Digit – The App that Makes Saving Money EASY
A lot of people live paycheck to paycheck, but very few of them actually need to. All it takes is a little bit of planning to manage your money. The result always leads to a better life, one that isn’t reliant on future income.
Budgeting is the cornerstone of this life. If you have never tried to create a budget or you rarely use it then check out our How to Build a Budget three part course.
However, if you struggle to keep to a budget and are barely saving any money then the Digit App will be extremely beneficial to you!
What is Digit?
Digit is a free tool to help people save money for a rainy day. It will analyze your bank account transactions and take small amounts, it might only be a few dollars at a time, from your bank and stores it away. This simple act will ‘force’ you to actually save money for emergencies.
Essentially, all the app does is move your money into a place that isn’t quite as convenient as it was sitting in your checking account. It is still very easy to withdraw any or all funds from Digit back into your bank.
What’s the Catch?
There is no catch! Digit makes it’s money by investing the money it manages and then living off of that interest like any bank would.
You can even receive a ‘Savings Bonus’ from Digit every 3 months for about .2% of your current balance!
There is more information on their FAQ page which will answer any questions you may have.
My Experience Using Digit
I have been using Digit for a couple months now and it really is helping me save more money. I already have over $500 in my Digit account that I am positive I would have spent on random useless stuff by now.
The app is extremely simple. It serves one purpose: to show you how much digit is saving you! It will also send you fun text messages when milestones are reached. For instance I got a message with an animated gif celebrating the fact that I had my first $100 saved up!
Why Should You Get It
Having some kind of emergency fund is one of the most important foundations for developing positive financial well-being. If you have a very minimal amount saved for emergencies or you rarely contribute to your emergency fund then Digit will prove to be immensely helpful.
Even if you have an emergency fund and actively contribute to it Digit will still prove useful. You can never save too much money!
Sign up for Digit now and take advantage of it’s money saving abilities! If you use our referral link you can support our blog in an easy way as we will get a cool $5 when you sign up.
Digit has gone from a free service to a paid one. They will now charge $2.99/month for their services. They will be giving 1% earnings on your account so that means in order to not lose money you would need a certain amount saved in your digit account to compensate for the $2.99/month fee.
Personally, I won’t be keeping a large enough amount stashed away into Digit to justify keeping my account. I have chosen to close my account. If you still want to use the service and don’t mind paying the fee it is still a very useful and valuable tool.