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I hope everyone had a great Thanksgiving, and since you’re here reading this blog I want to let you know how thankful I am for you!
I know how important saving money tips are for you, people are always asking me what tools am I using when it comes to my money and today I finally have one for you.
It’s called Digit.
Digit lets you save money automatically without even feeling like you’re saving at all. If tricking yourself into saving money is the only way to make you save money so be it.
I love automatic savings because sometimes I tell myself I’m going to save a certain amount of money each month, yet when I get paid suddenly I find myself transferring less than I planned. I know I know don’t judge me lol, but when you make your savings automatic you don’t even have to worry about that.
How does Digit’s automatic savings work?
“There are 4 main things that influence Digit’s savings algorithm:
- Checking account balance
- Upcoming income (paychecks or predicted irregular income)
- Upcoming bills
- Recent spending
Every weekday Digit uses these 4 inputs to try and find a small amount of money it knows you don’t need for upcoming spending, and more importantly won’t feel based on how you’ve recently been spending money.
If it is able to find some money, Digit will auto-transfer those funds to your Digit account.
The funds in your Digit Account are held at FDIC insured banks for your benefit and are insured up to a balance of $250,000.”
I love that digit’s algorithm is able to tell how much money they should pull, because I too worried about it pulling too much money out and then me not having enough for the rest of my bills however now that fear is now gone. If I were to run into a situation where I didn’t want Digit to take out any money I can stop transfers at any time.
One more thing I love about digit is that it sends me daily text messages letting me know how much money is in my bank account. If you don’t want to be updated with daily texts you can always limit the amount of text they send you at any time. I can transfer the money that digit saves for me back into my bank account and the money will reach my account the next day.
If you’re interested in hearing more about Digit I created this video for you below.
How often does digit save for me?
Digit takes into account every users unique money situation for the day and tracks what your usually spending habits are like your rent groceries, and any upcoming bills.
According to Digit.com:
“Most folks see 2-3 savings transfers per week on average. The savings amounts on average tend to be between $10-30. Please keep in mind that both the frequency and amounts can vary depending on the day/user. The range is from $0.05 to $150 in the most rare cases.
You can dial in Digit’s aggressiveness more to your liking as well by texting “Save More” up to 3 times.
If you’ve increased Digit’s savings by texting “Save More”, you can lower it back down by texting “Save Less.”
I singed up for Digit last Wednesday and so far so good. It takes about 5 minutes to sign up for an account, it’s free and you can then your on your way to start saving money for a rainy day, Christmas gifts, or anything else you’ve had your eye on for a while. I’ve since left Digit and am now saving money with Rize.
If you didn’t save as much as you wanted to this year, be sure to set yourself up on the right foot and get your automatic savings account started today.
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