Automate Your Savings With Digit
So, I talk a lot about saving more money on this blog and I use the hashtag #savemoremoney on Twitter practically every day. I’ve talked about budgeting and putting money away for retirement and all that good stuff.
I know I’ve mentioned my love of Acorns before and how it makes saving money and investing a little easier and a little less scary. And you all are probably fucking sick and tired of my SmartyPigs posts!
But today, I’ve got a new app I’ve been testing out to squirrel away a little extra money (my husband probably hates me).
It’s called Digit. They’re tagline is “Save Money Without Thinking About It.”
Well, that sounds pretty fucking good to me. So, I tried it.
And it is pretty awesome.
Let’s break it down.
Digit is an app that you can put on your iPhone or Android device to help you save money without you actually having to go in and transfer any money.
No, it’s not as scary or creepy as it sounds. Digit analyzes your spending patterns to pull out the perfect amount of money for you save at any given time. Okay, maybe it is a little creepy.
But it works.
All you do is set it and forget it. You can even set up rules, too. Telling Digit not to withdraw any money if your bank account is below a certain threshold.
Here are the specs of what Digit is offering as the holder of your cash:
1% annual cash back on your Digit savings, paid every 3 months.
You can withdraw as often as you like, at no charge, with no account minimums.
Funds are FDIC-insured and protected by 128-bit bank-level encryption
This is actually pretty good! My regular bank (Chase) doesn’t offer a 1% return on our money, so why not use Digit?
I started using Digit in September of 2017 and I’ve already socked away nearly $300 into what Digit calls my “Rainy Day” account. I can pull it out whenever I like at no penalty and Digit will just keep saving away – unless I tell it to stop.
This is perfect for me!
Again, as I’ve mentioned before, I don’t budget to zero so the Digit withdrawals don’t bother me. They’ll pull anywhere from $5 to $75 out of my account and stash it away for me. And the longer you use it, the smarter it gets. For about a month it barely ever pulled anything higher than $10 out of my checking account. But as it learned our spending habits and when we had influxes of cash due to paychecks and such, it felt more confident taking out larger chunks of change.
Does anyone else use Digit to help them save? I can’t wait to see how much I’ve got stashed away after a year or so of saving!