Put your savings or investing on auto pilot with Acorns. If you are a person who is just starting to save or invest, you should use this app. Also, if you have a savings goal, such as taking a vacation or making some kind of short-term purchase, the Acorns App is a great way for your to save.
I found about Acorns years ago, started using it and then stopped. Now I am back and have been using it for about six months. My round ups average $60 a month.
I am also an affiliate marketer for Acorns so while I will get paid for you signing up, I still highly recommend it as a savings app.
If you are interested in trying out Acorns, sign up here.
What Is Acorns
The primary purpose of the app is to invest. Acorn’s let’s you invest in a portfolio of stocks and bonds. As an investor, you can choose whether to invest aggressively (more risk) or conservatively (little risk). The investments are similar to what would be found on the S & P 500 or Dow Jones Industrial (The Dow).
Acorns has three different plans: Acorns, Acorns Later and Acorns Spend. Any one of these will let you put your savings or retirement on autopilot.
Acorns
With Acorns, you just have your money rounded up and deposited into your account. Your round up does not happen until you get to $5 in round ups. You can choose to invest aggressively or conservatively (more risk vs less risk).
Acorns App Can Help You Save
Acorns Later
With Acorns Later, Acorns will recommend an individual retirement account (IRA). You can also set up recurring contributions, and you can roll over any existing IRA or 401(k) plan into your Acorns Later Plan. This is primarily a retirement investment tool.
Acorns Spend
Acorns Spend is a checking account with a debit card and checking account. You can also save the same way you would with Acorns and invest the same way you would with Acorns Later.
Why You Should Put Your Savings or Investing on Auto Pilot with Acorns
You should auto invest with Acorns if you are not a good saver. Meaning, if you aren’t good about putting money away yourself or putting it on auto pilot, you should save with Acorns.
If you don’t need to save as a long-term investment, use Acorns to save for your vacation(s) or any other expense you have.
You could also use the money for projects around your home. For example, do you have a landscaping project you have been waiting to do? Use your Acorns savings to get it done! Do you want to buy some appliances or get the interior of your house painted? Use your Acorns savings.
How Much Can You Save and How Long Will It Take to Save with Acorns?
I am saving about $60 a month with Acorns. That would be about $720 a year.
My Acorns app is only linked to my debit card and I don’t use my debit card a lot.
You can link your Acorns to any card, including a credit card.
I know someone who was able to save about $2,500 in a year and used that money as a graduation gift.
The point is that even if you are automatically saving by having deposits made in your checking and/or savings accounts, Acorns is a great way to increase your savings.
Put Your Retirement Savings on AutoPilot with Acorns Later
If you don’t have an employer sponsored retirement plan, I would recommend that you open up a Roth IRA. The Roth IRA should be opened with a financial institution. Since you are responsible for funding the Roth IRA, I would HIGHLY recommend setting up automatic deposits into that account.
You may still chose to open up an Acorns Later account where you will have your spare changed deposited to be invested for your retirement. You choose how aggressive or conservative you want to be with your investments.
Even if you have a retirement account, there is nothing wrong with having a little extra.
This is what I have earned so far with Acorns
My current Acorns value
This is What I Will Have If I Never Invest Again and Let the Money Sit Until Age 86
I can change my future by investing more or setting a new age when I remove the funds. However, I am going to use mine towards my D.I.Y. small back yard landscape project.
Put Your Savings Or Investing on Autopilot with Acorns Spend
Acorns Spend is the latest addition to Acorns. Acorns Spend lets you turbo charge your efforts to put your savings or investing on autopilot. You can have a checking account, debit card and still invest with Acorns Spend. The difference between Acorns and Acorns Spend is that you don’t have to wait until you reach $5 to get your money invested. Your money is automatically invested with Acorns Spend.
Whether you have short-term savings goals or long-term, Acorns App can help you reach your goal.
If you want to read more about Acorns Spend read this article, Acorns Spend: Everything You Want to Know.