Have you ever gotten a large paycheck and thought about saving part of it? Most people don’t. The lure of having a lot of money just sitting in your checking account is just too much. It wants to move out of there. Savings accounts help limit that. By putting money into savings, it’s more difficult to get to. It’s usually quite easy to transfer money to savings, but even that can give people pause. But what if there was a way that money could automatically be taken out of your checking account? Maybe a little bit at a time where you can’t get to it easily? There is! I want to tell you about a service called Digit that will help anyone improve their saving habits.

A Different Spin on Saving!

Digit is a smartphone app and bank account service that helps you save within your means. When you sign up and connect your account, Digit analyzes your spending patterns based on past data. Based on those patterns, Digit pulls out money every 2-3 days and places it into a separate savings account. It’s usually between $5-$50 dollars. If you want your money, you just send Digit a text with the amount you want back and you get your money redeposited in a business day.

Here’s a short video (just over a minute) from Digit to show you how it all works:

You may have seen this sort of thing before with your own bank. Many banks offer a service where they withdraw a certain amount of money from your checking account weekly into savings. But this is a fixed amount that doesn’t account for emergencies. Digit’s software takes your spending patterns into account so it doesn’t withdraw too much. In fact, they are so sure of their math that if they do send you into an overdraft they will pay the fee for you, up to twice per customer. That’s certainly something your bank won’t do!

Plus, the service is completely free. No fees for depositing or withdrawing. No limits on how often you can withdraw either. And the accounts are insured in the same way your normal bank account is. I’ve been using the product and I have to say it’s been great for my saving habits. It’s just one less thing to worry about.

Here’s an example of how the service works:

Using Digit is a lot like texting someone, as you can see from my texts to the right. Simple, one word commands are all that are needed to withdraw money. Digit responds with detailed messages telling exactly what it is doing with your money. Plus,  you can add tags to all of your transactions so you know exactly why you needed move that money when you go back through your records.

You’d be surprised how a few dollars here and there can quickly add up… so far I’ve saved about $300 over 3 months… so about $100 per month… and I can save more or less if I want.

That’s it… easy peasy! Give Digit a try here and let me know how it goes!

Have you used a savings app before? How did you like it?

– Dorethia

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*Images courtesy of https://digit.co/press & Dorethia Kelly

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