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  #1  
Old 09-16-2015, 07:19 AM
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Default Micro-investing and saving money.

Some of you may not have a job that offers 401k/retirement. Some of you may be like I am and have 401k but want to be a little more proactive without committing a large sum of money for funding a separate account. Or some of you might just need to hide money from yourself to save up for something you want.

Whatever the case may be, I ran across this little app called "Acorns" and decided to give it a try. Way more information can be found elsewhere so I'm just going to give my $0.02 and you guys can do your own research.

What is it? It's a savings app that links to your debit card or PayPal or whatever you want. It "rounds up" each transaction to the nearest dollar and then buys a small piece of a mutual fund (ETF) with the money. This might sound familiar as I think BofA does it, but they just put it into a savings account.

I use my debit card a TON so I linked it to that account. I've been doing it for almost a month and I have to tell you, it's a lot of fun to watch it grow and track the progress. There are five or six funds to choose from ranging from super safe to very aggressive (that's the one I chose).

WooHoo! I'm rich, bitch!!



That's the home screen and tracks your account. Like I said... it's been about a month.

This screen tracks the market during the day. The gain/loss is a little misleading since it includes a roundup deposit.



Net gain/loss of my whole account. 1% doesn't sound like much- and it isn't, but considering the average APR of a savings account is 0.06%, it's better off here than it is in a savings account or piggy bank.



Every time your roundups get to $5, it buys another chunk. This is where you can track your roundups and whatnot. You can basically see all of your linked account activity here. Note: I started with a $20 investment, but you don't have to.



Aaaaaanyway... I'm having a blast with this little app. I've never had so much fun watching pennies. Could you retire using this app? I guess. But it's more about just getting started and introduced to saving/investing.

It costs $1/month to manage your account, but it's free to deposit or withdraw. If you use your card a lot like I do, the $1/month isn't all that bad. Any less than 10 bucks per month and you're likely just going to be moving backward.

For those that think this one is too boring, there is a very similar app called "Lawnmower" that does the same exact thing, but invests in BitCoin. WooHoo! That might be fun since it's so volatile.

If you don't want to "invest" at all, there is an app called "Digit" that is basically just a virtual piggybank that is all done through text messaging- which I think is awesome.

Whichever one you choose, they are all great ways to set aside money for that amp or sub or alt or whatever. Because I know myself... I have to hide money from myself or I'll spend it.

So, get to saving!
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  #2  
Old 09-16-2015, 09:49 PM
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Not bad.

Just wanna add I got several ways I'm saving money. Each check I get deducted 25 bucks into a separate account just for shits-n-giggles. Also have a BECU account....since most people hate banks, a credit union typically has better % rates than banks do.

401(k)'s can be moved around to better the % rates too....in case people wanna see their "nestegg" grow more than what banks offer.
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Old 09-16-2015, 10:20 PM
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Great idea fade but I need someone to jump me on payday and take my money or its for sure gone within minutes.
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Old 09-16-2015, 10:26 PM
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Originally Posted by Goldfishrock1 View Post
Great idea fade but I need someone to jump me on payday and take my money or its for sure gone within minutes.

Isn't that the same thing as being responsible and paying bills
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Old 09-16-2015, 10:45 PM
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Originally Posted by Boomintahoe View Post
Isn't that the same thing as being responsible and paying bills
bills blow amps and sub's all day
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Old 09-16-2015, 11:17 PM
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Default Micro-investing and saving money.

It's a great idea, but I'm already nervous. I downloaded the app and went almost all the way through the setup. They sure ask a lot of questions. I've had my identity stolen several times and this really takes a lot of info that would just be like handing over everything.
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Old 09-17-2015, 01:29 AM
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Only issue i see is as you continue depositing and gaining .5% a month on stock if that, you will lose 15% when you withdraw due to taxes.

A CD account or actual money market account or even a credit union will earn more money and be safer.

Sent from my ZTE ZMax using Tapatalk
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Old 09-17-2015, 03:05 AM
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Market closed yesterday with my account up 2.19%

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Old 09-17-2015, 07:33 AM
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I've been using Betterment.com for my non-IRA savings for a while -- I like it pretty well; although it's not as novel as that app =)
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Old 09-17-2015, 09:31 AM
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Quote:
Originally Posted by Los33 View Post
Only issue i see is as you continue depositing and gaining .5% a month on stock if that, you will lose 15% when you withdraw due to taxes.

A CD account or actual money market account or even a credit union will earn more money and be safer.

Sent from my ZTE ZMax using Tapatalk
if you're only gaining a .5% rate than maybe you're just better off with a Capital One 360 savings account. I have one and it's a .75% rate which for a savings account is pretty high. But in regards to saving, you should not be with drawing it often as it's "savings". the money should start to jump up pretty quickly once you've been doing it for a couple years. I watch my 401k and every month what I put in is almost half of what it is gaining in interest and reinvested dividends but I've had it for quite a while.


I wish that they had an app for the BofA thing where you pick the account the rounded up amount goes into b/c I have a few non-IRA investment accounts already that that money would be better served.
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