A financial expert is advising individuals in the UK to take a specific action before their January salary to potentially unlock savings of up to £1,164.
Rajan Lakhani, who leads the Money department at the financial management application Plum, is recommending the establishment of an “autosave” rule within their banking applications.
The “autosave” rule is a function within banking apps that automatically shifts funds into a savings account or investment portfolio at predetermined intervals.
This approach eliminates the need for manual effort in transferring money to one’s savings account.
Based on an analysis by Plum, the average worker utilized auto-saving tools to save £97 per month in 2025.
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Individuals starting in January could potentially accumulate £1,164 by the end of the year through this method. By transferring the funds into a high-interest savings account with a rate exceeding 4%, the savings could increase to approximately £1,210.
Some of the leading digital banks offering “autosave” functionalities include Monzo, Starling, Revolut, and Chase.
Rajan Lakhani from Plum mentioned, “Implementing a payday autosaver can simplify monthly savings, ensuring consistency and progress towards long-term financial objectives.
“Taking this simple step before January payday can foster savings almost effortlessly.</
