Acorns – Helping Millennials Save

Acorns Invest Your Spare Change Review

I wanted to put together a review or Acorns because it is one of my favorite personal finance tools. With new technology and mobile apps, they have made saving and investing easier than ever before. I’ve talked about it in several other posts because I think it is important for everyone to use. It lets you start investing in and building a retirement with very little money. If you aren’t already using it, read over my Acorns review now and I highly suggest you check it out. If you sign up with my link, you’ll get an automatic $5 bonus.

acorns invest the change

How Acorns works

Acorns is a very simple app. It monitors your purchases, rounds them up, and invests the spare change. You can set your round-up amount, you can round up to the nearest dollar or half a dollar, or whatever you want. Then you can set a multiplier if you want to round up even more. You can also make one time deposits and automatic deposits. One of the great things about their services is it lets you start small, there is no minimum. You could rely solely on round-up investments if you want.

For people who have trouble actively saving this is a great solution. As I mentioned in another post, doing thing automatically helps tremendously since you don’t actually have to do it. Whether you do round-up investments or automatic deposits, it’s taking action to invest money for you.

How your money gets invested

Acorns lets you set your level of risk based on what your goals are. You can select from conservative, moderately conservative, moderate, moderately aggressive, too s aggressive. Each risk pool is broken up into several different asset classes. Remember, these are real investments so there is the possibility that you could lose money. So set a risk tolerance that you are comfortable.

acorns review

Acorns have structured their portfolios with ETFs from well-known investment management companies. They have help from noble prize winning economists to make sure they have well set up portfolios. As you can see from the chart above, they have very diversified portfolios. Your more conservative portfolios are filled more with bonds vs the more aggressive ones that have more stocks.

Future projections

One of the really cool features that I LOVE about Acorns is the future projection calculator. It takes your current settings and projects how much you will have in the future. It factors in an average return of 6% a year. You can adjust the settings to see how certain changes will change how much you’d have. It’s a great motivational tool in my opinion because if you make a small change you can see over 30 or 40 years it has such a huge effect. Keep in mind this should only be one of several tools in your investment portfolio.

So if you see a number you’re happy with at 65 or whenever you want to retire, just think about how the total number will be. Or vice-versa, if you aren’t happy with the number, make changes to make it something you are happy with. Take a look at your budget and find something to cut out, then take that money and add it to your recurring investment. The more you do this, the happier you’ll be when you see how much you’ll have when you’re 60.

Found money

Acorns offers another way to earn money, it’s called “Found Money”. Basically, they have partnerships through multiple companies that will put money in your account for shopping with them. Companies like JCPenny, Hulu, Lyft, and even Amazon. Every offer is different but some are pretty significant, Hulu will give new customer sign-ups $25. Airbnb will give you $200. The offers change constantly and you have to read the details but it’s a great deal if you already shop places or were thinking about using certain services anyways. Acorns Found Money is a great way to up your investment amount, it goes back to the even small factors add up to a lot. If you’re doing $10-20 a month extra, over the course of years it adds up to a lot.

acorns found money, acorns review

Mobile app and online

Another great feature of Acorns is their amazing app and online platform. As an app developer, I am a little more critical of UI designs and app functionality but Acorns has knocked it out of the park. Both their online dashboard and mobile app are amazing. Easy to use, clean design, great flow, just awesome.


The last part of my Acorns review is the fees. The fee structure is pretty simple with the few plans they have. $1 per month for just Acorns. That is the basic plan with standard investments and features. Then you can pay $2 per month and get Acorns + Acorns Later. Acorns Later is a separate feature for more retirement planning with an IRA. The last plan is $3 per month and includes Acorns + Acorns Later + Acorns Spend. Acorns Spend is their new checking account and debit card system. I currently only use regular Acorns so can’t say much on the 2 other plans.

Acorns Review Final Thoughts

Time to wrap up my Acorns review. I would give it a 9.5/10 and the only reason I am not giving it a 10/10 is because I haven’t used their Later or Saving service. If they are anything like their basic service, they are both amazing. Hopefully, my Acorns review has you convinced to try it, I highly recommend it. If you sign up with my link, you’ll get an automatic $5 bonus. If you haven’t taken any steps yet to start a retirement fund or savings, this is a great first step. Be sure to take a look at some of my other articles to learn about other tools and tactics to use.

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