Saving money is a skill that many of us have to learn at some point in our lives. Whether it's saving for a long-term goal such as a house or something more short-term like a pair of trainers or a holiday, saving will get you there!
These apps will help you to save money alongside your current methods of saving.
This is an amazing app that I happened to stumble across in mid-2019 and is perfect for anyone who is a lazy saver or just wants an extra top-up pot of cash. You download the Plum app and then connect it to your bank account. Plum will then use its smart AI technology to assess your spending and income levels. It will then put aside money into a savings pot within the app for you. If there are times where you have less income than usual it will put in an amount that it deems you can afford eg £1.05 or you can choose to pause deposits until you are ready again.
You can switch on a feature called 'round-ups' which will put aside the extra pennies from your transactions. If you purchase a coffee for £2.59, Plum will put the extra 41p into savings for you.
Plum is also a great app if you want to get introduced to investing. You are able to do portfolio investments through a stocks and shares ISA. What that means is you invest money into a chosen 'portfolio' and Plum will purchase fractional shares on your behalf. The portfolios contain pre-selected companies divided into different categories such as technology, environmental etc. You have no control over how many shares are being bought from each company in the portfolios as it is done for you. It is seen to be less risky as you are putting your money into a variety of different companies thus spreading the risk.
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