How To Save More Money Automatically

How To Save More Money Automatically

I wanted to build this site to bring together a few passions of mine. First, I wanted a site that will allow me to teach and motivate others about certain life topics that I am experiencing first hand. Next, I’ve always been amazed and drawn to the tech industry and wanted a platform where I can showcase some of the amazing products that people have developed. And finally, I wanted to merge the tech industry (startups) with starting a better life for you (startUup) to see how the both can be intertwined to create a better life for all of us.

With that said, there’s no hiding from startups or their products nowadays. Every corner, every grocery store line, every bus ride, they’re people on their phones looking at different products or content. One app/site that I am grateful that I did find was Digit.co . As simply as I can explain, Digit connects to your checking account, uses an amazing algorithm to randomly determine how much money to withdraw based on your spending habits and deposits, and withdraws that amount of money, and puts it in your separate Digit savings account. What is truly amazing is that Digit never withdrew more money that I could have afforded and allows you to give commands such as “withdraw” through texting.

So you might wonder why you need this app? I can’t speak for anyone else but myself but I use this app because I find it so true in that I don’t spend money that I don’t see. By all means I am not a financial adviser but this is simply another vehicle for helping you save money for various reasons. This should not take the place of your traditional retirement or investing accounts but it truly is something special. Now I won’t lie, I LOVVVE my wines, eating good food, and traveling a little. Digit has allowed me to “treat” myself with an unexpected side savings account from time to time. I definitely don’t want to sound misleading but Digit saves based on your income, your expenses, and your spending habits. If you make $1000 a month, don’t expect Digit to save you $750 a month. Digit will take a few dollars here and there but a few dollars here and there adds up fairly quickly.

I’ve done a few different things with this “extra savings account”. Some months, I transfer the money back into my checking account and from there I invest it into my traditional retirement accounts. Other months I keep it in there for months at a time and use that savings for small trips or a decent sized purchase. And of course there are some months in which I’ll simply treat myself to that bottle of wine after a long hard week of work.

In summary, if you’re just like me and tends to spend money that I see, this app is definitely for you. My suggestion is simply let the app do it’s thing and see at the end of the month how much it “saved” you. Whether it be $30 a month or $300, that’s money that I would’ve spent if it were in my checking account. After 3 months, you’ll have $90 or $900 sitting on the side for any purpose you wish. Long story short, Digit is an innovative way to help you save more money without even trying. Absolute genius product and listed below are their FAQ to help explain more about their product. I’ve also attached one of my monthly statements to show the frequency and amounts Digit may take out.

Blayne

Sign Up Here: Digit.co 

Frequently Asked Questions

  • How does Digit work?

    Every few days, Digit checks your spending patterns and moves a few dollars from your checking account to your Digit account, if you can afford it. Easily withdraw your money any time, quickly and with no fees.

  • What makes Digit different than a recurring bank savings transfer?

    Digit automatically figures out when and how much is safe to save based on your lifestyle. Digit doesn’t require you to figure out an arbitrary amount to transfer every month.

  • Is Digit safe?

    Yes. Digit uses state-of-the-art security measures. Your personal information is anonymized, encrypted and securely stored. All funds held within Digit are FDIC insured up to a balance of $250,000.

  • Does Digit cost anything?

    Digit is completely free. You will see “Hello Digit Inc” transactions in your checking account but these transactions are just transfers to and from Digit.

  • What are Savings Bonuses?

    Savings Bonuses reward you for saving! Every 3 months you will automatically receive a Savings Bonus based on your average Digit balance over the last 3 months. You’ll get 5 cents for every $100.

  • What is the Digit no-overdraft guarantee?

    We believe so strongly in our math and our ability to safely identify money you can afford to save that if we overdraft your account, we’ll cover the fee, up to two times per customer.

  • Where is Digit currently available?

    At this time, Digit supports over 2,500 banks and credit unions within the United States.

  • Does Digit have an app?

    Yes, we have an iPhone app and an Android app.

  • Does Digit work with banks located outside the United States?

    Unfortunately, Digit is U.S.-only right now. We have hopes to expand internationally in the future.

  • Do I need a savings account?

    No. When you signup for Digit you get your own Digit account which will hold any Digit savings until withdrawn. Any funds held in your Digit account are FDIC insured up to a balance of $250,000.

  • How do I access my Digit savings?

    You can withdraw your savings 24/7/365 and as many times as you want per month. You can access your Digit savings by messaging Digit ‘Withdraw’ whenever you’d like to move money to your checking account.

  • What should I do with my Digit savings?

    Some of our users have started a fund for emergencies, splurged on a trip, or paid down debt. You can also move your savings to other accounts (for investments or retirement) as often as you wish.

  • Sign Up at Digit.co 

     

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