Recently I wrote a blog post about Robo Advisors and Auto-Saving Apps. One option in the auto-saving space that I personally recommend is Acorns. This service allows you to link any bank account, credit card or PayPal account you like and it rounds up all transactions to the next dollar and deposits that amount into your Acorns account. Acorns will then invest your money within one of five portfolio options from Conservative to Aggressive. The app/website will help you select the portfolio that is best for you based on your time horizon and risk tolerance…but you can always override and select whichever you’d prefer. One awesome feature includes the option to multiply your round-ups with a 2x, 3x or 10x multiplier (example: if you have the 2x multiplier and make a purchase of $5.75, Acorns will deposit $.50 into your account instead of just $.25). Additionally, you can set up recurring deposits (weekly, monthly, etc) and do one-time deposits in your Acorn account whenever you’d like. For a full Acorns review, click here.
As far as raising money for charity goes, Acorns has an awesome referral program to start 2018…if you use my referral to set up and fund an account, you get $5 and I get $5. Even better, for the month of January only, if we can get 10 referrals it will bring $1000 my way which will be donated to the The Fisher House, an amazing charity that provides free housing for military families with loved ones in the hospital! If you already have an account refer your friends and it’s a win all the way around. All that is required is that referrals set up and fund an account with Acorns…too easy and takes about five minutes. As an additional bonus, the good people at Acorns literally plant an oak tree for each referral. So, in recap…open and fund an account, you’ll get $5, Acorns plants an oak tree and Aim High Finance donates money to an incredible military charity!
The Pros of Acorns are that you can get started for practically nothing (open an account for free!) and you can maximize your saving as much as you’d like through round-up multipliers and automatic/one-time additional investments. Also, the automated portfolio options make it simple to get investing without having to research individual stocks and mutual funds. Furthermore, Acorns simplifies the saving process for people who are bad about saving money or simply don’t have the time to focus on saving and investing. Lastly, the referral program allows for everyone to make a little extra money!
The Cons are that Acorns charges $1 per month on accounts under $5K (unless you’re a student and sign-up with a .edu email) for it’s investment services and 0.25% annually on accounts over $5K (which is in line with other robo-advisor services).
So, if automated saving sounds interesting, check out Acorns and it’s (lower rated) peer Stash (for comparison), do your research and set up an account! And again, if you do want to join Acorns, utilize the referral program if you have a friend with an account or use my referral link and I’ll donate all referral $ to the Fisher House!
Please hit me up if you have questions about Acorns or the Fisher House!