Tuesday, 02 May 2017 09:49

Geek of the Week: Acorns

Make money by saving money...and investing a little at a time. This is both a mini savings account and a micro investing app. It links to your bank account, or accounts (can also link to your credit card). Every purchase you make, the app automatically rounds up to the nearest dollar and puts the extra change in a separate account. That money in that account is then invested (pennies at a time) for you. This is a great app for beginners who are new to the stock market. You pick your risk level, and the stocks are picked for you.

Now, pennies invested return pennies, so you're not going to get rich quick, but you'll be amazed at how much you save just by rounding up your purchases. Spend $44.99, bank 1 penny...spend $2.02, bank 98-cents. This works on every deduction from your account: paying bills, writing checks, buying gas, even using the ATM (service fees aren't always even dollar amounts)!

The app is free to download in iTunes or Google Play, but the service is $1 a month, until your account reaches $5,000, then it is 0.25% annually.

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