I was on a social media site the other day, and I saw an ad for an investment app; and since I have to start over and build my equity back up I thought this might be a good place to start. I know absolutely nothing about the stock market and even where to begin on building a portfolio. So, I thought I would try it out and it hit me; this would be a great way to save a thousand bucks!
I am trying out two of them, Acorns and Stash. Basically you link them to your checking account and you can set up weekly or monthly transfers or just do transfers manually whenever you have an extra 5 bucks. Oh yeah, all you need is five dollars to get the account started. If you are leery about linking your main checking account, set up another one with just the money you want to invest and just transfer over your monthly amount. It seems tedious, but if you are worried about overdrawing or being hacked it is a good safety measure.
I have been doing this for about a week now and with 20 dollars I have made .30 cents. I know, you’re thinking, ‘wow a whole .30 cents’ but if you think about it, if you put that same twenty in your regular savings at .01% how long will it take to make that same thirty cents? My guess is not within a weeks’ time!
The format seems to be the same on the two apps I am using, and you can pick stocks at conservative or at higher risk levels. Acorns you are pretty much invested in the portfolio you pick when you set it up, and it rounds up your change from debit card purchases to add to your investment power. Stash you have to manually transfer money into the account, but you can choose different stock options each time you invest more cash. A fun way to save money and learn a bit about the stock market at the same time!
I hope this tip helps you in your success on sticking with your budget goals and saving for a rainy day.
Oh and one more thing, if you use this code for Acorns: http:/ acorns.com/invite/XQMRBS you will get a free $5 for opening a new account; and for Stash: http:/getstashinvest.com/dianeh611
If you have a fun way to save your $1000 please share in the comments or email