Not all of us are as good with money as we’d hope to be, infact a lack of savings is the number one worry in Britain. According to a recent ING report one in four of us in the UK have no savings, while another third has less than three months take-home pay set aside.
But there’s a new hero in town, meet Plum. Plum is your smart savings assistant, you simply talk to Plum on Facebook Messenger like you would chat to a friend and it helps you to save money effortlessly. Plum will develop a unique saver profile for you and then calculate how much you can afford to save every few days. The robot then automatically deposits the money into your Plum savings, so it is out of sight (and out of mind). Saving money becomes a background process, something you no longer have to worry about, but you can still access your savings whenever you need to for that broken boiler emergency or holiday you’ve been saving up for.
With Plum being a chatbot, an instantly replying messenger service, you can talk to it at any time about your savings (expect some entertainment), maybe you want to change your saving mood to ambitious or create a saving goal to aim for. Talking to your money is a refreshing approach to personal finance which the banks currently shield you from.
Many people think saving extra cash means avoiding that daily morning Starbucks but Plum doesn’t want you to have to change your lifestyle choices. The calculations are personalised so that it will adjust to your spending habits whenever you save money. And if you want to manually top up your savings then good for you!
These so called micro-savings work because they’re amounts that wouldn’t go amiss when reviewing your bank statement at the end of the month. But building them up over time leaves you with some serious savings.
Plum works because it has behavioural economics as it’s backbone, humans are hardwired into looking out for current me and deal with the future self later. Plum sidesteps these human tendencies by saving for you without you having to take action. It also works because it’s small amounts frequently, which for most people feels like less of a commitment than saving 1 large chunk every month.
How Plum has helped users
Plum works for those who find it hard to commit to saving money and people that want to further improve their savings. This is how Plum has helped two of their users feel a lot better about their financial situation.
David, from Nottingham, has saved over £300 in just a couple of months, with a typical amount saved ranging from £4 to £30. He says “it’s just nice knowing that I’m saving to be honest. I’m pretty shoddy with it normally and Plum just does it in the background, I don’t really need to think about it.”
Mandy, from Edinburgh, has now saved £109.81 in under a month. Mandy expressed “I love how the app is integrated into Messenger, I find it really easy to use. I tend to save more than spend and have travelling debts to pay off so I found it particularly useful for that. For example, our flat was majorly ripped off by our power company and having used Plum this month to save £100 it really helped when that was put upon me last minute!”
So what are you waiting for, start effortlessly saving with Plum today.