Update 4/23: I’m at $1000 only 2 months later! I’m LOVING Digit.
This whole 3 month savings challenge got me thinking.. It would be SO much easier to add money to our savings account by making it a automatic thing.. something that we didn’t notice and just let build and not have to think about doing or budget for. (okay, that is the totally lazy 😉 )
What is Digit?
Digit is a FREE automated savings program that pays attention to your spending habits, then finds small amounts of money from your checking account and determines how much you can save and transfers it to a savings account for you. It does this every.day.
How does this work?
You will need to sync digit to your bank account and all it does all work its magic there. 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.
Just so you know, I’m a skeptic. Always have been. Once I found this out about digit, I did some research (because yes, they want access to your bank) and found that your personal information is anonymized, encrypted and securely stored and FDIC insured just like your bank account up to $250,000 per account. So it is safe.
So, I decided to try it… After about 3 weeks of using Digit– they have saved me over $160 from my own checking account! The cool thing is, if I need my money back to my checking account– all I need to do is text “withdraw” and it will be back into my account the next business day!
You also get daily texts (you can cancel these if you don’t want them) letting you know the balance of your checking account and if they have transferred any savings to your digit account.
The great thing– is that even though Digit has put almost $200 into a savings account for us– we haven’t noticed it. We aren’t trying to take the money because we need it– we are paying our bills and using our debit cards like normal and haven’t had any need to withdraw. I love that! Digit really did the job it is supposed to by finding money that we don’t need for anything and saving it FOR US! 🙂
At this rate, we will have hopefully added over $1800 to our savings by the end of the year.
I’m pretty stinkin’ excited about this.. and I hope you can be too. I will keep you updated with how much Digit saves us throughout the course of my 3 month savings challenge.
You can find even more info HERE if you are interested in learning more.
Disclosure: I will receive $5 if you decide to sign up. This isn’t why I wrote about digit– I honestly think this is awesome tool that will help me (and you) add money to our savings account and be completely hassle free. I’m SO confused as to why banks aren’t doing this– it just makes so much sense.