I've been using the Acorns investment app for the past few months and have been sharing my experiences here. With all these new investing apps, and products, it's hard to know if they actually work. So I hope by sharing my results, I'll encourage more people to look beyond the traditional products and explore all the cools new investing tools out there.
Another month and another acorns update. I use the micro-investing app to put my spare change to use. It automatically transfers my spare change into an investment account and helps me save without even knowing it.
I think Acorns is a great way for young people to start saving. It requires no effort and you don't need to worry about making regular contributions.
I use acorns to automatically invest my spare change. And I've been keeping track of how this investment has performed.
I don't really do much, just check in once a month and see how everything has performed. All of the investment is done entirely automatically. That's my idea of passive income! Now while i don't expect to make a fortune, I am hoping that acorns will perform better then just having my cash sit in a bank account.
Each month I report how well my investment using the Acorns App is performing. I'm fascinated by all the amazing new investment choices people have, and I want to test them out and share how well they work.
What Happened in June
June was a crazy month for investors. My etoro investment did really well, and I'll be writing about this soon. But my acorns investment didn't perform as well. And that's entirely expected.
I need to keep reminding myself, that Acorns is all about investing small amounts on a regular basis. Sure, the market is going to sometimes go down, like it did with the Brexit event, but other times it's going to surge. As long as you keep investing through the good and bad times, things balance out overtime and you end up ahead.
I was surprised that I didn't actually lose any money during Brexit. My acorns dipped down, but I'm still in profit. Just not by as much as before. So how did I go….
How I went in June
Starting Balance: $207.56 June Deposits: $207.59 Current Balance: $406.79
June Income: -$8.38
p.s – These figures were calculated just as brexit happened. A few days after my account recovered and I'm now back in profit.
I'm still convinced Acorns is a great idea. It works automatically. I don't notice money coming out of my account and being put into my acorns investment. It just works. And that's why I love it. In June, I managed to deposit well over my $100 target. I think I will try and beat my deposits for June this month.
Have you tried acorns? What have your experiences been?
So I've been tracking how my tiny investment with the micro-investment app acorns has been performing. I love the idea of micro-investing – I think it's the future. So I'm really excited to track how it goes on here.
To bring you up to speed, Acorns is a mobile app witch automatically rounds up your spare change from purchases and transfers it into an investment account.
How I went in May:
Starting Balance: $136.30 May Deposits: $87.88 Current Balance: $229.22
May Income: $5.05 Total Income: $7.07
So it's continued to grow. With an investment like this, its entirely possible to see negative numbers so early on. But that's not the case. Sure the income is tiny at the moment, but i've only deposited a bit over $200.
My goal last month was to have at least $100 of deposits. With Acorns you can transfer additional money across at any time. And I didn't quite transfer enough to hit my goal. I'll try to hit that same target this coming month.
Do you use Acorns? How is it performing for you? Let me know in the comments.
Last month I wrote about how I had started using the micro-investment app Acorns. I thought I would share with you how it's performing, as when I started using it, it was hard to find information on other people's experience.
How does Acorns Work…
Well it simply invests your spare change. When you make a purchase using a linked bank account (such as when you pay with a debit card), Acorns rounds up to the nearest dollar and transfers that money into an investment account. It all happens automatically behind the scenes. I don't even notice the money coming out of my account.
How my Account has Performed:
I'm still in the really early days of using Acorns but here are the results:
Total Deposits: $134.28 Account Value: $136.30
So as you can see i've made a measly $2. But hey – I've only invested $100. I'll look to invest another $100 this month. If that doesn't happen using roundups, I'll manually invest extra (which acorns makes it super easy to do. You can invest as little as $5). I'll post another update next month.
Have you tried Acorns? Or maybe another micro-investment app? Let me know your expereince by leaving a comment.