Tuesday, June 21, 2016

Digit: Make Saving Money Easy Again!

I finally did it. I broke down and tried out Digit. And I can’t say that I have not been disappointed like I had expected to be.

I’ve been hearing about Digit being a great way to effortlessly save money for over a year now but I was slow to really do anything with it since it caters to a need that I don’t currently have. But I finally signed up for it so that I could test it out and see if it was worth suggesting to others; and I had recently received an email from someone saying that they desperately need help learning how to save money because they can’t stop spending everything they have and I thought that this might be a good option for them to try out.

What is Digit?

Digit is basically a really smart online savings account. All you do is link it to your online checking account and it will monitor your income and spending habits then make periodical deposits from your checking account into your Digit account.  They use highly complex formulas that take into account behavioral psychology and your specific habits and money trends to try to help you squirrel away as much as they can without leaving your checking account empty or even noticeably lower. Now you can begin saving money without even having to think about it or notice that it’s gone.

How does it work?

Since I am well aware of my lack of literary ability and don’t want to do them ill justice I figured that I’d insert their own description here. (They also have a little video but inserting that was way beyond my ability right now.)


        “      1. Connect your bank account
                   
                   To use Digit, you need to connect your checking account. This allows Digit to analyze your income and spending, and find small amounts of money it can safely set aside for you.

                   We use 128-bit bank-level security, and we don't store your bank login.

                2. Digit saves a little every week

                    Every 2 or 3 days, Digit transfers some money (usually $5-50) from your checking account to your Digit savings. We never transfer more than you can afford, so you don't have to worry about over-drafting your account. In fact, we have a no-overdraft guarantee.

               3. Access your savings anytime

                  We know you're saving for good reasons – a trip, a big purchase, or even just a rainy day. When you need your savings, send Digit a text message. Digit will transfer the money from your Digit savings back to your checking account next business day.
                  Digit allows unlimited transfers, with no minimums, and no fees.                 

My thoughts on the product?

IT’S FREE!! – Why not try it out? I figure that it doesn’t hurt anything to try it for a while and if it doesn’t work for us we can easily withdraw everything and shut it down, no harm done. But, it might be helpful and we end up loving it. You’ll never know if you don’t try it.

Over the past week, it has made 3 deposits for us. The first was for $6.50, the second was a few days later for $8.45, and the third a few days after that for $10.98. So after a week they have already squirreled away $23.93 for us.

***UPDATE - After 5 months of using this product it has "saved" us a total of $2,747.91. 

I do think that it is pretty cool that they will send me daily checking account balances in a text message at 9:10 AM every morning, but since I keep a pretty close eye on this anyways I had them scale it back to just sending me a weekly update. I still haven’t gotten use to controlling all of the features through texting back and forth with a computer but it is rather entertaining to see what it will reply. And since my $10/month phone plan only gets data if I’m on Wi-Fi it is nice to be able to interact with this account whenever I want to through my unlimited texting. However, I would like to also be able to make changes to the settings online.

I would also like to be able to link several accounts to it so that they could get a more complete picture of our finances, (i.e. credit cards, savings accounts, secondary checking accounts, mortgages, etc.).

Overall Opinion?

Once again here, IT’S FREE!! – Why not try it out?

But seriously, if you are having a hard time finding ways to save money you should definitely try this out. If saving money isn’t much of an issue for you, you should still try it out just to see if it’s helpful to you. 

Disclosure: Everything that I said here is true whether or not they give me a referral bonus, but since you asked. Yes, they will pay out $5 for referrals, that’s why I provided you with a link instead of just saying the name of the company.



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