Acorns Review – Invest Your Spare Change

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Invest Your Spare Change

Saving money is always a good decision, however, it is not always easy to start saving money.

One of the biggest challenges facing those who have decided to cultivate that good financial practice is how to balance their expenses with the habit of saving. This has made it necessary for people to find unpleasant ways to reduce expenses.

Because many tools have been developed to help those who want to save, you need to know which ones are available to you. Acorns is an exchange savings tool, and its cash-back rewards program makes it easy to invest.

How do Acorns work?

Basically, Acorns is an application that rounds off your purchases made with a linked credit or debit cards, and then allocates the change obtained to a computer-managed investment portfolio.

This makes it a useful tool to save with little effort. Expenses are rounded up to the next full dollar, meaning that a $25.35 purchase will actually cost you $26, and the $0.65 difference will go to your savings fund.

It’s a highlight that this tool is free for four years for college students, as long as they use a valid .EDU email address.

Other users will pay $1 per month for a taxable investment account, $2 per month to add an individual retirement account, and $3 per month for an Acorns checking account, as well as investment and retirement accounts.

To start enjoying the services of this online company you must meet some very simple requirements: be a U.S. resident, at least 18 years old and have a valid social security number. Of course, you’ll also have to fill out an online form and wait for your application to be approved.

Make Money With Them

Considering the importance of getting as many customers as possible, Acorns employs a referral system, which will give you the opportunity to get $5 in your account for each friend who joins using your link.

In addition, although the goal is to save money through the exchange, you can also invest lump sums manually, or even establish recurring deposits on a daily, weekly or monthly basis, whichever works best for you.

One advantage of this system is that lump sum transfers can be a minimum of $5.

Because there is an app for mobile phones, you have the option of allowing all your purchases to be applicable for rounding or selecting which recent purchases will be applicable. Although under this mode you can still decide whether to save or not, it is useful if you need to keep a certain balance in your account or card for any given reason.

In addition, Acorns partners with more than 200 companies, including Apple, Amazon, and Airbnb, to refund you when you use a linked payment method at one of the partners.

Mostly you get the refund automatically when you use a card linked to an active Acorns account to make the purchase, the negative is that the rewards will reach your account in 60 to 120 days.

Important Aspects

It is especially useful that this website has a fairly comprehensive investor education center, being especially valuable that they use a simple language, which will help you to easily understand the issues raised, including the technical support section.

You can invest your spare change, hence the need to educate yourself in finance:

  1. You can use your money to acquire bonds or shares, thus creating your investment portfolio.
  2. To create a portfolio you must indicate your financial situation and objectives.
  3. With those answers, Acorns will recommend a mix of ETFs that will become your portfolio.

Although at first glance it seems that the fees they charge are quite low, they are not competitive if you never plan to manually invest money in your fund and your savings will depend only on what you get from the purchases. Therefore, it is recommended that instead of small balances you have balances, at least respectable, to take real advantage of this account.

At the End

If you are looking for options to save and, specifically, want to take better advantage of the change of your purchases this is an excellent option for you.

You can also earn some dollars by shopping in selected stores. In addition, you can invest your money under programs developed by professionals ranging from conservative to aggressive. Exploring the site is easy, and you can add as many cards as you need to your Acorns account, including your IRA account.

In the end, this is a great tool to passively create savings without affecting your lifestyle too much, give it a try and find out how much you can stack-up in a single month!

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