Got some spare change every month? It’s a good idea to be mindfully putting it away for a rainy day, though few of us actually ever do this. It seems like quite a hack, right? You have to choose the right financial institution, open an investment account and be disciplined about saving. It also seems like something you don’t need to be doing until you’re older, but this couldn’t be further from the truth. Super intimidating. With this smart new app that’s taking young South Africans by storm, however, Stash by Liberty is making it easier than ever to invest.
Stash is currently the only app that saves your small change and invests it. It does this by simply rounding up transactions to the nearest R10 whenever you swipe your bank card and invests the digital spare change in SA’s top companies, tax free! All you have to do is sign up, link your bank card (it works with debit, credit or cheque cards at all of SA’s major banks) and, with a free gift of R50, you can kick-start your investment journey.
Stash puts the power of the stock market right in the palm of your hand and you can access your money whenever you need it. On average, a Stash user will save R175 every month – that’s a R2100 saving every year that you otherwise wouldn’t have thought about. So smart!
The app launched in April this year and has already seen an impressive 12 000 users on the Android version, over 60 percent of which are under the age of 35, with the iOS version launching next month. “Getting the younger generation to invest is a challenge because young people are so focused on work, family and socialising that they often neglect this essential financial imperative, that’s why Stash has kept it simple,” says Juan Labuschagne, Head of Development at Stash.
Available on the Google Play Store. Visit the Stash website to pre-register for the upcoming iOS version.