Hello!
Today I would like to talk about a new plan that I have just started. This is Day 1 of my attempt to quit smoking. I am using Nicotine Patches since they have successfully helped me quit in the past.
But the more important thing is how I intend on saving money! I've heard a little joke in the past where someone asks a smoker how much they spend each year on cigarettes and tell them that they could buy a sports car in just a few years of saving that money. Only for the smoker to say well where is your sports car?
Well my saving method is a way to force myself to save money since my past attempts at quitting never amounted to extra money in my bank account (there are always things to spend money on).
I plan on using Acorns to take $5 out of my bank account every day and invest that money in to an investment portfolio. Where I live, cigarettes are actually about $7 a pack, but this way I can save money and actually have about $62 extra in my account each month. Win win!
Now I have just started using this App recently so I can't properly review it, but I can tell you what drew me to this program.
Auto Withdraw
This makes it convenient for me, I do not have to remember to take that $5 out of my account each day.Multiple Portfolios
You can select between 5 different portfolios depending on the risk level you want to take.Round Up
This feature allows the app to round up every purchase that you make on Linked Cards and invest that in to your Acorns Portfolio. So if you make a $1.50 transaction, it will round that up to $2 and take that 50 cents for your savings.Dollar Round Up
This is a similar feature to the normal round up, except it applies to whole dollar amounts. You can specify how much extra you want it to increase the purchase. I have mine set to 50 cents, so if I spend $4 it will bump that up to $4.50 and invest the 50 cents.
If you are considering using this service after this article and have friends that may be interested, there is a referral program that you can take advantage of. If one of your friends signs up you both get $5. So if you want, Give it a try.
Good luck. The saving idea is a good way to reinforce the commitment and to execute the last of the quit smoking D's = Dream about what you will apply the savings to.