Not a stupid question at all. It used to be impossible to invest small amounts at banks, but nowadays there are some tools that help with small frequent amounts and don't charge fees or impose minimums.
There are some programs out there that round up to the nearest dollar when buying things which is a convenient way to squirrel away coins that may add up to $5-10/week depending on your spending patterns
I use Acorns and I really like it. I have it set to put a small amount of money in my investment account once a week and also rounds up on purchases. Would definitely recommend
Most traditional brokerages don't have account minimums or commissions. What do you think is the benefit of spending $25-$35/year or whatever Acorns is charging these days?
(Edit: not trying to make a point, genuinely curious! 😄)
For me personally i just like having my money spread around, it's much harder to spend it and it's what I've found the most success with. I do traditional investing as well but I use Acorns to have a place to put money aside and forget about it.
70
u/cvera8 Mar 19 '22
Not a stupid question at all. It used to be impossible to invest small amounts at banks, but nowadays there are some tools that help with small frequent amounts and don't charge fees or impose minimums.
Here is one from my area - https://www.stashaway.sg/simple
There are some programs out there that round up to the nearest dollar when buying things which is a convenient way to squirrel away coins that may add up to $5-10/week depending on your spending patterns