Moneyboxapp

[MonkeysUncle]

Hi All
I have never really been interested in investing money in stocks/shares etc. I had a family member who lost a ton of money and almost his wife and house in the process.
Ever since I found out about that I have always been wary of getting into it.

But that was a long time ago and I have been thinking about it. Especially since I saw an add for Moneybox

https://w ww.moneyboxapp.com

This is seems really simple and a good way to dip my toe into the pond so to speak.
Has anyone used this before?

Alternatively, any experience/recommendations to a complete newbie on this?

[northernladuk]

Looks OK if you are a cash strapped millennial. For anyone else it looks like a fad. Charges don't appear to be the cheapest either and only 3 investment options to pick from so very limited.

You'll have to trust Yodlee with your bank account details as well so not for everyone.

Money goes in monthly and not with every transaction so why not just set up a standing order/DD in for a tenner a month if you are that cash strapped. Can't imagine why any contractor would really bother.

If you know people who've been burned investing in a fad like this doesn't appear to be the best way to do it IMO.

Not for me.

[Sam B Dynamo Accounts]

Hi All
I have never really been interested in investing money in stocks/shares etc. I had a family member who lost a ton of money and almost his wife and house in the process.
Ever since I found out about that I have always been wary of getting into it.

But that was a long time ago and I have been thinking about it. Especially since I saw an add for Moneybox

https://ww w.moneyboxapp.com

This is seems really simple and a good way to dip my toe into the pond so to speak.
Has anyone used this before?

Alternatively, any experience/recommendations to a complete newbie on this?

I've been using the app since it was launched - I'm not a cash strapped millennial but wanted to road test it for my millennial off-spring as a way to introduce him to the world saving and investing. Its easy, requires no thought and ok to ease you into the world of stocks and shares. As I wasn't too worried about the possible loss of £20 a week I went for the most risky investment model and so far have made a nice profit. If you're unsure then give it a whirl - its very easy and straight-forward, as is making a withdrawal.

[northernladuk]

I've been using the app since it was launched - I'm not a cash strapped millennial but wanted to road test it for my millennial off-spring as a way to introduce him to the world saving and investing.

So it's for cash strapped millenials then. Didn't someone just say that?

Its easy, requires no thought and ok to ease you into the world of stocks and shares. As I wasn't too worried about the possible loss of £20 a week I went for the most risky investment model and so far have made a nice profit. If you're unsure then give it a whirl - its very easy and straight-forward, as is making a withdrawal.

I see your point and you are right but, with my pedant hat on, how is something requiring no thought easing someone in to the world of stocks and shares?

[doconline]

Isn't this just like a change jar for the digital age?

[MonkeysUncle]

So it's for cash strapped millenials then. Didn't someone just say that?



I see your point and you are right but, with my pedant hat on, how is something requiring no thought easing someone in to the world of stocks and shares?

Any recommendations on how to ease one in?

[Maslins]

Isn't this just like a change jar for the digital age?

I think so, yeah.

Reminds me, Halifax had some little scheme for micro investors a decade or so ago, you could invest from as little as £20/month. I signed up, put in £20, and bought shares (I think Tesco)...but was charged £1.50 for the privilege. A trivial sum for a share purchase (they did it at a set time of the month, bundling together everyone's purchases)...but still, meant you needed almost a 10% rise in stock value just to break even...then of course more to cover costs of selling. I gave up after the first month. Probably still own 0.000001% of Tesco somewhere with details I've long since lost.

Point is I tend to feel if you're gonna do something remotely like this, do it properly, with a half decent sum. Otherwise it's not worth the effort, you'll lose your login details and decide you can't be bothered with the faff of trying to recover them for your ~£60 of investments.

[northernladuk]

Any recommendations on how to ease one in?

I'm so glad you used the quote feature in that post

But in answer.. I'd be drilling budgets in to them. Poor buggers and gonna be screwed in the future driving leased cars, living in rented accommodation, wearing high end branded clothes without having to fall back on an app that collects their coppers as their only investment.

Money aside in various savings vehicles that suit whatever they need at the time, Lifetime ISA to help with mortgage, pension, stocks and shares when everything else is getting on an even keel. Teach them to think ahead and pick the right method and budget to invest.

Might be a bit of fun to use this I guess but it in no way replaces solid budgeting and investing IMO....

But then I'm old and none of the above will apply to millennial and I've got it completely wrong.

Maslins kinda nails a good point as well.

Point is I tend to feel if you're gonna do something remotely like this, do it properly, with a half decent sum. Otherwise it's not worth the effort, you'll lose your login details and decide you can't be bothered with the faff of trying to recover them for your ~£60 of investments.

[Jessica@WhiteFieldTax]

Point is I tend to feel if you're gonna do something remotely like this, do it properly, with a half decent sum. Otherwise it's not worth the effort, you'll lose your login details and decide you can't be bothered with the faff of trying to recover them for your ~£60 of investments.

You know, I’ve done Small Claims Court for less than that

[PhiltheGreek]

with my pedant hat on,

Come on now, you've only got the one hat haven't you?