3 apps help you save and invest spare change

The idea of investing seems impossible for those who are not making a lot of money. When it comes to creating wealth, real estate investments flash across the mind, and undoubtedly, you will need a lot of sum to buy property. Well, you do not need to wait to have earned a six-figure income to start investing money, as you can invest your spare change. 

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This can happen only with the help of a budgeting app. Various budgeting apps allow you to invest your spare change when you buy something. The good thing is that the investing will be automatically done. Every time you spend money on gas, fuel, groceries, and dining out, the app will round up the cost and save and invest that change for you.

After you download an app, you will have to link your app to your pay account. You will use your debit or credit card details to ensure that the app regularly monitors your transactions. When a purchase is made, the app will automatically round up the cost. For instance, if you buy coffee worth £7.6, the app will pull 40 cents from your pay account and transfer to your savings account. Some apps can invest that money in small portfolios based on your risk tolerance capacity and current financial situation. 

3 apps that help you save and invest spare change

 Here are the three apps that can help you save and invest your spare cents:

  • Acorns

Acorns app introduces a new way of banking that lets you earn 3% on your pay account and 5% on your savings. You can start with as little investment as £10 and earn an average annual return of about 6%. This app allows you to invest your money to earn a return automatically. Once you are signed up, you will be recommended investment portfolios based on your money goals, and then you can start automated investment for your spare change. 

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The app will put aside spare change from every purchase, and then you can start investing that money once it piles up to £5. You will be given a chance to invest in a diversified portfolio such as stocks, bonds, and the like. As you will be investing your money in diversified assets, the risk of losing money plummets. 

This app is considered safer for making the most of your investments because experts have built Acorn’s diversified portfolio. The best feature of this app is that it will let you earn compound interest. 

Acorns app lets you handle five types of investment accounts, including general investment accounts. You can save and invest for retirement, for your kids, and invest in sustainable ESG portfolios and bitcoins. Each investment account works differently, so do not forget to learn how they work from the official Acorns website. 

  • Stash

This app can help you build an investment portfolio and help you build a better life. Now, you do not need to rely on loans such as a 5,000-pound money loan all the time to meet your expenses. With the help of Stash, you can easily build your savings to fall back on when you are in need of money. Like Acorns, Stash also ensures automated investments. 

You do not need to rely on guesswork. Create a smart portfolio based on your financial goals and automate your investments. You do not need to brainstorm to create a portfolio because the app will recommend it. You just need to answer a few questions that will serve as the basis for the recommendation of your portfolio. 

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The good thing about this app is that you do not have to pay any add-on commission fees in stocks and fees. There is no limit on investing money. The best features of this app are personalised investing advice and dividend reinvestment. The round-ups will automatically be invested, and you will see your small money grow. 

If you are new to the investment world, you can get unlimited advice on how to invest money. You will get personalised advice from Stash based on your investment goals and current financial situation. Personalised advice makes it easy for you to invest your money with confidence. It comes in two versions – Stash Growth and Stash+. Both versions come with low monthly prices without any hidden fees. 

  • Robinhood

This is also the best app that allows you to invest in round-ups so you can grow your savings. In addition to investing for your retirement, the app will also let you invest in stocks and crypto. You can get a 3% bonus on your IRA and 401(K) account. However, specific terms and conditions are applied to it. In order to start building your portfolio, you need to invest as little as £1, and the best part is that you do not have to pay commission. 

Likewise, if you are looking to invest in stock bundles, you can get a chance to build diversified stock bundles. You can even increase your buying power with Margin. If you have a dream of investing in cryptocurrency, your dream can come true with the help of Robinhood. 

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You can buy, sell, and store cryptocurrencies, and you do not have to pay any commission fees. You will be surprised to know that you can invest as little as £1. This app will let you explore three types of coins – bitcoin, Ethereum, and altcoin family. 

The bottom line

There are many other apps as well that will allow you to save and invest in spare change, but bear in mind that investments are subject to risk. Though the app will recommend investment options based on your goals and financial situation, the ultimate decision and responsibility towards your money is yours. 

You should carefully think before investing money. They are linked to some risks. Further, there is no guarantee that you will never need to rely on a loan. If that is the case, you should borrow from a reputed direct lender like HugeLoanLender. Borrowing money from a responsible lender will help you save money on interest.

It is always recommended that you consult an investment expert before starting your investment portfolio. 

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