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And can setting aside pennies per purchase really amount to anything significant?Read on to learn more.
According to theFederal Reserve Bankof Atlanta, consumers made an average number of 45.6 payment transactions in October 2023.
How Do Apps Like Acorns Work?
Whenever you make a purchase, the cost is automatically rounded up to thenext dollar amount.
This extra amount is added to your investment account in the app.
The fees for these options range from $3 to $12 per month.
One way is to review your transactions daily, weekly or monthly.
Calculate your own round-up amounts by looking at each of your purchases.
Simply transfer that amount out of your checking account into your savings or investment account.
Continue to do so at regular intervals.
This amount can be adjusted upward or downward based on your specific spending patterns.
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