How to Use KOHO and Wealthsimple to Spend, Save, and Invest!

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KOHO and Wealthsimple are two of my favorite personal finance tools that I personally use to manage my money better.

I’ve been using KOHO for all of 2018 so far. I fell in love with the app instantly, but it just keeps getting better. Since the KOHO review I published earlier this year, they’ve added a ton of new features and even offer a bigger sign-up bonus.

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A few months ago, I also signed up for Wealthsimple to do a review at your request! I unexpectedly fell in love with them too. Don’t get me wrong, I’m still a self-directed investor for the most part, but even I’m also a big fan of automation. I couldn’t resist Wealthsimple’s autopilot investing appeal, and now keep a small amount of my overall portfolio with them.

Now get $20 in free cash when you sign-up for KOHO and make your first purchase

Heads up, this is a HUGE update! Previously the referral code I shared only gave you a $10 cash bonus when you signed up for KOHO. That has since doubled to $20 with my new code BRIDGET20.

Here’s how to get your free $20 in cold hard cash:

  1. Sign up for KOHO using this link or by entering the code BRIDGET20 when you register
  2. Add funds to your account (email transfer is fastest)
  3. Wait for your KOHO card to arrive in the mail
  4. Once your card arrives, activate it by making your first purchase
  5. Your free $20 will automatically be added to your card

It’s that easy!

Round-ups supercharge your savings rate

KOHO now lets you round-up purchases to the nearest $1, $5, or $10. This means whenever you make a purchase, KOHO will round-up the spare change to the nearest dollar amount you choose and stash it in savings for you.

I picked the middle option and round-up all my purchases to the nearest $5. If I buy a coffee for $2.34, KOHO rounds-up my purchase to $5 and moves the $2.56 difference into my round-up savings balance.

I love this feature because you amass cash so much faster than the 0.5% cash-back feature. Round-ups add up fast. I know the cash-back is “free money” and this is simply money you already have now allocated a different way, but it still feels like extra dollars to me.

Every time my round-up balance hits $25, I opt to cash-out and I move that money to a KOHO savings goal.

KOHO + Wealthsimple = $❤️

KOHO has partnered with another one of my favorite fintech brands, Wealthsimple. Now you can actually transform your regular spending activity into a long-term investment strategy.

Here’s how to use KOHO and Wealthsimple:

  1. Sign-up for KOHO with the code BRIDGET20 and add funds to your account. You’ll get a free $20 added when you make your first purchase.
  2. Sign-up for Wealthsimple and open an account with at least $100. You’ll get your first $10,000 managed for free by clicking here.
  3. Follow the instructions outlined by KOHO here to connect your KOHO account to Wealthsimple.
  4. Start investing!

Don’t beat yourself up if you can only afford to invest a small amount each month, any amount is better than nothing. Because KOHO helps you budget, you’ll probably find you actually have more money to save and invest each month than you did before (the cash-back on your spending helps too).

How to maximize KOHO and Wealthsimple together

Once you’ve set up both KOHO and Wealthsimple, you want to make sure you’re getting the most out of each. Here are a few ways to maximize both together:

  • Set up direct deposit of how much you want to spend each month to your KOHO card. I deposit $1,000 per month from my paycheque to my KOHO card, and this is the money I use for everything from groceries to haircuts to new clothes. I know exactly how much money I have to spend at all times, and I earn cash back on all my regular purchases!
  • Set up a monthly investing target under your KOHO goals. For example, if you aim to invest $100 per month in Wealthsimple, KOHO will save $3.33 per day for you.
  • Invest your cash-back from KOHO into your Wealthsimple account. Want to invest with free money? Use your cash-back earned by spending with KOHO to do it! Either once per month or whenever you hit a balance goal, cash-out your cash-back and transfer it to Wealthsimple.
  • Use KOHO’s round-up feature to supercharge your portfolio. Let your round-up cash accumulate and then once per month, or even every 2 weeks, transfer the balance to Wealthsimple.

Both KOHO and Wealthsimple are awesome on their own, but using them together is a dream come true. I am such a huge fan of fintech innovation because I really think we’re getting so many amazing tools that simply are not available from traditional banks and brokerages. KOHO and Wealthsimple are just the beginning!

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About Author

Student debt killer, super saver, and stock market addict. BSc. in Chemistry from the University of Alberta, MBA in Finance from the University of Calgary, and PhD from the school of life in being a badass. Currently residing in Calgary, Alberta, Canada, but hooked on travelling.

2 Comments

  1. This is interesting! I’ve used Koho for awhile but I didn’t know you could connect it to Wealthsimple. I’ll have to try this out!

  2. I don’t see why you need so much verification info (I get it for a bank account but not for an app with VISA virtual!), I have a VANILLA visa with ZERO fees which I didn’t have to show anything at all and am able to load it via my bank account TANGERINE or paypal.

    I’d like to support such an app as yours but I feel the requirements defeat the purpose of being financially independent and in control and such. The money management tools is not better than my Tangerine account either, the 0.05% cash back is not enough of a good deal to go through all the verification requirements you are asking for when I can move money FREE of charge with TANGERINE AND VANILLA CARD. Sounds like phishing info from people, because there’s no need for a bank to be involved in keeping your money ‘safe’, any 3rd party makes your money LESS safe with LESS control over your finances!! Seams the only positive reviews online are from AFFILIATES who are getting a commission upon signup!! Hence very bias reviews!!!

    UPDATE PEOPLES BANK HAD MANY HACKING LOST PRIVATE INFO ON CLIENTS AND NOW PUTTING ALL ACCOUNTS UNDER ‘FRAUD PREVENTION’ WITH CREDIT CHECK CO. THIS MEANS TONS OF TROUBLE GETTING ANYTHING ELSE EVEN ELECTRIC BILL!!! BE WARNED!!!!