Should I Buy It?


Should I Buy It?

Welcome to the app that will make you a millionaire! Personal finance gurus love to talk about "The Latte Factor", the notion that all your money problems could be solved if you just stop buying coffee each morning! If only it were that easy... or is it? This app shows you the power of compounding interest over time, and just exactly how much money you could have in the bank by forgoing your morning coffee. Simply enter in the cost of an item you are considering purchase, along with the frequency of your purchase. Hit calculate, and a number will be displayed, which shows you how much money you would have after a period of time, had you invested the money instead of making a purchase. By default, this app calculates compound interest over a period of 10 years, as thinking 10 years out is a good habit to get in. The interest rate is set to 7%, as this is the average return of a low risk index fund, such as a fund based on the S&P 500. Both length of time and interest rate can be modified in Settings. Start using this app to check your purchases, and you can start saving money in no time!

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