I first heard about Acorns (now Raiz) towards the end of last year. In a conversation about travel, savings and money with my friend, Olivia it came up. Liv is an avid traveler and no year is complete for her until an adventure has been had. To manage this lifestyle with her life and current adult responsibilities, she has become a super-saver.

I am not a super-saver; I am a super-spender.

With her guidance I set up the app and hey presto, I’m making process. I’m on my way to reforming some of my super-spender ways. I at least have some savings. It makes for a nice change. It occurred to me that you could be in the same boat so let’s have a chat, shall we?

Acorns - How I started investing with spare change - Suger Coat It

{disclaimer: This post is NOT sponsored or in any way affiliated with the app. As far as financial advice goes, I don’t know your situation or your savings goals, so consider this advice of a general nature. Do what works for you and your situation. Results may vary, because that’s a thing they say}.

What is Acorns?

Acorns is an app, but behind that it’s an investment account. Your money is invested in “portfolios constructed using ETFs quoted on the Australian Securities Exchange”. It’s not just a savings account, your Acorns account is an investment account. Meaning there are risks.

And it’s an investment account, some days you are up, some days you are down. At one point my account had generated over $5, a few weeks later it was $2. As with all investments there are risks dependent upon the performance of the markets, interest rates and the economy. I treat it like an easy way to put aside money, any increases from dividends or gains are a bonus.

Acorns Investment App Review - Suger Coat It

How does it work?

Predominately I use the app to do automatic ‘Round Ups’ of my spending. It will take transactions on any of my linked accounts and round them up to the nearest dollar, investing the difference into my Acorns account. I love this idea, as Liv said when she first showed me the app, you don’t even miss it.

After using the app for a month, I started a $5 reoccurring investment. That just means that every week it would take $5 from my funding account (you select one account to draw all the funds for Acorns from). Since then I’ve increased it to $10 a week. This has been an easy way to bump up the amount of money going into the account. And I figure, $10 a week for 52 weeks of the year is $520. Not much, but more than I managed to save for no other reason than to save than last year.

Is it legit?

Short version, yes. Here is the official information which is required by law {Australia} to be displayed by Acorns as an investment company. You can also read the product disclosure here.

Acorns Investment App Review - Suger Coat It

Here’s what I know so far

Some people have asked me why I didn’t just use a high interest savings account. I get that. For some people, a high interest savings account would absolutely be a better option. {reminder: I don’t know your situation, you have to make up your own mind} I’ve never once successfully saved anything in a high interest saver. It’s not automated in most cases and I find it too easy to withdraw and spend from it like a normal transaction account. That said, guaranteed interest is a win that Acorns doesn’t offer. My money is invested, the return {if any} is not guaranteed.


If you join using this link, we will both get $2.50 when you use my invite code. This is something available to all app users once your account is approved. Not, as I mentioned before by arrangement with Acorns. If you’re not comfortable with that, feel free to just search for the app on iTunes or in the Google Play store.

Chief Blogger at Suger Coat It; An Australian lifestyle blog for women who work for themselves. Melissa is a social media consultant & lover of stripes. Most weekends you’ll find her at the beach or home on the veranda kicking back. Around here, they call her Suger. Feel free to do the same.