What is Reddit's opinion of Acorns - Invest Spare Change?

From 3.5 billion Reddit comments

What you're looking for is Acorns: https://play.google.com/store/apps/details?id=com.acorns.android

Does exactly what you're looking for, by rounding up the change on your CC/debit card purchases.

there's an app called Acorns that does just this. You set it up with the card(s) you want to use and it tracks your purchases and rounds it to the nearest whole dollar and invests the change for you.

I planned on using it this year but kept putting it off. I'm setting it up today.

iOS: Acorns

Android: Acorns

In recent months I've kicked myself in the ass and made myself learn about finance.

When I was 18 (20 now), I took out a 16.90% variable rate car loan over 7 years. I had no idea about money and I just wanted a car. I lived out of home so I didn't have parents to tell me it was a bad idea. Now I've realised I need to get this thing paid off asap. After a big sit down, look in the mirror and restructuring of my spending habits, I discovered since the beginning of the loan I've paid $1384.34 in interest. Fuck me.

As it stands I currently owe $6297.09. I work full time and my minimum repayments are $54.25/wk. I currently double my minimum repayments so that i pay $108.5/wk ($217/fortnight) and each fortnight when my paycheck comes in I deposit $300 into the loan. When interest is calculated and charged, I make sure to match whatever that is and deposit it. I've worked out this should put me in the ballpark of having the loan paid off roughly by the end of the year.

Recently I've discovered the app Acorns. You can deposit and withdraw from your portfolio as you wish but it will also round up transactions from your cards (e.g. you spend $4.35 on a coffee, it rounds up to $5 and takes $0.65 to deposit into your portfolio). It then invests your portfolio in ETF's for potential capital gain. I've put about $100 in to start with but plan to deposit the majority of my tax return once it comes through (should be at least $1,000+).

My question is; am I wasting my time setting up this Acorns app now and should I just put any money I have left to play with outside what I'm already paying into my loan, into my loan too? I feel like an idiot for asking but given I've taught myself everything I know in regards to finance I think I'd be doing myself a disservice for not asking.

Edit: Semantics

https://play.google.com/store/apps/details?id=com.acorns.android I just started using this. It invests your spare change from your daily purchases using a round up feature. Pretty cool.

If you are in the US, check out the Mercari app.

• Here is a 128GB Samsung SSD for $25 and you could offer a lower amount.
• 64GB Kingston SSD for $26 and same deal with offering a lower amount.

Nice thing there is you can then use your SSD and HDD later when you build a new system, so you are not wasting too much money; it’s going into something that can be used in the future.

• Here is a Core 2 Quad Q8400 for $7. You can offer $5 I mean seriously that’s great.
• Here are 4x 2GB Sticks of GSkill DDR3 for $28 Offer them $21. Shipping is $4.25
• Here is a cheaper mixed 8GB DDR3 set for $20 but you can offer $15 and shipping is $4.25

I mean if anything: if you are happy overall but want a slight boost, do the following:

1. Buy the Q8400 for $9.25 shipped after offer.
2. Buy either SSD to make into primary boot drive for $24.25 after offer. Can be reused in future builds.

At the bare minimum; you now have $33.50 invested for a few more years or $38.50 if you need some thermal paste

1. If desired, buy either RAM kit for $24.25 shipped.

Now you are at $57.75 total / $62.75 w/paste

*Next: *

1. List your E8400. They have been selling for $6-10. (Keep the Q8400 shipping stuff)
2. List your current RAM kit for for $19.50 (and keep your new RAM kit’s stuff.

With people offering less in price you may net $10 - $29 for your RAM and E8400.

Total cost now ranges from $28.75 - $47.75 (Or $33.75 - $52.75 with paste)

——

> I am poor.

Let’s say you wait to get some more years’ use until upgrading and get a Ryzen 5000 build in Summer 2021

• January 2019 —> August 2021 is 31 months.
• Your total cost means you’ve spent $0.93 - $1.70 per month to keep this PC running and get better performance.

Between now and the Ryzen 5000 release use the Acorns App iPhone or Android to tuck away $15 per month for your future PC. Its kinda a gamble, but over time it ends up earning money.

• $15/mnth for 31 months is $465.
• With more of a “conservative” compounding interest of 0.8% that’s $470.
• If Acorns performs well at 3.5% interest, that’s about $490.

Now say you start off with $100 and invest $20/month instead that gets you a range of $730 to $763.00

• You will still have an SSD and HDD for storage
• The cost of a 3000-4000 series Ryzen APU and B450-B650 mobo should not be too bad. Get a case, RAM, PSU. Boom new PC and maybe extra cash for a dGPU instead ——-

Final TL;DR statement:

> You seem happy where you are now but might want an extra kick. - Use Mercari to buy Q8400, SSD and maybe RAM - Use Mercari to sell your current parts. Use that cash + extra to plop into Acorns. Invesf $15-25/month until 2021: build new PC.

Don’t waste your cash now if you dont have to, and if you are content. Just do simple upgrades.

Acorns has kind of a similar concept, but it invests the money into stocks, I think the idea is plausible though since Acorns works

https://play.google.com/store/apps/details?id=com.acorns.android&hl=en

ive been trying this. its been good for the type of investing you and i can do. just little bits and pieces. at least as far as i can tell. im not any sort of expert. $5-$10 at a time and while it may not equal much, overtime can make a nice investment. way better than a safe or other dumb shit.

https://play.google.com/store/apps/details?id=com.acorns.android I just started using this. It invests your spare change from your daily purchases using a round up feature. Pretty cool.