Acorns is a financial service you can download on your phone, activate, establish your investing parameters and forget about it. I decided to give it a test and here are my thoughts-
One Lonely Ben Franklin
At the time that this Average Joe, activated my Acorns app, I had but one lonely Benjamin Franklin sitting in my savings account ($100.00). Yes, just one. Sadly, I have never been one to keep much money sitting in a savings account (I prefer other high yield accounts), despite all the rainy day stuff we are supposed to be planning for.
Well, I decided I need to do something about that. I decided to try out Acorns for two reasons:
- I could activate it and forget about it.
- I always want to have multiple streams of savings occurring.
The only way I am going to save money is if I have it money removed from my checking/savings/ accounts and slipped into another account without me noticing it. Acorns allows me to do just that. I link a few accounts to Acorns and then I forget about. It is simple and painless.
I spend a lot of money on a daily basis. I stop and get a coffee in the morning. I might eat out lunch with my coworkers at noon. I catch an Uber ride to a meeting. I stop and pick up my dry cleaning on the way home. I take my girls out for an ice cream. Yes, my daily spending habits are that I spend money. Lots of money. And, I spend money throughout the day.
Acorns allows me to link a credit or debit card and then it goes to work in the background. Each time I use my credit card, Acorns rounds upwards to the next even dollar. So, if I buy a coffee from my work cafeteria for $.79, Acorns rounds up that to $1.00 and then invests the $.21 into an investment account. I don’t notice the $.21 cents as it is so small, but, as I do this several times a day and those cents begin to add up.
You can adjust your investment multiplier factors within Acorns to save even more money. With my coffee example, I currently have my round up factor set to 2x. So, that $0.21 becomes $0.42 deducted from my credit card or other linked account and then saved and deposited into my Acorns investment account.
You can set your multiplier factors as high as 10x. 10x is a bit high for this Average Joe, but 2x is just fine with me.
Recurring and One-Time Deposits
Acorns also allows you to deposit money on a one time basis or on a recurring basis. For my account, I set it up that $5.00 would be drawn out and deposited each week. In this way, I am not going to miss a $5.00 withdraw from my accounts, but, it really boosts my savings rate each week.
Found money is the best money! That moment of exhilaration of finding money you forgot all about and you think to yourself, “It’s my lucky day!” Acorns knows how that feeling feels and they have established partnerships with over 250 brands to provide you extra money on things you are already spending money on! For example-
- Sam’s Club is offering $10.00 back on memberships.
- Bark Box is offering 5% back on memberships.
- Better Mortgage is offering back $500.00 on mortgages.
- And many, many, others!
In only 14 days, my account grew from zero to $96.43. That is amazing! I mean I am truly astounded at how fast my money has grown and I have not noticed it at all as it is being debited from my linked accounts.
Honestly, for this Average Joe, the best way to save money, is for me to just, “Link it and forget about it.”
If you need to save more money, and want a painless way to do it, then give Acorns a try!
Let, Average Joe be the first person to give you a $5.00 bonus for your savings. Use my referral code, and Acorns will deposit $5.00 into your account as a bonus. In addition, I will get a $5.00 referral fee. This is a great deal for both of us!
Average Joe referral code – FMJYHF
Average Joe Arbitrage
Average Joe is on a mission to help YOU have more money, live a MORE exciting life, and to do THINGS you never thought possible. No BS here. Just honest feedback and evaluation of money saving and money earning apps, techniques and philosophies.
Average Joe is committed to keeping this blog ad free. On occasion, you will see a referral code for an app that I use personally. If you could use that referral code, I will make a few dollars and you will get a bonus of a few dollars for yourself.
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