An expert in personal finance is advising individuals in the UK to take a specific action before their January payday to potentially save up to £1,164.
Rajan Lakhani, who serves as the Head of Money at the financial management app Plum, is advocating the setup of an “autosave” rule within their banking applications.
The “autosave” rule is a functionality available in banking apps that automatically moves funds into a savings account or investment portfolio at predetermined intervals.
This system eliminates the need for manual transfers to savings and streamlines the process for users.
According to Plum’s analysis, the average employee utilized auto-saving tools to deposit £97 monthly into savings during 2025.
WHATSAPP GROUP: Stay informed about financial news and exclusive deals by joining our Money WhatsApp group here. Additionally, community members receive special promotions, offers, and advertisements from us and our partners. You have the flexibility to leave the community whenever you prefer. For more details, you can review our Privacy Notice.
NEWSLETTER: Alternatively, subscribe to the Mirror’s Money newsletter here for expert advice and excellent shopping deals directly to your inbox.
Individuals starting this process in January could accumulate £1,164 by the year’s end. If these funds are placed into a high-interest savings account with a rate exceeding 4%, the total savings could grow to approximately £1,210.
Popular digital banks offering the “autosave” feature include Monzo, Starling, Revolut, and Chase.
Rajan Lakhani, Head of Money at Plum, emphasized the benefits of establishing a payday autosave, stating, “By automating this process each pay cycle, you are fostering strong financial habits and creating a safety net of savings for peace of mind.”
<p class="Paragraph_paragraph-text__PVKlh " data-tmdatatrack="content-unit" data-tmdatatr