Remember, when you were small and your mom would give you a few coins here and there? That was the “chillar” you would put in your piggy bank and save up for your dream toy! This was the very first money lesson most us got in our early lives. We understood that spare change adds up.
As grown ups, we prefer larger denominations, debit cards or credit cards. But, how can we forget the power of a small change? It was the first taste of empowerment we got in life – that small amount of money that would buy us our dream toy!
Back to the present moment, there’s still a way to make the most of your spare change and make it grow. Statistics show that most of the people who are investing right now, are the millennials. But according to a survey, about 58% of the total millennial generation doesn’t have enough funds to invest in the market. They believe it takes a lot of money to get started. Is it the truth with spare change?
Spare change investment has become a new system that allows the user to link their debit card details to an account and round up every purchase. This round up then gets invested into a portfolio previously set. The easy usability and convenience of the setting mechanisms draw users without a high level of expertise in the investment market and advertise new investment strategies for all. If you are looking to multiply your returns, it’s safe to say that spare change investing is the perfect place to start.
Sqrrl is one such platform that allows the option of spare change investing. Once the account is set, you don’t have to worry about picking and trading any stock. Say you buy your daily coffee for Rs. 161. Your amount will be rounded off to Rs. 200 and the remaining Rs. 39 will be invested safely in liquid funds. An investor can set up the account in minutes and track the progress of the investments and review the options daily.
Here are some of the pros and cons of using micro-investment spare change investing.
Table of Content
Pros – Invest Spare Change
Some of the pros of spare change investing are:
Low Minimum Deposit
The foremost benefit of spare change investing is that it allows the investors to invest even when they don’t have much money. There is no issue with the investment as you can start with as little as Rs.100. You can even start investing as little as Re. 1 every day, since the idea is to invest something, no matter how small every day.
With spare change investing, you can very easily buy your morning coffee or daily fresh juice and round up the money to start investing. The platform or app you use to invest spare change makes daily saving much easier. When you connect a debit card, Sqrrl rounds up your purchases to the next hundred or five hundred (as per your preference) and make automatic transfers for you.
Instant Accessibility
When we invest in anything, we need to go through a tiring stairs of several administrative steps before receiving personal advice. A lot of us experience saving and investing as lost cause. Investing usually also requires some effort, including getting advice, defining your investment profile and allocating assets.
However, with spare change investing, the whole process becomes completely virtual and automated. No hassle of paperwork at all! It’s simple, and accessible for all our customers. Signing up takes little time and effort. Simply open Sqrrl mobile app and start spare change investing “Sqrrl Away” in two minutes.
Redeem Anytime
With Sqrrl you can easily redeem your invested money instantly. This is because the money is invested daily into liquid funds which are known to offer high liquidity. You have full access to spend from your savings account at all times and your money is earning returns simultaneously daily. The whole process is very smooth and up to 90% of your funds can be withdrawn instantly.
Safe Investing
We understand that it is almost painful to find a method of investing which is accessible to everyone. It is even more difficult to invest in options that are safe. With Sqrrl, your spare change money gets invested into liquid funds. Liquid funds are considered to be the safest mutual funds for investment as they invest in high credit, highly liquid papers for a short term (90-91 days).
Since their date of maturity is so short, they earn good 7-8% returns quickly as well. This makes liquid funds another great choice. Go ahead and invest your money in liquid funds with Sqrrl Away now.
Con – Invest Spare Change
Now let’s talk about the biggest con of spare change investing-
Investing Little
Spare change investing is like a double edged sword. Where it is an added advantage for individuals who are looking to invest smaller amounts, on the other side, people who are looking to reach bigger personal goals might not find spare change investing a good option. The idea of investing spare change sounds easy and effective, but you need to furthermore consider your own financial goals for investing.
In conclusion, there is a crucial need to monitor and carefully re-evaluate the pros and cons regularly to ensure your earnings are not being eaten are being put to the right use. If you invest through Sqrrl, you should be rest assured about various tools and accounts in your overall investment strategy.
Sqrrl Away – Invest Spare Change
The save your spare change feature called “Sqrrl Away” is Sqrrl’s unique offering. Spare change investing can be a great option especially, for beginner investors or college students who have a limited income and want to escape complicated processes and services. You can start the account with Rs.100 and set up automatic contributions. Your purchases will get rounded up as they make with a linked credit or debit card. This app has finally got the millennials interested in investing.
If you want a confident retirement future, you need a plan. And Sqrrl is the platform where you can confidently invest your money. Make the right investment decisions starting from today. It doesn’t matter if you’re new to investing or if you’ve been doing it on your own for years; it’s never too late to benefit from the guidance of an expert. You want a future you can count on, and working with an Sqrrl investing app is the first step toward setting your wealth-building goals and reaching them. An investing professional can assist you in making smart investing decisions whether the market is sweet or bad.
Still wondering how to start? Download Sqrrl App Now!
