An expert in personal finance is advising individuals in the UK to take a specific action before their January payday to potentially unlock savings of up to £1,164.
Rajan Lakhani, who serves as the Head of Money at the financial management application Plum, is recommending the implementation of an “autosave” rule within banking apps.
The “autosave” rule is a functionality within banking applications that automatically shifts funds into a savings account or investment portfolio at specified intervals.
This method eliminates the need for manual transfers of money into savings accounts, streamlining the saving process.
Based on an analysis conducted by Plum, the average worker leveraged auto-saving tools to save around £97 per month in 2025.
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By starting in January, individuals can accumulate £1,164 in savings by the end of the year. If these funds are placed in a high-interest savings account with a rate exceeding 4%, the total savings could potentially grow to approximately £1,210.
Some of the popular digital banks offering “autosave” features include Monzo, Starling, Revolut, and Chase.
Rajan Lakhani, the Head of Money at Plum, emphasized, “Establishing a payday autosave mechanism can present a hassle-free method to save consistently each month, aiding individuals in maintaining financial discipline and achieving long-term financial objectives.
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