Today I’m going to tell you about saving money with Plum. I don’t know about you, but I’ve always struggled with saving money (and managing money altogether if I’m honest). If it’s in my bank account it is in there – and if I need it, I need it, but if not, so be it. It’s not a great way to live, and I’ve had enough boiler or car issues over the years to know how important it is to build up a buffer that you can dip in to in an emergency.
When I first heard about Plum I was a bit sceptical though and I didn’t understand how it worked, and I certainly couldn’t see how it would make a difference. My curiosity soon got the better of me and I signed up though. Originally it worked via Messenger in Facebook, but there is now an app. It’s totally secure (after all the banks wouldn’t work with it if not) and you end up with savings but without any effort on your part.
Plum Savings Review
I’ve been using Plum for two years now, although at one point I wasn’t able to use it as it was no longer compatible with my old bank. Since I switched at the beginning of this year I’ve been back using it though, and it’s really helped me to take control of my money.
You connect it with your bank through some magic technology malarkey and off you you. Signing up only takes a few minutes.
The Plum algorithm looks at your spending, and what is coming in to your account, and then every few days, calculates an amount it can move over into a savings account for you. It does this via direct debit which you set up and authorise as part of the signup process. At any time you can access these savings and move them back to your bank account or another account (when I reach £100 I transfer it back to my bank account and then move it over to my savings account). You can adjust the settings so you can choose the frequency of savings and also some additional options like make extra savings on rainy days and round up purchases every week.
Every day it will automatically connect to your bank and tell you your latest bank balance and give you a notification. This helps me keep an eye on my spending, and it can also mean you can avoid going overdrawn or incur bank charges. It has definitely made me more aware of my bank balance and spending habits.
With no effort on my part, I have saved almost £2000 since I joined. I have to admit though, that some of that did get moved back into my bank account and get spent on things, but since I have changed banks (not just to use Plum, but that is a great bonus) any money saved via Plum doesn’t get to go back into my bank account long term.
You can at any point get a full summary of your account, and your payments that have been made in to it – just like any online banking system. You can also select a withdrawal at any point should that unexpected expense pop up!
Plum has really helped me manage my money better, and I’m looking forward to building up my savings as time goes on. As I have found a product which I really believe in, I wanted to share it with you and you can get it now via this link!! Happy savings!!!
I love to hear about anything that can help me save more money! I must check this one out too! Thanks for sharing. I know quite a few people who would definitely benefit from this.