Buying your home is likely the largest investment you will make in your entire life. One of the most difficult investment goals to achieve is saving up for a down payment on your home. If it is your first time buying property or even your first encounter with investing, the price tag for a down payment seems exceptionally large. That’s why we want to introduce you to our partner Mylo, so you can realize your financial goals without changing your lifestyle.
Mylo is a Canadian app that monitors your spending and rounds up your transactions to the nearest dollar to help you save money while you spend on everyday purchases. When you setup your Mylo account, you are required to enter a goal so the app can track your purchases and continuously make contributions as you spend.
As your digital mortgage broker we recommend using Mylo to help pay down debt and/or save for a down payment. Because Mylo functions automatically, as you spend the app deposits your change towards a specific goal. We see it as an exceptional method of working towards your goals of financial stability and home ownership.
Let’s say your delicious lunch comes to a total of $12.25. Mylo will round the total up to $13.00 and make a 75 cent contribution toward your goal. Maybe you love having a tasty latte in the morning, if the latte costs $4.50, Mylo will contribute 50 cents toward your goal. By increasing your multiplier you can increase the amount that Mylo contributes and reach your goals even more quickly, all while spending money on all the things you love.
With a flat fee of only 1$ per month, your Mylo contributions are all put towards investments with no extra costs relative to how much you add. With Mylo your money is put towards investing in low cost investments (ETFs) that you can easily track to see how close you are to reaching your goals. Mylo also provides the option of multipliers that allow you to accelerate your contribution rate as well as single contributions, providing you the opportunity to reach your financial goals without even realizing. Signing up for Mylo is simple, just download the app and sign up to get started. Want to learn a new way to save for your goals the simplest way possible? Click Here To Learn More