We understand that the conversation about the rising cost of living makes situations feel a bit insecure right now.
It’s hard to coat things up after the Office for National Statistics (ONS) reaffirmed that inflation is tearing forward and is expected to rise again to 8% in the coming weeks. Fun times, right?
However, we do not want things to sound completely doomed and gloomy, because they do not have to be – with Plum you can take matters into your own hands in an attempt to make your money work for you.
But first and foremost: what is Plum? Good question, dear reader.
This money management app helps you save and invest your money through artificial intelligence. Brilliant, really. It analyzes and automates the confusing or tedious parts of your finances and makes them fun and easy. Think of it as an autopilot for your money, to help you not only choose the best ways to invest your money, depending on your savings goals, but also discover unrealized potential in your ‘remaining’ money.
It can also help you switch to a better supplier to save on your electricity bill, which is probably pretty convenient right now.
It is the built-in features of the app that make it easy to save money due to its automation.
If you’re one of the many people who live from paycheck to paycheck (guilty!), It’s easy to get stuck in the endless cycle and wonder if saving more money is just something other people do.
The Plums app makes budgeting and saving easy with features to get you on the right track. Even in uncertain times, it can still pay off in the future if you save and invest now, a little and often. It is the only way to combat the current inflation forecast.
Sure, there are many ways to invest out there, it can be pretty overwhelming to wrap your head around the number of platforms selling you a dream, but what sets Plum apart is that it adapts to you. Thanks to its smart technology, it is designed to understand that people are not perfect and it is difficult to stick to a plan.
They have even worked with behavioral scientists to meet your desires and create a product that automates all the hard work for you, so you spend less time and less stress organizing your accounts – just let it run and enjoy life.
For example, its rules option helps you put money aside as soon as they touch your bank account. We all need a few rules to avoid temptation, so think of this as your helping hand to eliminate spontaneous expenses.
Splitter then allocates your hard-earned dosh in various areas, such as your mutual funds, savings accounts or vacation plans (and soon stocks).
This is a great way to build your savings over time and is likely to leave you in a better position by the end of the year. And should you feel like taking something back, it’s easy to retire.
The weekly depositor allows you to arrange a balance transfer for a fixed amount each week, which is a great way to get the usual habit of putting money aside.
Elsewhere, you can also invest in a Shares & Shares ISA (Individual Savings Account) or a GIA (General Investment Account) to avoid having your hard-earned savings devalued in real terms due to their historical performance over decades.
The stock market may sound scary – especially at a time when you want to hold on to every penny – but past is the time when experts and traders are the only ones with the know-how and knowledgeable skill to make the market work to their advantage. .
It has never been more accessible to enter the investment world, and Plum can help make your coin go further with its all-in-one dashboard that takes the hassle out of saving. All you need to get started is £ 1, and the will.
And even better, you can choose to invest in what matters to you, such as green funds or technology funds, and have more choices in putting your money behind funds that reflect your own ideals.
Future you thank present you.
Remember that as with any investment, your capital is at risk, which means that the value of your investment can go both down and up.