Apps to make saving money easy!
It sounds like a simple concept but saving money can be HARD. It’s never been my strongest point; I’m far too spontaneous and often end up sabotaging my own savings plans! Tell me I’m not alone! But over time, I’ve found some easy ways to help make saving money a breeze.
Here are my top strategies to help you save without the stress.
1. Automate your savings
The best way to save money is to automate the process. This takes the responsibility off your shoulders and ensures you save consistently without having to think about it. Here are a few tools and methods that I use:
Monzo Round-Ups
Monzo offers a handy feature that rounds up your purchases to the nearest pound and saves the difference to a pot of your choice. It’s a painless way to save small amounts that add up over time.
Plum
Plum is another fantastic app I use to automate my savings. It uses AI to analyze your spending and determine how much you can afford to save. You can set rules for your savings, such as automatic round-ups or even challenges like the 52-week savings challenge (read all about my 52-week challenge here!) The best part? It's super safe to use, with robust security measures in place.
Between January and June 2024, using Plum's automated savings, I managed to save £917 without even noticing! It’s by far the easiest way I’ve found to save money. Plum also offers a Cash ISA with a great interest rate of 5.17% and a savings account rate of 4.97%.
2. Save towards overpaying your mortgage
Another method I use to save is Sprive, an account that helps you save towards overpaying your mortgage and save you thousands of pounds in interest. It’s all automated so you set it up to take between £50 - £100 out of your account each month, depending on what it calculates you can afford.
Not only can you withdraw the money back into your account at any time, but you can also send it directly to your mortgage lender to overpay your mortgage. While not all mortgage providers are available on Sprive, it’s a fantastic tool for those who can use it. Plus, you can earn cashback on gift cards, which you can use to overpay your mortgage - a pretty cool feature!
As a bonus, if you use the code GXMXGS9K, you'll get a £5 sign-up bonus with Sprive.
Summary
Saving money doesn’t have to be a daunting task! By automating your savings with apps like Monzo, Plum, and Sprive, you can effortlessly build up your savings and even work towards paying off your mortgage quicker. Give them a try and see how much you can save without even thinking about it!
Disclosure: Some of the links in this blog are affiliate links. This means we may earn a commission if you click through and make a purchase, at no additional cost to you.
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