I have started using Jar App yesterday to invest my spare change in Gold. Though I have invested in Gold just like Crypto investment, you should always try to improve your Gold investment, that's what I am trying to do.
What is Jar App
In Short, Jar App gives us an investing opportunity by investing the spare change in Gold. That means say, for example, we do a payment of Rs 98 then the Jar App will ask to invest Rs 2. Now for us, it is spare money and thus it doesn't matter to us much but think about a scenario where when you invest your spare change daily, it can be huge in years to come. Just like our Piggy Bank. Their motto is savings and investing simplifies, where we can start saving and investing daily.
As mentioned it is a daily gold saving or we can say that digital gold piggy bank. It goes through SMS on your phone and when it checks if you have done any investment, it rounds it off to the nearest 10 to generate a spare change for all the expenses you have made.
The jar is a daily gold savings app that makes saving money a fun habit by saving a small amount of money every time you spend online. Also, through this, we can auto pay and invest in Gold daily, like Rs 10 auto-invest to gold. But for me, I am doing that using the Gold ETF. This is good because for me the spare change is not much of a value but if it is invested somehow it will be huge in the coming years to come.
What I liked about the Jar App
- Investing in Gold is quite easy as well as there is no locking period, we can sell the gold anytime and get the money in our bank account anytime.
- Every time you invest, you get to play a spin where you can earn Gold worth Rs 1 to 5, I know it's not huge but again getting it daily will be worth it.
- It helps people to automate their savings and thus makes you disciplined with investing as well as savings, which most people do need.
How Much I have invested
Since I have started yesterday, I have invested around Rs 60 or $1 till now and everything is all based on my spare change. Till now I have around 0.0112gm worth of Gold and thus my target would be 0.1gm.
I have not set up auto-invest yet, I will see how it goes in one month and then if everything goes well I might set up auto-invest like Rs 10 per day and it will increase my investment. I think investing daily like this is really good because it makes you disciplined as well as help you to grow your investment. It's not that you have to use this app, you can use any app until and unless you are investing every day. There are apps like NiyoX, Deciml, and others and everyone does the same, invest your spare change. But Jar invests your spare change to Gold and that's why I have started using them.
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New app, dint know it existed at all, interesting post, thank you for the info :D