Lately, I am all about saving money for our family. We went through a tough time recently and I want to do everything I can to make sure we can survive any set backs in the future. I am couponing like a crazy person. Well, maybe not a crazy person, but compared to what I used to do, it sure seems like it!
Anyway, my husband told me to check out this app called Acorns. It is an investment app. You link your debit or credit card and it tracks your spending. Every time you make a purchase, it rounds up your total to the next whole dollar. Once your total reaches $ 5.00, the app will withdraw that money and invest it for you! How ingenious!
The app is free to download. The set up process is easy and doesn’t take a long time. There are fees, but in my opinion, they are minimal. They charge you $ 1.00 per month once you invest. There is also a small management fee of .25% – .5% of your balance. When you look at other investment sites, this is very low.
You can also choose the way you invest. They have 5 different levels to invest in, depending on how aggressive you want to be. It also shows you what your expected return will be based on how much you invest each month on a timeline by age for each level of investment. I really like this feature. I chose the moderate portfolio, but I may change to the aggressive since retirement is not very far away anymore. That is another great feature. You can change to a different portfolio at any time.
You can also choose to invest money at any point. Just plug in the amount you want to invest on the deposit screen and the app takes care of it for you. I have been adding more money into my account as I am sort of using this as a savings account. You are also able to withdraw your funds at any time without any fees. That is a great feature, too. My Acorns account is my emergency fund at the moment.
You can check on your investments at anytime, too! Just open the app and it shows you on a graph how your money is doing. It really could not be any easier! I usually check on it at lunch time. I am a control freak like that. Hahaha!
The thing I like most about Acorns is that it takes $ 5.00 at a time to invest. Most people won’t even miss that money. You can always add more if you wish. I think its great for young people especially. Imagine the compound interest you can get on this! I wish there were investment opportunities like this when I was 20. I might be retired by now!
One thing I haven’t mentioned yet is security. When you set up the account, there are quite a few checks and balances that you have to go through to make sure that you own the card you are linking. They also verify your email address. I feel the security level is very good. They even notify you if anything suspicious goes on with your account. You need a password just to open the app.
I give Acorns a 4.5 out of 5. I think it is an awesome investing/savings tool. The only thing that I would improve on is the historical data on the investments themselves. It would be nice to see how the stocks have done in previous months or even years. I would like to think that as time goes on, they will be able to improve on this.
So, check out Acorns and see if this app is for you! If I have left anything out, please let me know. I tried to cover all the bases. If you choose to use Acorns, I would love to hear what you think!