Jordan is savings for a new telescope (Picture: Supplied)
‘It worked really well and before I knew it Plum had saved money from the odds and ends in my bank and the best part is I didn’t really notice,’ he explains. ‘So when it came time to look in my Plum account it was nice to see a little bundle saved and that’s where my Plum journey started.’
While Jordan has some previous investing experience on other apps, he realises he ‘wasn’t really sure’ what he was doing, especially as a first-time investor.
What he likes about Plum compared to other platforms is how he can easily understand where his money is invested, with graphs and data from previous years accessible so he can clearly see if a particular investment is worth investing into or not.
The app offers individual funds, but Jordan invests in mutual funds which are stocks managed by experts, which track a stock market index, such as the well-known S&P500. They allow you to invest in a bunch of assets at once, reducing costs and mitigating risk through diversification.
‘When compared with the 1.5% up to 4% a bank would give me on interest, that’s a no brainer,’ Jordan says of choosing Plum’s investing options to save his money. ‘Now of course that’s not to say it can’t go the other way, but I find it simple to just start with a set rounded amount and then take the profit when it hits a certain level.’
He also loves the fact the platform pays interest on the savings accounts monthly ‘so it’s like a little boost at the beginning of the month when it hits the pockets’.
Having taken control of his savings, Jordan has money goals in sight, including saving for a holiday and putting money towards his degree in Astrophysics that he’s hoping to start next year (as well as pay for a new telescope).
‘It’s awesome to be able to see each individual pot grow and your savings goals seem to come to life quicker,’ he says. ‘Plum has enriched my life both on the investments and on the savings side and has allowed me to truly take hold of my finances in the way I wanted to – I’m not the sort of person who is bad with money in the first place, but it’s optimised my time for sure.’