Does the thought of saving money seem impossible?
It might be easier than you think!
Worthy’s round-up and recurring purchase features automate some of the toughest parts of saving, and serve as powerful tools for improving your personal finances and achieving your financial goals.
One of the biggest benefits of automated investing is convenience. Scheduling bond purchases (recurring investments) or triggering them with everyday purchases (round-ups) eliminates the need to remember to manually invest money each week, month, etc. and makes saving a seamless part of your routine. Consider also that by investing regularly, you are less likely to spend your hard-earned cash on non-essential items, as it’s being put to work before you even have a chance to spend it!
Our “Recurring Investments” feature is just one of many ways Worthy can help you practice good financial hygiene. By scheduling recurring bond purchases, you can tailor your investments to meet your budget needs, with as little as $10 invested weekly, bi-weekly or even monthly. Ready to start investing?
To use this feature:
Scroll down to the “Recurring Investment” window under the “Features” section on your dashboard and click “Pick Date and Amount.”
Select your preferences. You may customize your investment frequency, day of the week or month, and number of bonds to be purchased here. Once you’ve made your selections and ticked the box agreeing to our terms, click the “Schedule Bonds Purchase” button.
You’re all set! From here, you may toggle the feature on or off, or edit your settings, at any time. On the day of your scheduled investment, we will send you an email for you to approve the purchase. We will also send you a follow-up in 48 hours if you still haven't approved, and after four days we will cancel the transaction and move on to the next one for you.
“Roundups” are another great way to promote regular investments, while keeping your spending habits in check. This feature “rounds up” the change from your purchases on a selected monitoring account, which queues a bond purchase from your funding source once that tracked spare change reaches $10.
To use this feature for the first time:
Scroll down to the “Round Ups” window under the “Bond Portfolio” section on your dashboard, and click “Select Monitoring Account.” This is the account that we will “monitor” for purchases to round-up –it will not fund your bond purchase, but activity on this account will trigger bond purchases from your funding source when your tracked spare change reaches the $10 bond threshold. Please note that, at this time, only a checking account may be linked as your monitoring account.
Click the “Connect Monitoring Account” button on the following page, and follow the prompts in the Plaid pop-up to link your account.
Once you’ve linked your account and ticked the box agreeing to our terms, click “Save Monitoring Account” to save your settings.
You’re good to go! The app will automatically begin to track your purchases and will trigger bond investments each time the "spare change" from your round-ups reaches $10. Once your roundups reach $10, we will send you an email for you to approve the purchase. We will also send you a follow-up in 48 hours if you still haven't approved, and after four days we will cancel the transaction and move on to the next one for you.
Happy investing!
Have more questions about Roundups or Recurring investments? Check out more articles here!