Way back in the day you may remember this blog having articles with the theme "Thrifty Girl". I loved those. Sales and saving money are one of my favorite things to do, sometimes to a fault... Anyone remember that J. Crew blow out a few weeks back? Well, my wallet sure does and our closets are still trying to deal with the influx of pretty, soft things.
Of course, saving money and investing money go hand-in-hand in the bigger picture. We save to have a nest egg to fall back on, get that thing we have been really wanting (hello house, car, vacation), or, just for safe keeping. Investing is really the same, we invest to increase our assets, get to that retirement, bigger house, college fund, or anything else just a bit faster. But, let's face it, the average family just starting out or single guy/gal rarely has the kind of money needed to start setting aside.... Or so you think. Welcome Acorns.
Acorns is a nifty little app that is great for those already investing or just starting out in the investment game. Simply put, Acorns rounds your purchases up to the even dollar and invests that small amount. Unlike many things out there, the app makes investments easy to understand and lowers that limitation wall most newbie investors are afraid of crossing. The hubs recently found this app, and although we already invest, we decided that doing a little more wouldn't hurt. The good thing is that the app has taught us both a bit more about investments and it has helped us find what kind of investors we are.
When you start up Acorns you will tie the app with a few different bank accounts of your choosing. I know that some of you have freaked out at this idea, but let me say, it is as safe as Mint which is pretty darn safe. Next, you decide what kind of investments you want: Safe and untouched for the next ten year, moderate and available in 3-5, or those dangerous penny stocks that will take or multiply your change. We chose the moderate and connected it with the debit account that I use most often.
Although it is the second most common card we have (the first being a credit card we pay off every month), I only use it enough to average about $10 of investments per month. Of course, you can always add money to Acorns. In fact, you start off by adding anywhere from $5 up.
And, that's it. Next time you purchase things, you will also be purchasing stock for your future. Well done, you can now, actually, celebrate that sale in more than one way! But, be sure you are ready for those deductions, it will round up your expenditures and thus round down your available moneys.
For those who want to be able to keep track of what is happening, the app does it too. You can see your stock portfolio, each stock's past month, and your projected income for the next 20-years. Best of all, the information is actually easy to understand. I know, the whole not needing an MBA to understand your stock portfolio is a new idea to many, but it is a real one.
Whether you are wanting to save a bit and investing is new, or you are the Kevin Rose of young investors, this app is a big recommendation from me. Saving money and investing a bit is just plain smart. This app makes it both simple and easy and I have yet to see a downside in using it :) Oh, and did I mention it is free?!! It's free.
