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Mobile App Review: Saving with Mylo

Trouble saving money? When I moved to Vancouver, the first thing that I noticed is the soaring tax cuts from my paycheck. Some of my Canadian friends say that it wasn’t like this but times change and it is what it is now.

My Story and Honest Review

Luckily when I was watching a free UFC fight on Youtube, I stumbled upon an ad from MYLO telling me that you can save money from your spare change? I got intrigued, click the ad and learn how it is setup. I’m surprised that it is easy to use and secure. I decided to test by downloading the app and link my bank account for a week and see how it goes. After a week, I was shocked, that I have $56 to my portfolio dashboard. I have no accounting knowledge on how the round up is computed but from my basic knowledge, it was interesting to see that my Mylo is referencing from the spare change that I made every purchase using my credit card.

Is it a good app? Worth it?

If you’re in Canada, the app is a perfect fit for me especially because I find it difficult to save since I love shopping, eating in the restaurants, and watch movies to distressed from work. It is also a good investment app since it helps you create a specific goal that you want to reach without feeling overwhelmed or overburdened by responsibilities. It’s a good way to trick your mind that you are already saving without feeling a pinch.

How does it make money?

Mylo makes money by connecting it with your bank account or other trusted income source, the common income source would be the credit/debit cards since you regularly use to make purchases. Every time you make a transaction, the app will automatically round up the price to the nearest dollar you setup and invest the spare change. You can find out more by clicking here to know the basics of Mylo round ups.

Pros and Cons

Compared to Big insurance companies that I’ve subscribed in the past. Mylo has a lower monthly subscription fee but has fewer options compared to getting a premium plan. The premium plan (Mylo Advantage) will give you the greatest value because this plan comes with tax-free (TFSA) registered accounts and perks from partners that already with Mylo for long.

Key takeaway:

If you have trouble saving money, losing the habit of saving because of a problem, depression, and other circumstances then this app is the right fit for you. It’s common to be inconsistent in saving because we tend to get distracted from other things stopping us to save.

It is wise to test just like I did and just be specific by creating just one goal and see how it goes before creating a second financial goal.

Try the app by clicking here or download directly to AppStore and Google Play.