A financial expert advises UK residents to take a specific action before their January payday to potentially save up to £1,164.
Rajan Lakhani, Head of Money at the financial management app Plum, suggests setting up an “autosave” rule within their banking application.
This rule automatically transfers funds from the user’s account into their savings or investment account at predetermined intervals.
By eliminating the manual effort of moving money into savings, the process becomes more seamless.
Plum’s analysis indicates that on average, individuals used auto-saving tools to save £97 monthly in 2025.
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This strategy could result in individuals having £1,164 saved by the year’s end. If these funds are placed in a high-interest savings account with a rate exceeding 4%, the savings could grow to approximately £1,210.
Popular digital banks offering “autosave” functionality include Monzo, Starling, Revolut, and Chase.
Rajan Lakhani, Head of Money at Plum, emphasized the benefits of setting up a payday autosaver, highlighting its role in facilitating consistent savings and achieving long-term financial objectives.
By automating this saving process with each paycheck, individuals cultivate strong financial habits and establish a safety net of savings for peace of mind.
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