An expert in personal finance is advising individuals in the UK to take a specific action before their January salary to potentially access savings of up to £1,164.
Rajan Lakhani, who leads the Money department at the financial management application Plum, is promoting the setup of an “autosave” rule on banking applications.
The “autosave” rule is a function within a banking app that automatically moves funds into a savings account or investment account at predefined intervals.
The purpose is to eliminate the manual effort required to transfer money into a savings account.
According to Plum’s analysis, the average worker utilized auto-saving tools to save £97 per month in 2025.
WHATSAPP GROUP: Receive financial news and exclusive deals directly on your mobile by joining our Money WhatsApp group here. Additionally, we offer special promotions, discounts, and advertisements from us and our partners to our community members. If you wish to leave our community, you can do so at any time. For those interested, please review our Privacy Notice.
NEWSLETTER: Alternatively, subscribe to Mirror’s Money newsletter here for top advice and shopping bargains delivered to your email inbox.
This implies that individuals starting in January could have £1,164 saved by the end of the year. By transferring the funds to a high-interest savings account with a rate exceeding 4%, the savings could potentially increase to approximately £1,210.
Several popular digital banks offering “autosave” functionalities include Monzo, Starling, Revolut, and Chase.
Rajan Lakhani, the Head of Money at Plum, stated: “Establishing a payday autosaver can present a hassle-free method to save monthly, aiding in maintaining consistency and achieving long-term financial objectives.
<p class="Paragraph_paragraph-text__PVKlh " data-tmdatatrack="content-unit" data-tmdatatrack-type="