Man ‘astounded’ with ‘easy’ way he saved £600

Martin Lewis on how to earn money on your savings

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A man has been able to save £600 in his holiday pot with one banking app tool. Monzo found that 1.3 million of its customers used Round-ups last year, saving on average £128 each.

Britons are urged to see if their bank offers a round up feature as it can help save for a rainy day.

Monzo heard from customers that it doesn’t feel like saving, as the funds add up quickly and they don’t notice it going out of their account.

Damien Wilde, 34 has saved £600 in two years with Round-ups.

A huge fan of the Round-ups feature, the money he accrues goes into a ‘Holiday Fund’ pot, which he set up during lockdown.

He said: “On average it probably saves around 50-70p a time. It’s automatic so I have it set up on every transaction.

“It made sense for me to do every transaction as I don’t really see the benefit immediately but then further down the line you can accrue a lot of money – which I’ve definitely proven!

“It’s that idea of not having to think about it is the best aspect I think.
“In just two years, I’ve managed to save around £600, all thanks to Round-Ups.

“I’m now thinking about where my girlfriend and I could go on holiday with the money I’ve saved – hopefully somewhere warm next year!

“I’ve also used my savings from Round-ups to pay for a new lawn and camera gear for my job.”

Mr Wilde explained that Round-ups has given him a small pool of cash to get him out of trouble if needed.

For example, if something happened to his dog, he wouldn’t hesitate to use it.

When Damien found out how much he saved with app, Damien was “astounded”.

As the Round-ups happen in the background of each purchase, it is not something that he regularly checks as it’s not a big amount of money, but over time he saved over £600.

He said: “I was kind of astounded at how much it didn’t limit me but I’d managed to save so much.

“Not feeling your finances constrained but also saving money is pretty cool. It hasn’t limited the way I’ve spent money.

“It’s just so easy to use and access. Suddenly seeing a large figure is so interesting when you’ve only ever seen small pieces of the pie go and you don’t even notice it.

“I would wholeheartedly recommend this to people in my situation.

“I understand some people might not be able to at the moment, but I think the idea is it works because it’s sums of money that you wouldn’t necessarily notice.”

He explained that it makes saving accessible to people who don’t necessarily think that they can do it and it treats the saving process as “supplementary to your normal existence”.

He concluded: “The best way I can describe it is it’s like opening up a jacket pocket and finding a £5 you’d forgotten about!”

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