4 Reasons You’ll Love Digit
The Unconcious-Savings Plan
Has this happened to you?
You know you should be saving money, and you know that the best way to be a consistent saver is to make it automatic. Yet, setting up an automatic savings plan takes a lot of planning.
How much can you make automatic so that you’re not overdrawn by accident? And what about the months that you don’t get paid as much? You’ll have to go back and postpone or turn off the automatic withdrawal.
And what about when you finally get extra money, or your income goes back to normal, you have to REMEMBER to go into your account and turn it back on.
Frustrating! Doesn’t all this planning, reminders, and back and forths defeat the whole purpose of having an “automatic” savings plan?
I thought this was a hopeless situation that I just had to deal with every month. I told myself savings was hard but it’s the right thing to do. I drudgingly accepted my fate. That was until I found Digit.
I call it, “The unconscious savings plan.”
After you sign up for Digit, you give it access to your busiest checking account. Then, just let it do the work of finding money to save. It analyzes your spending habits and calculates how much money you can stand to save based on what goes in and out of your account each day.
Digit saves about $5-30 a week and puts your money in an FDIC-insured bank account with “Wells Fargo Bank, BofI Federal Bank, or Opus Bank.” Digit tracks spending and automatic payments and only saves money that you won’t miss.
If that intro wasn’t enough to sell you, here are 4 reasons you’ll absolutely love Digit.
1. It’s Simple (and FREE)
You don’t have to give Digit your address or social security number (not like signing up for a bank). In fact, it takes less than 2 minutes to sign up.
All you have to give is your name, mobile number, email address, and a link to the checking account you want it to access.
There are no emails or bank confirmations. As soon as you sign up, Digit starts to analyze your account to see where it can stash money for you.Digit automatically figures out how much is safe to save based on your account performance. Digit doesn't require you to figure out an arbitrary amount to transfer every month. Click To Tweet
2. There’s An Overdraft Guarantee
Digit is so confident about its account analyzing algorithm, they guarantee that you won’t be overdrawn.
I signed up for Digit in October 2015, and the account it monitors has a lot of irregular spending (through bill pay and variable income).
I haven’t had overdraft yet, or ever come close to one. I suspect Digit is able to see upcoming transfers/transactions so it either waits for the transaction to happen or reduces the amount it saves for you that week. Sometimes Digit saves two or three times a week.
Since October, Digit has saved me $406 I didn’t know I had!
3. it’s Friendly And Fun
At first, I thought it was odd that Digit only communicates through SMS text. There’s no email or iOS/Android app to download.
But communicating with Digit via text is not only convenient, but it’s also fun. You can review your balance, transfer money between your Digit account and bank, and you can tell it when to stop saving or save more.
It responds to your thank you’s, and individual commands. And even tells jokes or fun facts.
Digit is delightful and friendly. I love how happy it is and that it’s saving money for me without me lifting a finger.
4. Hands-Off Savings For You
Have you ever had a paycheck that was much smaller than you expected? Sure you have. But have you ever had to go and make adjustments to your automatic bill pay, or automatic savings withdrawal just so you won’t get overdrawn? Ever had to float paying a bill cause there wasn’t enough to cover it in the current pay period? I think we’ve all done it.
Ever had to float paying a bill cause there wasn’t enough to cover it in the current pay period? I think we’ve all done it.
I’m not proud to say it but I had to do this recently because one paycheck was too small, and the other paycheck didn’t even show up (thank you military).
So I spent 40 minutes online canceling my automatic savings transfers and stopping two automatic bill pay transfers.
(Yes, I’m currently living paycheck to paycheck, but this is why I’m doing this blog and working on getting out of debt.)
I felt defeated because I was not going to make my savings goal this month (20% of take-home pay, by the way).
Until I remembered my Digit account.
If you’re in this situation, you don’t have to manage your Digit account. With a simple text, you can tell Digit to stop saving for the rest of the month. Or tell it to stop saving once your account gets below a certain amount.
I’ve told my Digit to stop saving when the account gets below $200. That way I always have a buffer.
The best thing about having Digit save for you is that it’s completely hands-off saving. Unconcious savings. And there’s no logging into an app to manage it. Just send a text.
My Final Two Cents
There you have it! 4 reasons you’ll absolutely love the new Digit app – that’s not really an app. But more like a texting buddy. That saves you money. While you sleep.
Want $5? Sign Up Here
If you’re sold on this amazing saving tool, and you’re ready to sign up, use my affiliate link above so BOTH you and I can earn $5.
The “sign up here” link will take you straight to Digit online through my link. As soon as you sign up, you and I get an easy $5.
Tell me what you think about Digit. Are you ready to save this way?
I am affiliated only with the Digit referral link; when you sign up for Digit through my referral link and use Digit to save, you and I will get $5 each. All other links are non-affiliated. Picture by Digit at Digit.co