When it comes to saving money, a lot of people struggle but a 27-year-old dental hygienist from Cardiff has found a way to make saving much easier and says it’s so easy that anyone can do it
James Amphlett, a dental hygienist from Cardiff, has set aside £17,000 in savings in six years by using a free app recommended by a friend that does all the hard work for him.
He has struggled to save money in the past because his income varies, and he doesn’t always have the time to think about saving.
“I am always super busy with work, and being self-employed, my income varies every week,” James says. “Plum has automated everything, so I don’t even need to think about it.
“It’s been amazing to just forget about it and look at the app a few months down the line and see a really nice amount saved for me without having to do anything!”
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He says it’s great for people who struggle to save money, and it’s really helped him as he was previously ‘useless with finances’. He adds: “The layout is so simple and easy to use, and it is jargon-free and laid back, which is great for someone like me who is useless with finances.”
According to research from Plum, British households are missing out on a potential £15billion in collective interest every year because they aren’t getting the best savings rates. And with the new financial year just around the corner, there’s no better time to make the most of your new ISA allowance, which begins on April 5 and allows you £20,000 in tax-free savings and using an app to automate your savings for you.
According to Plum’s analysis of Bank of England data, more than £300billion is lying dormant in non-interest-bearing accounts with 15 per cent of household cash savings currently sitting idle in easy access and flexible accounts where no interest is being earned.
Meanwhile, one in 10 (10 per cent) Brits can’t remember when they last reviewed their savings options and 11 per cent say they never have. Nearly half (49 per cent) of people avoid talking about their personal finances where possible. Some 20 per cent say it makes them feel uncomfortable, 12 per cent say they find it overwhelming, and nearly one in 10 (9 per cent) say it scares them.
While finances tend to be a taboo subject, studies show humour can make tricky subjects seem less threatening, decreasing stigma and creating a safer space for people to discuss them. In fact, over half of people said they’d find it easier to talk about uncomfortable subjects if humour was used to broach them.
That’s why Plum has enlisted Mark Simmons, the winner of Edinburgh Fringe 2024’s Joke of the Year, to create ‘Improv’ Your Finances—a finance joke book that will get people talking and laughing about the topic and encourage more people to break their money taboo and take action.
Mark has also been taking his stand up to the streets to surprise members of the public in unexpected places and put positive finance firmly on the nation’s radar. Mark says: “It’s no secret we’re probably one of the most polite nations on the planet. None of us want to upset the proverbial apple cart. Sometimes it feels easier to keep your head down and let others do the talking.”
Top 5 jokes from the ‘Improv’ Your Finances joke book:
1. My friend invested badly in balaclavas and now he’s in over his head.
2. It’s difficult to know what to do with your money. Someone said I should put it in my current account but I have no interest in that.
3. My grandad got into art when he retired, every week he draws his pension.
4. I’ve invested well in a lot of stock, it’s all gravy.
5. I love saving so much that I get really annoyed when taking money out of my ISA. Must be withdrawal symptoms.
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