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Acorns app -

Discussion in 'Other Asset Classes' started by Greyghost, 17th Jul, 2016.

  1. Greyghost

    Greyghost Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    1,262
    Location:
    Melbourne
    Hey all,
    I saw this app was available in America some time back, heard it on either the Lewis Howes or Tim ferris podcast, but I see it is her in Aus now!

    Started an account and had a play with it.

    For those who have not heard of it basically:
    Links to your transaction account and has a list of your transactions
    Say you spend $3.75 on a coffee, it Let's you tick to round up to the nearest dollar.
    It then invests this in an index type fund depending on how Risk adverse you are and your timeframe.

    What I don't like about it is I thought it would automatically sweep each transaction and round up to the nearest dollar.. But you have to tick a few transactions to round up. Then when you have a minimum of $5 rounded up it will debit your bank account the next business day.

    I like automated investing/saving, so this still gives you the choice which gives you the excuse to not do it/invest.. So maybe defeats the whole purpose of the app in the first place!

    Others thoughts on this app if you have used it?
     
  2. wombat777

    wombat777 Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    1,435
    Location:
    33°41'24.7"S 150°55'34.3"E
    I have a bucket of change in the cupboard. I periodically put that in the bank.

    Edit - will now make sure I transfer these deposits to my cash management/investment account.
     
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  3. Greyghost

    Greyghost Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    1,262
    Location:
    Melbourne
    More than one way to skin a cat! Lol
     
  4. wombat777

    wombat777 Well-Known Member Premium Member

    Joined:
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    Posts:
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    Location:
    33°41'24.7"S 150°55'34.3"E
    The cafes I use don't tap and go for transactions less than $10. Means I end up with a pile of change each week.

    After refinancing I've also just automated how money is allocated for expenses, loans and future investment into various offset accounts. Hopefully will be more diligent in saving & investing.

    Will have a look into acorns though.
     
  5. sleekgeek

    sleekgeek Active Member

    Joined:
    1st Jul, 2015
    Posts:
    32
    Location:
    Cairns
    I've set one up for regular payments of 100 a week until I obtain my first property offset home loan. I think the $1 monthly fee is a lot if you're only playing with cents.