AI enabled saving apps

Mev1980

Hi, 

I think it's great if an app can find out where you can save money and then automatically save some for you as every penny saved helps. However, I am scared to allow an AI enabled app that is monitoring my spending habits and has access to all my money/bank accounts. Am I being overly cautious. The app I am thinking about is Plum. If you have used it and have positive or negative experiences, please do share. Many thanks 

MattMattMattUK

Mev1980 said:

Hi, 

I think it's great if an app can find out where you can save money and then automatically save some for you as every penny saved helps.

That kind of saving would only come from reducing spending, how is the app/AI going to stop you spending?

Mev1980 said:

However, I am scared to allow an AI enabled app that is monitoring my spending habits and has access to all my money/bank accounts.

Why are you scared? Because of scare stories in the DM and red tops about AI?

Mev1980 said:

Am I being overly cautious.

Possibly yes.

Mev1980 said:

The app I am thinking about is Plum. If you have used it and have positive or negative experiences, please do share. Many thanks 

Having looked at it, it is a gimmick, it requires you to change your behaviour and it charges you a monthly fee for the privilege. If you want to look at ways you can cut back then post an SOA on the Debt Free Wanabe section of this forum (you do not have to have debts to ask for help) and the people on there will advise how you can save money, they will not charge you and they will not suggest financial products that they earn commission on.
https://www.lemonfool.co.uk/financecalculators/soa.php

Also and I have an issue with this overall, it is not an AI, it is not intelligent, it is a fairly basic MLA (Machine Learning Algorithm) designed to push you towards certain financial products. 

Millyonare

Just list out your top-10 biggest daily or monthly costs on a sheet of paper. Add them up. And then try and cut the numbers by 10-50% before Dec 31 2024.

For example, if you are spending £1000 a month at Waitrose in March, try to do £500 at Aldi in April. If family electricity is £200 a month, shop around for £180 a month, or turn the thermostat down by -10%.

A bit boring, but very easy to do 👍