It has taken me close to six months from getting the app to writing about it because I wanted to make sure I was obsessed for the long haul.
Full disclaimer: I answer phones and assign people tasks for a living so please do not take my word as financial gospel. Educate yo’self and make decisions that work best for YOU and YOUR financial situation.
Haven’t heard of Acorns?
Acorns is a financial app that invests your spare change into the market. The company was founded in early 2012 in California and has met strength to strength. It finally came down under in early 2016. The app continues to grow daily, much like my savings account.
Now, one quick Google of ‘Acorns app’ will show you scary headings like “Millennial investors are getting ripped off by Acorns” and the likes but I would like to dispel these theories.
One article, in particular, refers to the monthly fee vs. return on investment. It is important to note two things here:
- When it comes to micro-investing you are going to be making micro-returns. Don’t start counting your millions just because you invested $20.
- A monthly fee of $1.25 is NOTHING compared to your Netflix subscription (starting at $9.99 a month), your Spotify subscription ($11.99 a month) or even your coffee habit (starting at $3.50 A DAY). Plus Acorns helps you grow your $$$ and financial knowledge, I love Netflix but it doesn’t do that for me.
In fact, I pretty much treat the ‘micro investing’ feature of the app as a happy bonus and focus on how Acorns help me save money I would usually spend! For me, that is well and truly worth the $1.25 fee.
As I said earlier, Acorns rounds up your purchases and puts that remaining part into a separate savings account.
E.g. I bought a coffee for $3.50. Acorns take the additional 50c to round it up to $4 and save/invest that 50c for me.
While 50c may not sound like a lot it adds up, and scaringly quickly. Acorns help you pay yourself for making purchases. Sounds like a win/win for you!
Last week I pulled $200 out of my Acorns account to reduce my personal loan/hit my financial targets. It was $200 I had completely forgotten about but was very happy to see.
Here are my favourite features of the Acorns app…
- It takes the hard work out of saving (and helps me save money I would have usually spent)
- Their ‘Found Money’ section gives you discounts to shop at selected partners PLUS they invest money back into your Acorns account.
- Recurring investments allow me to accelerate my Acorns saving by making additional contributions.
- They have a fun amount of graphs and data so you can literally watch your money grow.
- It is an incredible insight and learning curve in the investing world – I like learning while Acorns does the hard work for me AND I am only playing with small amounts of money in the market.
I hope this helped anyone who is on the fence about downloading the Acorns AU app.
Thank you so so much for reading,