Plum

[GibbosEmpire]

Savings app where it calculates how much money you spend a month in your normal account and takes out a little bit at a time so you don't even notice. There's 4 different types, ranges from a free account to a Premium which costs £9.99 a month, which gives you investment advice etc. Anyone used it the app before, is it worth it?

 

[afcb_acklam]

not sure, but I bloody love victoria plums..... mmmmmmmmm

 

[Nano]

I've not used it but the fact is that if if you don't notice it going out then you can afford to save and you should take a bit of time to think about how to invest and it will be cheaper than paying someone else to do it for you. the flipside is that if you can't afford to save anything then an app arbitrarily taking money out of your account when you might need it will cost you more than it will save.

Best tip for anyone looking to save is a 2 step process. 1 is review your account and make sure you are happy with all your outgoings for things like subscriptions and bills. 2 is pay yourself first.

Most people save by moving the money they have left at the end of the month into a savings account. If instead you pay your savings first then you don't overspend in month. It's by far the easiest way to make sure you have some money going into savings.

As for where to save depends on your risk profile. For zero risk you just want the highest rate savings account you can find. For moderate risk a low cost index fund in an Stocks and Shares ISA and for maximum risk individual share trading, cryptocurrency or betfair.

You are far better getting a bit of knowledge than just leaving it to someone else to profit from your savings.