Personal finance app
Investing has reached the palm of our hands. The millennial generation is tech-savvy with a level of comfort with their devices. They can compare and switch from one app to the next and are increasingly choosing automated systems to manage their lives.
Give them an app that makes their life easier, better or cheaper or an alternative financial solutions or innovations in mobile money. As most millennials also still need help figuring out what to do with their money, such as that some are still not so confident in their investment strategies.
Stash is an app that will help you to monitor, control and improve your personal finance when it comes to investing.
It takes a lot of time and energy to do proper homework on individual stocks. Make a bad choice and, just like that, your money is gone. Stash makes it easy and painless. Their ETFs (exchange-traded funds) are already researched and less risky.
Launched by insurance and investment company Liberty, Stash (available on Android and iOS) aims at getting South African millenniums to invest. You can link any credit, debit or cheque card from your major South African bank to the app. When you make a transaction with the linked card the amount is rounded up to the nearest 10 and the spare change is stashed into a Liberty fund that tracks the top 40 companies on the JSE.
All this spare change accumulates. Before you know it, you’ve got a significant Stash balance. Another good thing is that the app won’t interfere with your day-to-day life. The app will check your daily bank balance and won’t transfer more than you can afford, so you don’t have to worry about running into the red. There are no minimum deposits, either. If you spend R9.99, that 1c gets invested.
Stash is incredibly easy to use. It’s perfect for those who are slightly intimidated by the idea of investment or the power of the stock market. You don’t need to fill out any forms, print, scan, or send in any documents.