Look up advice on the best ways to become more frugal, and step one will almost always be: ‘draw up a budget’. Whilst this is solid, sensible advice, many of us don’t have the time or the knowhow. It’s this feeling of being out of your depth from the off that results in many people sticking with bad financial habits.
A solution in the palm of your hand
Plum is the first AI-powered chat bot that operates through Facebook Messenger. This makes it interactive and easy to access, using technology and a platform that most of us are already familiar with. Plum’s aim is essentially to take care of your budgeting on your behalf, and they do so in three main ways:
- By linking up your bank, the algorithm can analyse your daily transactions in relation to your regular income and expenses. Learning about your spending habits in this way means they can offer tailored advice on how much you can afford to put away each month, without any hassle on your part.
- Take advantage of their investment opportunities, which make it easier for beginners to make a healthy return on their cash, boosting their savings in the process.
- By monitoring exactly where your money goes, and what better alternatives are out there, you can switch to cheaper deals in mere moments, ensuring that you never needlessly overpay on your bills.
Number crunch
As to whether it works or not, the numbers seem to speak for themselves. A total of £20 million has already been saved by thousands of customers across the UK, with the average saving on bills per user working out at £175. With this extra money in your pocket, it should become easier to achieve Plum’s ideal outcome: the freedom to spend your hard-earned cash on the things you want, rather than having it all tied up in the things you need.
from Finance Girl http://www.financegirl.co.uk/plum-the-chat-bot-that-could-save-you-money/
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