Twine App Review

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Something that has become extremely important to me over the past few months has been saving money, specifically building up an emergency fund for myself and my family.

I’ve saved money in the past reletively easy but usually anytime I did I was a single guy with not much to spend money on so it was easy to keep extra money. Due to this, once I saved money I didn’t really have a goal for any of it and having an emergency fund back then wasn’t even on my radar yet.

Fast forward a few years, I now have a family and I have some very important goals for my future. I most definitely need to have an emergency fund for us if, God forbid, something were to happen to one of our jobs or ability to work, we would be covered for up to six months.

Let’s dig into this review.

It’s going to be quite simple because this is a simple app. Basically, Twine allows you to setup savings goals that you can share with a friend or partner. You can then both contribute either set monthly amounts or you can make one time contributions as well. You can set up multiple goals as well.

This kind of saving is the kind that makes it fun for me because you can have multiple goals you’re saving towards and set up monthly deposits that come out like weekly payments to yourself! What an easy and awesome way to save money toward your future. I currently have only one goal that’s going toward my emergency savings goal.

Something I really like about this saving app as well is that you can setup your multiple goals and then use the debt snowball strategy on savings goals. It’s a pretty neat way to get yourself some savings goals and stick to them, paying them off a little bit at a time but focusing the majority of your efforts into the big goal you want to achieve next.

The second feature of this app is it let’s you invest your money into three different “aggression” categories as I like to call them. You can choose low risk, medium and high and then after you choose one, the app actually breaks down what you can expect to have gained over the lifetime of your savings goal.

This is a really cool feature because they really give you a decent idea of what you stand to make or possibly lose if you have a bad break over the time it takes to make your savings goal. Investing costs 25 cents a month per 500 dollars invested, which in my opinion can make this option a bit expensive compared to the free investing with Robinhood or 1 dollar per month under 5000 invested with Acorns.

This shouldn’t deter you from investing with your goal money, especially if you have some lower savings goals like 500 dollars or lower, you can do your investing on the cheap and then withdraw the money when you hit your goal and start a new goal. Not too bad.

Overall, I think that the Twine app is a pretty cool deal. I haven’t used the invite function yet, mainly because my fiancee and I share a bank account and I haven’t gotten any friends wanting to make some sweet savings goals with me haha. Even as a solo (lonely) user I still think it’s a great way to get into saving money and achieving some goals.

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