Best ways to save with an App.

Perfect example of how saving very little can become a lot over time. Acorn

 There's an App for that. You hear that everywhere and I decided to see what all the fuss was about. I am very passionate about saving and good money habits. We all know the money struggle is real and saving is not something everyone is doing. But what if it could be easier? I decided to try two money savings apps: Acorns and RobinHood. I also have a site that I am trying called Reel. This site helps you save for big purchases by breaking them down into monthly, daily and even weekly deposits from your checking account.

Information Robinhood provides on Stocks

First, we will talk about Acorn and Robinhood. Both are saving/investing apps. I know that investing sounds scary. It use to be to me too. Saving with your bank is all good but you might as well be stuffing your money into your mattress. Interest rates are extremely low.  I want to save money and have the money I save make me money. If you looked at the news recently you may be thinking ahaaaa the world is coming to an end all our money is lost. That is just not true. Investing, when done responsibly, is the smartest thing you can do to help future you. I want to make a note that my husband and I have a Financial Adviser that has helped us set up and save for retirement. These saving apps are just on top of that. I want to stress the importance of speaking with someone about retirement. I know that it seems far off, but it's really just around the corner.  And the earlier you start, the better off you will be in the long-run. You will be surprised how easy saving is once you start.

Example of what your savings looks like on Acorns

 Acorn is a money saving app that (based on how aggressive you choose) invests into mutual funds. This just means you don't own the stock personally but you buy-in with a group of people. This is similar to a retirement account. The average return is around 3% to 5% which is so much better then the average bank savings of .01% This is perfect for someone that has had problems saving in the past. They have easy ways to help you save more by linking your bank account and credit card to a feature called round ups. This is where they take the money you spent and round up to the nearest dollar. So that $4.87 with me a rounded up to $5 and $0.13 will be put into round ups.  Once you have enough for $5, they withdraw that from your checking account. I use round ups and I have a monthly deposit. I love how I don't have to worry about it. Tip: just make sure you have extra money in your checking account.

What your stocks will look like on the Robinhood

Robinhood is a stock buying investment app. You chose the stocks and Robinhood will take the money from your checking account and purchase the stock with no brokers fee. This is incredible because most fees are anywhere between $5 to $10 per trade! Now remember this is the stock market and it is a little bit of a gamble, so this should be money you will not miss. I recommend starting out small and then working your way up. How did I choose stocks? I picked 5 stocks based on a few factors. Brands that I believe in, have been around for a long time and dividends -- these are some form a payout made to shareholders. I Made sure my stocks are diverse (not all retail or tech).  I decided to choose 3 with good paying dividends and 2 growth stocks (companies I see with the potential to grow big in the future). I don't recommend using this app unless you want to do some research on the market. But if you are like me and have always had an interest in the stock it's the simplest way to get your feet wet. I looked up companies I was interested in purchasing and searched their value and potential. I like the idea of owning a part of these great brands and who doesn't like making money?

My Current Reels

They have great brands

Now the new site I just started using recently is called Reel. This is a unique idea where you save to buy all different types of products from fashion to home. Now this is not borrowing credit but more like a  layaway program. You pick an item that you would like to purchase and how you would like to divide the payments. You can choose daily or weekly withdraws from your checking account. So this is not credit but a savings account towards and item. As soon as you have enough money saved they shop for the best price for your item and then they purchase it for you. Then it's delivered it to the address you choose. There is a small fee of 5% of the purchase price. This program is perfect for someone who is staying away from credit cards. This is truly guilt free shopping because it is not putting you in debt. Note they don't purchase the item in advance for you, so this does not save the item. If the item you saved for is no longer available or you chance your mind, you can put the money towards something else or transfer it back to your account.

Example of payment options weeks

Example of payment options days

What ever you are saving for, wither it's retirement or a new car, $10 a paycheck or $200, it's just important to save. Our culture never talks about the importance of saving or even money management. This is essential for life. I hope these apps and site help you and you start to build your wealth! There is nothing more fab then a successful woman with a full wallet in her designer handbag.