When looking to learn to save and invest, it can sometimes be difficult to know where to start.
Especially when you are starting out, and want to start by investing small sums easily. We often have the impression of never being able to find a suitable offer (and accessible without being a professional trader).
However, investing your money is essential to get the most out of it , and to grow your savings over time to make your plans for the future a reality.
And the sooner you start, the better.
If you just want to start putting money aside in order to invest without the hassle, apps like Moka can help.
Moka’s (formerly known as Mylo) mission is to help you save effortlessly through automatic rounding – and easily invest your money in socially responsible investment funds.
In this article, I give you my opinion on Moka, how it works, its advantages and disadvantages.
What is Moka (ex Mylo)?
Moka is an automatic savings app. That is, its mission is to help you save effortlessly and save without thinking.
Moka allows you to set aside thanks to several savings systems, which we will present to you a little later in this article.
But that’s not all.
Its operation is also reminiscent of a robo-advisor , without really being one.
Here, Moka certainly allows you to invest in an automated managed portfolio , but there are some notable differences.
Like being able to invest from just one euro, without limit, with a fixed fee of 2.99 € per month regardless of the amount invested . And without any commission on the returns.
And all the automatic savings and rounding-off services that make Moka so charming are also absent from classic robo-advisors.
Moka is particularly well known and popular in Canada: it is also the # 1 savings and investment application on Canadian stores . Today it has more than half a million users.
How does Moka work?
If you are new to the automatic rounding system , it can be quite confusing the first time you discover it. And yet it is more and more popular in savings apps.
The idea behind automatic rounding is to counter some common obstacles to saving and investing:
- The feeling of not having enough money to set aside and / or invest
- Not thinking about saving part of your salary regularly
Once our salary is received, a large part of us decide to do our daily expenses, and put aside what is left at the end of the month.
You know the problem: often, at the end of the month, there is nothing left . If you have the cash on hand, chances are you’ll spend it.
Automatic savings apps like Moka help you save small amounts of money on a regular basis by rounding up your purchases up to the euro, and putting the difference aside .
For example, let’s say you buy your lunch at the salad bar for € 8.70. Moka rounds your purchase to € 9, and puts the € 0.30 aside in your Moka account.
If you wish, you also have the option to multiply this rounding up to 8x.
Which, in our previous example, would be 8 x 0.30 € = 2.40 €.
You can therefore adapt to the period to set aside more or less according to your means at a given time.
In addition to the automatic rounding system, Moka also allows you to put more money aside with:
- Recurring transfers . You can schedule regular deposits from your checking account to your Moka account.
- One-off transfers . Whenever you want – and within your means – you can choose to make an occasional transfer of the amount you want to your Moka account. Ideal for exceptional small cash inflows, or to boost your savings a little when you have the possibility.
Goals are central to the Moka app (the goal is ultimately to put money aside for your financial goals).
You have the ability to set different personalized financial goals right in the app , so you can understand and see exactly what you’re setting aside. You can then save for each of these different goals as you wish.
And we know it: defining your goals is essential to succeed in saving. Whether it is preparing for your retirement, going on a trip, becoming a homeowner or any other project: you decide what you do with your savings.
Socially responsible investment
Moka will very soon offer to invest your money in socially responsible investment solutions .
Robo-advisors like Moka invest largely in ETFs , which are low-fee funds.
Globally, ETFs allow you to invest all at once in a very large number of companies in a particular industry, region or market, without having to choose which companies to invest in or buy all of them. titles individually.
Knowing that choosing which companies to invest in is extremely complex, and that buying individual stocks should be avoided – especially for beginners – ETFs are often a very good investment choice.
And here, the ETFs offered take into account issues related to the environment or social, ethical and corporate governance issues in the selected investments.
How much does Moka cost?
Mocha is priced at € 2.99 per month . The first month is free in order to be able to test the platform.
Moka is non-binding : you can cancel your subscription at any time by contacting customer service.
Having to pay to save may seem counterproductive, but if you usually find it hard to put aside and decide to start investing, the price may be well worth it (better to pay $ 2.99 to put 100 euros aside than paying nothing and failing to save).
If you are particularly thrifty by nature and comfortable with investing, Moka may be less attractive to you.
- Fee of € 2.99 regardless of the amount invested
- Automatic rounding in addition to recurring and / or one-off transfers
- Set financial goals directly in the app
- Socially responsible investment solution (coming soon)
- Sponsorship of your loved ones with 5 € offered
- Customer service reachable by chat, directly from the application (and very responsive)
- For small savers, the price of 2.99 euros can be important if the amounts invested and saved are small