Rounding 101: How Your Spare Change Adds Up

By |2019-03-26T01:00:07+00:0026 March 2019|

    Rounding up spare change isn’t a new concept. Whether it’s for  charity, personal savings, or maybe a vacation fund, you’ve probably thrown those loose coins around without thinking twice. Apps have taken the outdated method of saving pennies in a jar and made it easier than ever to save money after each purchase.

    Skraps allows users to not only easily round up purchases, but to turn those old jars of dimes and pennies into cryptocurrency investments. Our round up feature is simple: after signing up on the Skraps app, you’ll connect any debit/credit cards you’d like associated with your account. Purchases made using those cards can be rounded up (according to your preferences) and your spare change is collected in your Skraps account. As your spare change adds up, it’s invested into your personally selected cryptocurrency coins. Instead of collecting dust, your change can build a profit.

    Investing spare change is widely known as a form of micro-investing which you can read more about here and here.

     

    In Action

    Anne signed up for Skraps last week after listening to her coworkers talk about buying Bitcoin. She has two credit cards and one debit card. Since she wants to invest more aggressively, she decided to link her debit card to her Skraps account (she uses it most often for everyday purchases). One of her credit cards is used for emergencies while the other she uses on gasoline purchases. She decided to add her gas credit card to help invest more each month. Her debit card purchases round to the nearest dollar; so when she spent $5.13 on breakfast, $3.45 on her midday coffee, and $47.08 on groceries that evening, her Skraps account had already accumulated $2.34.

    By the weekend, her debit card purchases rounded up $11.34. At the end of the week, she filled up her gas tank which totaled to $28.50. Her credit card is set to to round up an extra dollar on top of the nearest whole dollar; $1.50 is added to her Skraps account. Her $12.84 can now be invested in her choice of cryptocurrency portfolios.