Looking For A Simple Way To Invest & Save Money? This App Is For You

January 24, 2016  |  

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If there’s one universal New Year’s resolution, for many, it would probably be to not only rake in more money but invest/save more money.

Personally, I’ve been working very hard towards building up a savings for myself being that I’m 24-year-old living in New York City alone and emergencies happen. Plus, my ultimate goal for 2016 is to lessen my four roommates to two by the summertime or maybe a quaint solo studio. So, savings has been on my brain heavy and it’s tough to say the lest.

Recently, I came across one of Power 105.1’s Breakfast Club interview featuring Stacy Tisdale and Sirita Wright from Black Enterprise Magazine, who discussed various financial matters and gave advise to watchers and listeners. As expected, the topic of savings popped up, to which they recommended an app called Acorns. Basically, what the app does is automatically invests your spare change from debit and credit card transactions by rounding up to the next dollar on all purchases.

Once the roundups reach $5, it withdraws the money and invests in a personalized stock portfolio, CNN Money reported.

The fairly new app, which is the first of its kind, is great for achieving both short-term savings goals and building wealth, according to Investor Junkie. “People generally associate investing with lots of dollars,”Jeff Cruttenden, co-founder and CEO of Acorns told CNN. “Once [people] find out that you can invest spare change, it’s a really attractive concept.”

While there are no minimum deposits for the app, there is a $1 fee per month for accounts under $5,000, and 0.25% per year for accounts over $5,000. Not to mention, those that are under 24 years of age and those attending college pay no fees whatsoever!

Find out more information about Acorns for yourself here.

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