Discover Mylo: A New App That Can Make You Save Up To 1000$/Year
More Money, Less Problems
Money Doesn’t Grow On Trees But It Will Grow In Your Phone With Mylo!
Imagine what it would to spend money and save money at the same time; Mylo made it possible now. I can’t tell what your childhood looked like but I think we all have this one memory in common. I’m talking about that little habit that most parents try to teach their kids hoping they will remember it once they grow up.
Do you remember the days when regardless where it came from, whenever someone gave you a dollar you felt the urgent need to drop it in your piggy bank? Do you remember the sound it made when you shaked all your fortune inside? Yes ladies and gentlemen, as grown men and women, saving money was,is and will forever be a problem for some of us.
Today i’m happy to announce to my fellow big spenders that it is possible now to spend money and save money simultaneously as contradictionnal as it sounds. With this new app called Mylo invented in Montreal, they literaly took us back to a fundamental principle we once knew in our childhood : SAVE THE SPARE CHANGE!
How Mylo Works?
Mylo is a mobile app that syncs with your different bank and credit accounts in order to manage an automatic saving system for you. The system is quite simple, for every transaction you make with your different cards, the app rounds up the total and keep the little extra money in a special funds account for you! (they require your SIN number but have strict policies about security)
«Mylo(..)rounds up everyday purchases and invest the spare change in a personally tailored diversified portfolio of ETFs to maximize your potential growth.»
I know you probably feel like : “what’s the catch?”. I felt like that too because I didnt really understood the value of such an app at first but let me give you a quick example here:
I usually do up to 45 and 100 transactions with my different cards per month.
For each transaction, Mylo rounds the total you have to pay and keep the extra it creates. Lets say I buy something worth 5.50$, Mylo will round the price to 6$ and keep the extra 0.50$ for my savings. Now lets imagine how much I would save per month with this simple trick, lets check it out in the picture below.
Make Better Decisions With Mylo
In addition to saving the money for you, the app provides you various information on how much you spend on subscriptions, debts, food, clothing and etc. Mylo is also able to give you precise information what you can afford with your current budget like a mortgage,a new car and many other things.
How Much It Costs?
I personnaly think that it wouldn’t be the best marketing strategy for an app to make you spend money in order to save money and I think the team behind Mylo had that figured out too. indeed, using the app is totally free of charge.
“As you go about your day-to-day life, Mylo offers valuable insights on where you spend your hard earned money”
They are currently having a boost of their first users right now. You can be an early adopter and provide feedback on what will potentially become one of the most useful app ever built in Montreal!(and save money in the process too)
We invite all our readers to make their research about this new app coming soon through their website and give us feedbacks about their experience in the comment section!