The software is called Acorns – and the premise is simple.
With every transaction you make on your debit or credit card, it rounds that transaction up to the nearest dollar and invests the spare change. So whether you make ten $500.00 purchases or ten $5.00 purchases, it doesn’t matter the amount, it only matters how many transactions you make. All that spare change (that you will never feel), gets placed into the stock market.
You can set it to automatically round up every transaction, or simply go in and hit the + button and do it on only the transactions you allow.
You can also choose what type of portfolio you want (conservative all the way to aggressive) and it will calculate projected earnings based on the monthly amount of spare change you plan to invest. As you can see, if I squirrel away $20 a month in round up change, in 10 years, I’ll have completely painlessly made around $3600.00.
And, if I choose to use the automatic additional transfer feature, and add in $80 a month of savings, you’ll see in ten years I’ll have $30,000.
The general rule of thumb for those trying to learn how to save, live on less, or get out of debt….
Get as much of your money away from your wallet as you can. These types of apps will harvest such small amounts each day, and without any additional line item in your budget or big savings plan, you can make thousands.
So go set up an Acorns account here (I receive $5.00 if you go through my link) and then, grab YOUR link and invite 10 of your family members and friends, and get $50.00 to begin your squirreling away.
If you’re not in the US, here are a few other options:
In addition, a few other money-saving apps that were recommended by group members…
*The link to the Acorns software is an affiliate link and I receive $5.00 of “spare change” in my account when you go through my link. Thanks for tossing some coin my way! 🙂