After 14 months, we’re doing an Acorns app review. You’ve heard us mention the Acorns app several times in my Beers and Budgeting segment with my husband, Kyle. He spent some time going over our performance and now we’re giving you honest feedback through our Acorns app review.
What is Acorns?
What is Acorns, exactly? Acorns is an investing and savings app that helps you get into a better habit of saving. It connects with your bank account to help you save automatically. Every time you make a purchase, they use a process called Round Ups to stash in your account. “Round Ups” rounds up your purchase to the nearest dollar and takes that difference and deposits it into an Acorns investment account. The concept is really good if you suck at saving and constantly forget to set aside cash for money goals.
Acorns App Review: Pros and Cons
Here’s where it’s not so good. Your money goes into ETFs or exchange traded funds. These funds are made up of stocks and bonds, but Acorns doesn’t tell me which companies I am investing in.
If you wanted to use this account to save up for short-terms goals, this app could help you. For example, a new car, down payment or a vacation could work. But in terms of investing, we would have been better off using a Vanguard index fund. Kyle also pointed out that the Acorns app is good for people who have a hard time remembering to save. It’s also a good app for college students. If you have a valid .edu address, your $1 per month fee is waived!
Liked our Acorns app review and want to give Acorns a try? Sign up below and you’ll receive $5 (and we will, too!) using our affiliate link. Remember to add in your Acorns Round Ups directly into your budget to help you stay on track with your debt free goal.
Let me know what your opinion of the Acorns app is in the comments below!
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