Put your pennies, nickels, and dimes into a jar – but electronically!
Are you the kind of person that puts all of your spare change from the store into a piggy bank as a way to save? It’s been more and more difficult to do that since technology has switched us to using debit and credit cards.
Acorns solves that problem! Acorns is an app that invests the money you put into it. But you don’t even have to think about it! Every time you make a purchase, Acorns will round it up to the nearest $1. That bit of extra change will be taken out of your bank account and invested! It’s easy – you really don’t have to do anything extra.
The money won’t be taken out every single time you make a purchase, however. Instead, Acorns will keep track of how much spare change you have and when you reach $5, it will take it out and add it to your investments. That way, if you keep a budget, you don’t have a million transactions for $.10 here and $.20 there.
One of our readers clued us in to Acorns. They don’t do tons of shopping, and they still invest about $10-$15 per month. In the 9 months they’ve been using it, they’ve collected about $150. If you’re doing a ton of coupon hauls and multiple transactions, imagine how quickly this will add up!
But since this is just taking a bit of money at a time, it shouldn’t break your budget. It’s a perfect way to save money for a rainy day!
Acorns has a very minor fee of about $1/month. Once your account reaches $5,000 (WHOA!), then it’s .25% per year. If you are a student, however, you can sign up with a valid .edu address and get it free for four years from your signup date!
You can also have companies invest in your Acorns account as well! In your app, there is an area for Found Money. This lists several rewards that you can use to get money into your account. For example, if you book a hotel room for $100, they will invest $20 into your account!
So what are you waiting for? Sign up now to start saving your nickels and dimes!