How to Make Money Using Acorns: A Comprehensive Guide
Are you looking for a way to boost your finances without much effort? Acorns might just be the solution you’re seeking. Acorns is a micro-investing app that helps you invest your spare change and save money effortlessly. In this guide, I’ll walk you through how to make money using Acorns, covering everything from signing up to maximizing your earnings.
Understanding Acorns
Before diving into how to make money with Acorns, it’s essential to understand what the app does. Acorns rounds up your purchases to the nearest dollar and invests the spare change into a diversified portfolio of ETFs (Exchange-Traded Funds). The app also allows you to set aside a fixed amount each week or month to invest.
Signing Up for Acorns
Getting started with Acorns is a straightforward process. Here’s how to sign up:
- Download the Acorns app from the App Store or Google Play.
- Open the app and create an account by entering your email, creating a password, and providing your phone number.
- Link your bank account to the app to enable automatic investments.
- Set up your investment preferences, including your risk tolerance and investment goals.
- Choose a subscription plan that suits your needs (more on this later).
Choosing the Right Subscription Plan
Acorns offers three subscription plans: Core, Plus, and Premium. Each plan has its own set of features and fees:
| Plan | Annual Fee | Investment Round-Ups | Automatic Investments | Acorns Spend | Acorns Later |
|---|---|---|---|---|---|
| Core | $3 per month | Yes | Yes | No | No |
| Plus | $5 per month | Yes | Yes | Yes | No |
| Premium | $9 per month | Yes | Yes | Yes | Yes |
Choose the plan that best fits your financial goals and budget. Keep in mind that the more you pay, the more features you’ll have access to.
Maximizing Your Earnings with Acorns
Once you’ve signed up and set up your account, here are some tips to help you maximize your earnings with Acorns:
- Link Multiple Bank Accounts: Linking multiple bank accounts to Acorns allows you to round up purchases from all your accounts, increasing your investment potential.
- Use Acorns Spend: Acorns Spend is a debit card that automatically rounds up your purchases and invests the spare change. This feature is available on the Plus and Premium plans.
- Set Automatic Investments: Set up automatic investments to ensure you’re consistently investing your spare change and growing your portfolio.
- Rebalance Your Portfolio: Acorns rebalances your portfolio quarterly, but you can also do it manually if you wish. Rebalancing ensures your investments align with your risk tolerance and investment goals.
- Refer Friends: Acorns offers a referral program where you can earn $5 for each friend you refer who signs up and links their bank account.
Is Acorns Worth It?
Whether Acorns is worth it depends on your financial situation and goals. If you’re looking for a simple, hands-off way to invest your spare change, Acorns can be a great option. However, keep in mind that the fees can add up over time, so it’s essential to weigh the pros and cons before signing up.
Conclusion
Acorns is a convenient and easy-to-use micro-investing app that can help you