much you can put aside. I personally am using 2 apps that have completely revolutionised the way I save. Let me introduce you to Plum and Cleo.
Plum is “your money’s best friend”, as they put it. It is, to me, the best app out there for automatic savings and has helped me put quite a bit of money aside. It works with Direct Debits and is exclusively workable from Facebook Messenger. I know, awesome, right?
The first thing it will do is open a savings account for you for free that you can access or withdraw from at any time without any fees. It will save the amount of money every week that you can afford, depending on the health of your account and the expenses to come. Also, the frequency and amount of the automatic savings follow a “mood” that you can change at any time as well. It can go from a few pounds a week when setting to Shy to a few tenners when setting to Eager or Ambitious.
Just talk to Plum on Facebook and it will take care of saving for you. Sometimes it will even start a conversation with you about previous week spending or savings to come. Enough said, their website will make you want to use it right away. If you use the following link, you will get £5 for free on your account after a month of usage: Create a Plum Account.
Cleo is, as they say, “an intelligent assistant for your money”. It can allow you to save and also to make a budget which is quite nice if you are looking for an easy way to monitor your expenses per category.
It essentially does everything Plum does, plus budgeting. It even draws graphs of your expenses per category, and compare the amount to other people using the app to. Sometimes it can come up with a message saying: “You’ve spent more than 98% of Cleo users on Transportation this month.”
If you’re looking to automatically save and nothing else, it works the same way as Plum as it is exclusively configurable through Facebook Messenger too. Now if you need a bit more, the advantage is that it can help you see your spending trends and make a budget. Create a Cleo Account.
Use either of these apps now and stop worrying about what to save. Let them decide how much you can afford saving. It has never been that easy to save money. Why not try both?