MYLO: SAVING YOUR PENNIES JUST GOT EASIER!
The time has come! We finally have an app that does what the coveted Acorns app does for the people south of us. It’s called Mylo.
Mylo is a Montreal-based FinTech startup that has created the only app for Canadians that mimics the old-fashioned change jar….with a twist.
From their own words: "Mylo is a mobile platform that automatically rounds up every purchase that users make and invests the spare change. Then, once plugged in, Mylo uses its proprietary user transactional data and artificial intelligence to provide personalized insights and recommendations so that users can make better financial decisions. Mylo helps optimize users’ insurance coverage, reduce interest payments, maximize travel points and more."
USE CODE BENDNEVERBREAK TO GET $5.00 FREE
WHEN YOU TRY MYLO TODAY
NO MINIMUM DEPOSIT TO START
What does that mean and how does it work?
It’s actually pretty simple. If you head to the app store on your phone, you would need to download the Mylo app. It’s free to download, of course, and available to both iPhone and Android users.
Step One: Open the Mylo app, and follow the prompts. It takes about three or four minutes to set up your preferences and to answer some questions about your investing background, such as how much risk can you tolerate, are you a new or seasoned investor, and a few others that will help the program and your investment advisor select the right investments to maximize your dollars. (Don’t forget to add promocode BENDNEVERBREAK to get your first $5.00 free – click on Account, Settings, Got a Code and enter BENDNEVERBREAK to collect your reward.)
Step Two: Choose a goal for your account, like Vacation or Home Purchase, and the goal amount. You also establish the desired achievement date for that goal.
Mylo monitors your account for transactions, and rounds up the transaction amount to the nearest dollar. Similarly, where you would have change in your pocket, the program automatically plans to transfer the change to your new account at Mylo. If you signed up after May, 2017, there is a fee of $1 per month.
What if I have a limit on transactions coming out of my chequing account?
Mylo only transfers once a week, regardless how many transactions you have made. Also, all round-ups will come from one account, even if based on multiple accounts or credit cards.
Wow, now what?
Here’s the best part. Do nothing.
The funds transferred are minimal, so you don’t need to budget a set savings amount. The program checks to see if there is enough to withdraw the funds that week, so you do not go into overdraft. Money flows bit by bit into your savings account, and is invested.
I have been using Mylo for about two months, and I have been mindful about purchases lately. Just by paying my bills and other transactions like grocery purchases, gas and debt payments, I have already amassed $45.00 in my account.
If you only use Mylo for the most basic purpose of saving spare change, you will be in for a surprise at how easily and quickly you can save money. Add a regular savings plan, and you are well on your way to meeting your goals.
You can transfer lump sums into Mylo, and soon the company hopes to open up more options, like offering registered retirement savings plan (RRSP), and tax-free savings accounts (TFSA), to name a few.
Wait. So my nickels and dimes collect into this account, it gets invested to make more money, and I don’t have to do a thing?
Financial advisors still recommend having a portion of your income go directly to savings, of course, but this is a great way to put away money pain-free.
How do I know my funds are safe?
Mylo features complete advanced bank-level security. It’s backed by Canadian ShareOwner (owned by WealthSimple). Your funds are insured up to $1,000,000.00.
Why are you telling us about Mylo?
You all know I am on a journey to save more, spend less, want less, have more… and this is just one tool that I have added to my financial toolbox. I hope this helps you out too.
FINANCIAL TOOLBOX RATING: 5/5