acorns

Investing some change

About a month ago, I heard a couple of co-workers talking about their ‘acorns.’ I heard them talk about it before so I asked, “What exactly is an acorn?”

They introduced me to a program where you invest your spare change automatically into an online savings account. The account is equivalent to an actual savings account you would find at a bank.

Acorn is an app (accessible from your mobile device or desktop.) It costs a dollar a month and regularly accesses your bank account to view the amounts you spend. For each transaction, Acorn calculates the pennies needed to round-up to the next dollar. It then takes those pennies and deposits them into your Acorn account. Once in your Acorn account, the round-ups (and any other money you deposit) is invested into your choice of a low-risk to a high-risk investment account.  The money you deposit can be withdrawn at anytime without penalty. It does take a few days to return to your bank account.

I’ve been using Acorn for a month so I thought it would be a good time to tell you how it is going.

  • Total round-ups deposited in July 2018 = $ 63.83 (This is about $16 per week.)
  • Total additional amount deposited = $ 5.00
  • Total amount earned by signing up for Acorns = $ 5.00
  • Total amount earned by introducing a friend who signed up on Acorns = $ 5.00
  • Total monthly fee = -$1
  • Total gain/loss on account = +$0.14
  • TOTAL BALANCE IN ACCOUNT = $ 77.97

My thoughts… Even though it has the potential to grow from investments, I see it more as a tool to save money and forget about it. Think about it… I now have almost $80 in a savings account that I likely wouldn’t have saved any other way. If I were to keep this up, by the end of the year, I will have saved between $900 and $1,000. I guess it would be true to say that from acorns, might oaks do grow.

If you’re interested in trying Acorns out yourself, please use this link. https://acorns.com/invite/VSG5NK

Enjoy!
Scott

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