To the 11.5m adults in the UK who currently have less than £100 in savings and investments... we feel your pain!
Having a store of money to fall back on is an essential buffer and can help you avoid problem debt. So if you've made a resolution to save more, then we have app full of smart, fresh features that have been designed to help with that 📲
These features harness our recent Behavioural Science research, and use intelligent personalisation to help you score your goals quicker.
52 Week Challenge 📆
The 52 Week Challenge is based on the idea that putting money away little-but-often can help you save more in the long-run.
The idea is simple. Just set aside £1 more than you did in the previous week… and repeat for a year. Though it may sound easy, this challenge is not for the faint-hearted (hey, we did say it was meant to be a challenge!).
Starting with £1 in the first week, we’ll put away £2 in the second, and build up to saving £52 in the final week of the challenge — that’s a total of £1,378 in a year 🤯 It sounds like a huge task to save this amount of money (and it is!), but breaking it into manageable chunks means you’re more likely to succeed 💪
By increasing deposits in small increments the difference is not obviously noticeable, and it can help you put more away by allowing you to gradually adjust to the habit of saving money over time.
Rainy Days Rule ☔️
Our Rainy Days Rule is another example of Behavioural Science in action!
This rule was developed from the principle that automation is the most effective way to consistently save money over a long period of time… even if that process is triggered by a random event (as in this case) 🎲
Once Rainy Days is activated, Plum will set extra cash aside automatically, each day it rains where you live. You can customise the mood (or ‘moisture level’ 😂), from ‘A Bit Damp’ (which will put away £1 for each time it rains), through to ‘Make it Rain’ (which will take £20).
The rule is based on a forecast for where you live, with the money take as a single lump sum, once per week, for the week previously 💸
London saw 109 rainy days last year, which would mean extra savings of up to £2,120 over 12 months 🌧 Now where’s that brolley when you need it?
Rock it in Pockets 🚀
You asked for it 🙋♀️ We delivered 🤝 Pockets have now been added to Plum! Pro tip… your banking app might call them pots.
Once added to your Plum account, pockets allow you to allocate money to the goals that you’ve set up. This makes it easier to keep track of your progress, and is a scientifically proven method of helping you save more compared to someone who doesn't set a savings goal 🤓
What’s that, not sure what goals to create? Not a problem! Plum is the first app EVER to provide personalised recommendations for savings goals based on your individual financial position.
For example, if someone’s stuck in their overdraft, Plum will suggest setting up an overdraft Pocket so they can harness the power of auto-stashing to pay it off as quickly as possible ⚡️
Combined with our 'Splitter' feature, you can even automatically apportion your deposits between Pockets and savings goals!
Ok, Gimme the New Features 🤲
These new features form part of our new, subscription only, ‘Plum Pro’ tier.
Plum Pro is a £2 per month premium tier, which also includes the existing £1 per month subscription to Plum Plus (our investments platform).
We’re really excited to show off the exclusive new features we’ve been developing for Plum Pro, such as Diagnostics and True Balance, and truly believe that these additions represent amazing value for money 🤑
With the help of intelligent automated rules and Pockets, we’ve estimated that features in the Plum Pro tier could help our Plumsters each stash an extra £3,998… EVERY YEAR:
- Average extra saving by having a clear goal = £500 (NS&I)
- Rainy Day savings (‘Make it Rain’ setting for London in '19) = £2,120
- Completed 52 Week Challenge = £1,378
We’ve also added Cashback to the list of benefits provided on the Plum Pro tier, which offers exclusive rewards whenever you shop with one of our partner merchants through the Plum app 📲
If you'd like to learn more about Plum then you can check out our website.Download Plum