I've just started using, and also started loving a new app called Acorns. It's a really cool concept – they roundup the change you make on purchases and invest that into various funds. So for example, if you buy a coffee for $3.80 – they will take $0.20 out of your account and put it into your acorns investment account.
The entire process is automated. You just need to link the app with your bank account and then when the roundups reach $5, they will withdraw it from your account via direct debit.
The money is invested in various ETF's – and you're able to choose an investing approach from less risky to aggressive. I set it at aggressive, simply because I think that will work best for my age.
One downside is that Acorns does charge a $1 monthly account keeping fee (if your account balance is over $5 and less than $5000). This is actually much less than you would be paying for other money management services so it is a bargain. But if your account has less than $100 in it, the $1 fee may take a hit to your growth. It's just something to be aware of. If you want to get started with acorns, I would recommend transferring across $100 to begin with.
Acorns is the perfect investment app for millennials. It's definitely set and forget. I don't even notice the money coming out of my account. And it's all going into a solid savings plan, which I can easily withdraw at any time. And furthermore, it's app based – which makes it super easy to get started. There's nothing to sign or mail off. It just all works.
This is the future of investing. I suggest you jump on board 🙂