The Number 1 thing to do with your spare change is….. invest it! Yep, that’s the big secret. I was recently told about this easy to use investing app and I just had to share it with you!
Truth be told, ain’t nothing cute about being broke…NOTHING!!! And I know what you might say because I’ve tried to convience myself to this many times before, saving money is hard. Well lets get 1000% real and admit that being broke is hard. So to that I say…pick your hard…it’s your choice!
This new gem that I was introduced to is Acorns, the investment app! Acrons loves my spare change! I’ve been using it for a little under 2 months and already have over $100 in my account. That’s just from the spare change, no additional investments or recurring investments (we’ll get into that later)! The Acorns app invests your spare change by rounding up the nearest dollar, or more, for every purchase from your linked card. And here’s a plus….You can link more than one card and start stacking even faster! Acorns makes investing fun and easy.
The Acorns investing app encourages you to unvest your spare change by using the “Round-Ups” system. By linking a card (or 2), Acrons monitors your daily purchases and automatically invests the change from each transaction. For instance, you spend $4.30 for lunch, Acorns will round up the transcation to $5.00 and $.70 is automatically invested into your Acorns account.
Now keep in mind, Acorns is literally only investing pennies at a time, so don’t consider it your means to effective long-term savings plan. However, I will say that its a great starting point for those, like me, who haven’t invested yet or needs guidance starting out with investing.
In 2015, Acorns founder Jeff Cruttenden told CNN Money that people like the idea of investing spare change.
I know you want all the dets on what to do with your spare change so here goes:
- Acorns has no minimum investment
- Fees: $1/month, under $1 millon
- Set up recurring deposits of varying amounts
- Make one time deposits
- Get referral bonuses
- Earn extra cash through “Found Money” (shopping through Acorns rewards program)
- Mobile and Web access
- Free to join
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