Hello all!
Today I would like to write a follow up on a blog that I wrote a while ago about saving money by quitting smoking.
This method involves using the service Acorns which allows you to set up an investment portfolio and deposit as little as $5 a day/week/month. There is also a Round Up feature which allows you to round up any transaction that you make to the next dollar amount and invest that change in to your portfolio.
First of all, my set up:
I have my portfolio set to be Moderately Aggressive and am investing $5 a day + Round Ups.
This was because I quit smoking cigarettes and wanted to actually save the money that I was not using on cigarettes (instead of just using it to buy other stuff I do not need).
Note: Due to my bank not liking 3rd Party Apps, it took me a while to get it to actually start charging my bank account, in fact I still have issues with Round Ups not going through unless I relink the account.
So I started investing on August 7th and my balance is currently at $240.92, with $15 currently pending due to the weekend. A $1 fee has already been taken out, and I have received a small $0.14 Dividend payout (my balance was much lower when it was paid).
Overall, my account has gained 0.07% (including the $1 subscription hit).
So is this a get rich quick playing the stock market scheme? No, but if you have some spare cash due to a recent lifesytle change or even just use the Rounds Ups feature, I definitely recommend using this service!