Just like the recurring deposit scenario outlined above, Acorns’s spare change strategy does something brilliant: it allows you to save without feeling the pinch. Once your “allocations” hit $5, Acorns transfers it to your investment account, and the process begins again. Acorns would round your total to $15 and “allocate” the 68 cents as Acorns funds. When you sign up for an Acorns account, it will ask you to link your debit or credit card.Įvery time you make a purchase, Acorns will round your purchase up to the next dollar and earmark the leftover spare change for your Acorns account.įor example, let’s say you spent $14.32 at Target. Acorns isn’t the first to come up with this idea, as many Acorns investment reviews will point out, but when something works, there’s no need to reinvent the wheel. We discussed the automatic round-up briefly in the previous section. When free doughnuts add up to $20 extra in your investment portfolio each month, it’s hard to believe that there’s no such thing as a free lunch! You could easily put that $5 you aren’t spending on breakfast to work by setting up an automatic deposit into your Acorns account. But then your schedule changes, and on Tuesdays, you have an early meeting where they offer coffee and doughnuts to make up for the early hour. Coffee, a bagel, whatever-it only adds up to $5. Let’s say that you eat breakfast on the go every day. While Acorn investing reviews usually highlight the spare change round-up feature (it is, after all, Acorns’s bread and butter), you should also know that you can set up automatic, recurring deposits directly from your bank account. It is hard to feel deprived when you’ve gotten used to not seeing that money in your checking account, and it feels great to see your savings account (or Acorns account!) balance increasing. With automatic savings deposits, out of sight is out of mind. If that money had already been put in savings, you wouldn’t even think about it. Maybe you decide that you need a new pair of sneakers or that you really want to go out to dinner and rationalize that you can always save next month. His rationale? It’s all well and good to say that you will save “whatever is left over” at the end of the month or pay period…but life happens. See Also: Is Acorns App Safe? (Acorns Security & Safe to Use?)Ģ. Acorns Investment Review: Make It Automaticįinancial guru Dave Ramsey advises followers to “ pay themselves first,” meaning that while you are making out your monthly plan to pay the rent or mortgage, pay the utilities, pay the groceries, and so on, you should also make savings an equally important line item (provided you have enough excess after taking care of the basics, of course). So, there you have it: Acorns is in your corner. We’re committed to giving young people the opportunity to grow their investments with Acorns and changing their perception of investing from complicated and inaccessible to simple and essential.” I founded Acorns because starting to save money as early as possible sets a path toward long-term financial health. “We understand that students carry great financial burdens, and Acorns wants to ensure there is nothing holding people back from investing. An Acorns investment review from PR Newswire quoted Acorns founder and CEO Jeff Cruttenden on the importance of removing savings barriers for students: And it goes double for the Acorns app because it offers some terrific incentives for students and young people.Īcorns offers up to four years without fees when you sign up with a valid “.edu” address. That’s the beauty of compound interest, after all. When saving for retirement or any other long-term goal, there is one universal truth: the sooner you start, the better. To help users make the most of their Acorns account, our Acorns investing app review has outlined six tips for getting started. With more than 1 million users and counting, the Acorns app is one of the newest and best investment apps to consider using. In this article, we will discuss Acorns app safety, touch on Acorn investing reviews, and offer you six tips to get the most out of Acorns investing this year. Is an Acorns investment safe? Acorns investment reviews, though not agreeing on every point, all seem to say so. The Acorn financial app has been receiving widespread praise from users and experts alike, making it a top contender among the best investment apps. The Acorns investing app is similar: it is designed to help you squirrel away bits of money, particularly those that are so small that you’re not likely to miss them. When you think of acorns, you probably think of squirrels packing them away for the winter. Guide: How to Get the Most from Acorns Investing
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