If your resolution for 2018 is to better care for and grow your money,
investing might be the right option for you. Investing even a small amount can pay off in the long run if you follow advice and take a few chances. These investment apps make the process even simpler, allowing you to control your trading, buying, and budgeting options from a smartphone or computer.
This is the perfect investment app for someone new to investing and seeking guidance on where to start. The firs month is free and after that costs $1 per month for accounts holding less than $5,000, and the cost decreases to 25 cents for accounts over that amount. Accounts must hold a minimum of $5 at all times. This investment app asks users to provide a goal (perhaps you are saving for a large
purchase) as well as tolerance for risk.
For example, if you want to grow $500 this year, but want to invest in low-risk opportunities, the app will give you a list of your best options. The app allows you to see your portfolio, balance, potential, and ideas. You can tinker with these options to see how investment changes could shift your overall growth potential. Once you’ve conquered the basics of investing through this app, you may want to move on to another app or firm that allows you more control of your
money.
If you want to mindlessly add money to certain accounts, this investment app will work for you. It connects directly to credit, debit, and PayPal accounts, so every time you make a purchase Acorns invests for you. The app rounds the purchase total up to the closest whole number (i.e. $2.42 becomes $3.00 and $.58 goes to Acorns). You can chose from pre-set portfolio options, and the app’s cost breakdown and minimum balance are the same as Stash Invest. This app is perfect for mindless investing and for those who find money management challenging. An added bonus is that Acorns partners with companies like Airbnb and Hulu who will add money to your account when you make purchases from them.
Mint provides an all-encompassing approach to budgeting and investing. It links together your banking information, investments, and credit score to give users a one-stop shop for
money needs. Intuit—the company that controls TurboTax and QuickenLoans—runs Mint, so you know you can trust the source. This investment app is free and does not require a balance. Mint categorizes spending, provides snapshots of portfolio growth, and gives an overview of your spending trends. The investment portion allows you to compare your portfolio by including every separate investment alongside standards like the Dow Jones Industrial Average and S&P 500. The alerts and interface also make it easy to use and personalize.
If you feel investment savvy, Robinhood may be a better option for you. While it is free at first, it can cost $2,000 if you require a more premium “Gold” account. There truly are no hidden fees, making it a popular choice for experienced traders. Through the app you can trade stocks and Exchange Traded Funds, and you can search for specific stocks and trades as opposed to the previous apps that provided options. If you have the lingo down and are confident taking a more independent, customized role, Robinhood has the right interface for you.
By: Diana Michel
