Use This AI-Powered Money Saving App to Boost Your Finances

If you’re like most of us, you’ve probably told yourself you should have more money put aside in your savings than you currently do.

But if you really are like most of us, then you probably also ask yourself “Where did my money go?” at the end of every month.

Chances are, the correct answer is “lifestyle creep.”

You know the phenomenon.

You’re earning more than you ever have, and yet somehow, you’re still spending most of what you earn. (And will probably continue to do so every time you get a raise.)

Now, in theory, this is easily solved with a little discipline. In practice, of course, things are always easier said than done.

If only there was a money-saving app to help set you on the right path.

An app to analyze your finances, and determine exactly how much you can (and should) be putting aside, then automatically make the deposits for you.

Well, guess what!? With the advent of AI, it turns out there is.

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MEET PLUM — YOUR AI-POWERED SAVINGS APP: Plum’s advanced AI automatically analyses your income to help you succeed in setting aside some extra cash. Learn more here.

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Why You Need an AI-Powered Savings App

Saving money is a difficult thing to do for most of us.

One solution that many have tried (and later failed at) is to put in a standing order at the bank, automatically setting aside a fixed amount every month.

But this often falls through, unless you’ve got a seriously well-planned budget. It’s all too easy to forget about that car insurance payment in October, only to get derailed again by that unexpected trip to the dentist in December that piled on top of all those other holiday expenses.

The alternative option, of course, is to attempt to put aside whatever spare money you have at the end of the month. The flaw here, of course, is that while there’s still a surplus in our account, it’s all too easy to convince ourselves that we really do deserve that impulse purchase we didn’t budget for.

This is where the Plum AI-powered savings app steps in.

The way Plum’s AI-powered savings app works from the average consumer’s perspective is quite simple.

First, you connect your bank account to it using Open Banking. Plum’s AI then gets to work analyzing your income and spending habits. Then, based on this analysis, Plum will start to automatically set aside precise amounts to help improve your chance of success.

What may set this apart from a typical standing order at the bank is that the amount Plum sets aside isn’t some random, “gut feeling” number.

Nor is it some arbitrary “you should put aside 20% of your income” rule.

Instead, Plum’s AI adapts to your income, needs, and lifestyle.

This means Plum will automatically reduce how much it sets aside when it predicts you have upcoming expenses.

And it will then increase the amount it sets aside when it sees you have some money to spare.

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GET YOUR SAVINGS ON TRACK TODAY: Plum puts AI at your service, making implementing effective saving habits easier than ever. Put AI to work for you today.

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Plum’s AI Savings App Is Insanely Effective — Here’s Why

Plum AI vs the “End of Month” Approach to Savings

In some ways, Plum’s AI savings app is similar to the “save what you have at the end of the month” strategy.

But there is one major difference that makes Plum wickedly effective compared to the haphazard, end-of-month approach.

Plum predicts how much money you will have to spare at the end of the month, and sets that aside straight away.

This is the real secret right here.

You see, the problem with the traditional end-of-month savings approach is that, as long as we have money in our account, it’s too easy to convince ourselves that we should spend it.

Nay, we deserve to spend it.

However, if we instead move this money out of our account at the start of the month, there are a couple of old psychology tricks that step in to make this approach insanely effective.

The first is the old “out of sight, out of mind” effect. If we don’t see that money just sitting there, waiting to be spent, we stop thinking about ways to spend it.

The second psychology trick in play here comes straight from the setting goals playbook. In fact, it’s the “S” in the “SMART” goals approach.

To be more specific, “S” stands for Specific.

You see, the major problem with the “I’ll save what I have at the end of the month” approach is that it’s nebulous — it doesn’t require us to commit to anything specific.

However, with Plum automatically setting aside your “end of month” amount at the start of the month, you now have a specific amount to aim for.

What’s more, it AI will ensure the amount it sets aside is actually one you can achieve.

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PLUM CAN HELP YOU SET ACHIEVABLE FINANCIAL GOALS: Plum’s AI analyses your income and spending to automatically set aside the precise amount you should (and can) save. Learn more here.

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Plum AI vs Standing Orders

When it comes to putting the Plum AI up against a standing order at the bank, its effectiveness again boils down to some simple tricks.

Don’t Form Bad Habits

The first trick is based on the ways we form habits.

You see, the problem with a standing order is that, when unplanned expenses crop up, the first thing we’ll do is dip into our savings.

This is all well and good if these expenses are truly unexpected.

But problems arise when these expenses should have been planned for, as we start to make a habit of dipping into our savings.

Did you forget about that annual subscription renewal to your favorite magazine?

Don’t worry, just dip into your savings.

Did you forget your Mum’s birthday was coming up and you still haven’t brought her a gift?

Don’t worry, just dip into your savings.

Did you have a bad day at work at now you feel like you really deserve that pair of shoes you just saw in a shop window?

Hey, we’ve already been dipping into our savings, so what’s another hundred quid?

See the problem?

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BREAK THE HABIT: Stop dipping into your savings for “unexpected” expenses. With Plum’s AI analyzing your finances, the only reason you’ll need to dip into your savings will be for real emergencies. Learn more here.

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Rigid Plans Never Stick

If you’ve ever worked with a professional trainer to, let’s say, get in shape, you’ll know there are a couple of major benefits over off-the-shelf, one-size-fits-all training plans.

First, your personal trainer will constantly adapt your training plan to your life on a weekly basis.

Second, because your personal trainer has tailored your training plan to your precise needs, it means you’re more likely to trust the process and stick with it.

Now, of course, Plum isn’t really a personal trainer. It’s just a money-saving app (so don’t go asking it for a motivational pep talk next time you feel like impulse shopping!).

But it does deliver the benefits that come with a flexible, tailor-made plan.

Plum will tailor the amounts it sets aside for you based on your personal needs. And, it will constantly keep up to date with your situation and adapt its plan in real time accordingly.

This sets you up for success in a way that an off-the-shelf-esque standing order never can.

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SET ASIDE THE RIGHT AMOUNT TO STAY ON TRACK: Plum’s AI money-saving app adapts to your needs in real-time to help you stick to your goals. Learn more here.

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Interest, Investing, Gamification — Learn More About Plum’s Automatic Savings Accounts

Beyond being a mere AI-powered automatic money-saving app, Plum has a whole host of features to make saving more fun and effective.

From savings challenges and other gamifications that’ll help you set aside even more, to Interest Pockets* and Stocks & Shares ISAs**, Plum has all your savings needs covered.

To get started today, learn more about Plum here.

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* Plum’s Interest Pockets are provided by Investec Bank Plc.

** Capital at risk. The value of your investment can go down as well as up.

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(Featured image provided by Suzy Hazelwood via Pexels)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.

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