The holiday season is approaching, and phone applications like Afterpay and Acorns are here to make your life easier.
Afterpay helps save you from the headache of trying to afford a holiday gift for your loved ones this season, while Acorns helps millennials save and invest their money.
It’s easy to use Afterpay! Afterpay is linked with popular clothing and accessory brands such as Urban Outfitters and Boohoo and popular cosmetic brands such as Morphe and Colourpop. Once on the app, shoppers may select “installments with Afterpay” as a method of payment upon checkout. They will be redirected to Afterpay’s website, where shoppers may create an account for free. Once the account is made, shoppers will then add a debit or credit card to their account. The entire cost of the purchase, including shipping, is broken into four interest-free payments. The first installment is due at the time of checkout. The next three payments are charged every two weeks until the amount has been paid off. For example, a purchase amounting to $75.28 will be charged $18.82 at the time of purchase, and then $18.82 every two weeks after that.
Millennials may not be the best when it comes to saving and investing in their future. That is exactly why we have apps such as Acorns! Acorns will round up your bankcard purchases to the nearest dollar and invest it for you. For instance, your daily morning coffee costs $4.60, therefore Acorns will take $0.40 to invest it for you. In short time, you will hopefully see your spare change grow into big savings. Acorns will invest a small percentage of your money in large and small companies, stocks and even bonds based on a portfolio that works best for you.
Both phone applications are mindful that their users might be living on a strict budget. Afterpay users can search for available retailers and keep track of upcoming payments. Users may also pay an upcoming charge earlier. The service also offers reminders via email and text the day before a payment will be taken out of their linked payment method.
Acorns is on the hunt to get their users to be wise with their money. The application includes bonuses, such as original content articles, where our generation can read about important topics such as budgeting and entry-level career tips. There is also a list of shopping brands who have collaborated with Acorns, allowing cashback opportunities which go straight into your portfolio.
When linking your bank cards to these applications, it’s wise to be well informed. The only real catch with Afterpay is that there is a late fee if funds are insufficient on a payment date. When using Acorns, your spare change from your purchases are taken out as a lump sum at the end of each week. Do not forget about your monthly subscriptions because those are also taken into consideration.
Once you’re familiar with these systems, you’ll understand the great benefits from this money saving tip. Happy holiday saving!
