In the market for a budgeting app that will help you save money? Mylo may be just what you’re looking for. This app helps you save money on a regular basis without having to change your spending habits. Not only does it help save your money, but Mylo also invests it to keep your money and your net worth growing. Interested in learning more? Keep reading this Mylo review.
How Does Mylo Work?
As mentioned above, Mylo is an app that will help you save and invest your money. What sets it apart from many other budgeting apps on the market is that it helps you save based on your regular spending habits.
How does that work?
It’s simple. Mylo rounds up the price of your purchase to the nearest dollar and then the leftover change is deposited into an investment account. So, say you buy a coffee for $3.50. With Mylo, you’ll pay $4, but that extra $0.50 will be automatically invested for you. It’s simple, mindless, and easy to integrate into your day-to-day life. You can turn off roundups as needed, and it would not operate if your account has less than $25, meaning you don’t need to worry about going into overdraft.
If you want, you can also accelerate your savings with Mylo. There are three different ways to do this:
- Set up recurring investments: On top of the roundups, you can choose to invest a fixed amount every week
- One Time Investments: You can make a lump-sum deposit into your investment account whenever you wish. The minimum amount is $5.00
- Roundup Multiplier: You can set your account to increase the amount invested on roundups. So, say you want to double your investment. You’d increase the roundup to 2x so, in our coffee example, you’d then end up paying $4.50 and saving $1 ($0.50×2).
It’s important to note that this investment will take 2-3 days to register and deposits only land in your account once a week. It’s not real-time.
How Much Does Mylo Cost?
While there are several free budgeting apps on the market, Mylo is sadly not one of them. Mylo charges $1 per month to use its services. If you use it frequently, and manage to roundup or save quite a bit each month, then it’s worth it. However, if you are only saving $20 a month then that $1 becomes a 5% management fee which, in the finance world, is steep and probably not worth it.
Mylo also has a premium option called Mylo Advantage which is $3 per month. It’s essentially an upgrade that allows you more investing options and benefits. These include:
- Being able to invest in TSFAs and/or RRSPs
- Socially responsible investing
- More options for cash back earnings
- Withdraw funds within 1 business day using Interac e-transfer
This premium service isn’t bad if you want to start investing, but if you’re only investing small amounts, that $3 monthly fee can be a lot. You might be better off using something like Tangerine Investment funds or a robo-advisor.
How Mylo Compares to KOHO
Mylo and KOHO are both similar apps in that they both offer roundup features to help you save. Often, these two apps are pitted against each other, but which one comes out on top? Well, it depends on what you are looking for.
KOHO is a bit more user-friendly in that it shows you your savings in real-time, rather than having to wait until the end of the week to see where you are at as you do with Mylo. KOHO also has a reputation for having better perks. KOHO has a free reward system called PowerUp which gives you 0.50% cashback on all purchases, and the chance to earn more from specific partners. Mylo’s reward system, Mylo Perks, offers cash back deals with certain brands, but only 3-4 per month and the brand choices seem to be, well, pretty lacklustre and uninteresting to the majority of users.
On the other hand, Mylo is noted for being much more streamlined and easy to use. Plus, Mylo allows you to actually invest your savings so you can make your money work for you. KOHO, on the other hand, does not have an investment option.
One final difference between the two: KOHO is free while, as discussed above, Mylo has a monthly fee.
At the end of the day, both are good round-up apps. The best option depends on your goals.
Mylo is a great budgeting app, with some noteworthy and standout features including:
- Roundup method for saving
- Additional saving options
- Savings are actually invested to make your money work for you
- 3 types of accounts for your investing: Basic non-registered, TFSA, RRSP
- Easy to use app
- Mylo Perks cashback offers available with new partners each month
Its simplicity in how it can help you save makes it ideal for young adults starting to invest, or those who struggle to save. If that sounds like you, then why not download Mylo and give it a try!