I want you to be honest with yourself right now. I want you to ask yourself this question: “Do I have a problem saving?”
Maybe another question to make sure you are being truthful with yourself is to ask yourself: “Do I have an appropriate emergency fund?”
If your answer to these questions is, no, then the Digit App may be for you.
The Digit App – for those who need help passively saving
I understand saving can be a pain for many people. But not having an emergency fund can REALLY hurt you at some point. You will either go into debt, which will cost you a whole lot more money, or you will find yourself in a financial emergency with no options. The Digit app can help you savings-slackers get it together to put some savings aside.
Before we move on, if you don’t have a problem saving money, you probably don’t need to read any more of this. Maybe you are more interested in the investing side of things since you have mastered the savings side. Here are a few articles about investing:
For those ready to fix their saving problem, this article is about helping you create a passive strategy to save money as easy as possible using the technology of the Digit App.
How the Digit App works
Sometimes people just need to hide money from themselves. The Digit App will essentially suck money out of your bank account. The Digit App is able to do this by analyzing your spending and figuring out how much should be saved each day. So, before you start getting concerned about Digit sucking all of your money out of your account, remember that the app analyzes your spending. This way, you don’t end up draining your bank account as easily as you may think.
The account Digit adds your savings too will also pay you an interest rate of about 1% as of today. This interest rate will fluctuate over time, so depending on when you are reading this, the interest rate of the account may be different than 1%.
Sign up for the Digit App by clicking this link: LINK TO DIGIT APP
How much can you save?
I used the Digit App with a checking account I use on a regular basis. However, with this particular account, I don’t spend a ton of money – I spend no more than $1,500 month.
Digit saved between 80 cents and $5 per day for me and added it to my Digit account. If you have an account linked to Digit and spend more than what I do, you will likely save more than I averaged. You should probably save between $80 – $170 monthly with the Digit App.
Here is a screenshot of a few days of savings:
Building an emergency fund
If Digit saves you $4 per day, it would equal about $1,460 per year. This is not a huge amount of money, but for someone who has no emergency fund, this is extremely helpful. That $1,460 can make or break your finances if you really need it. If Digit ended up saving you even more on average per day, you may save more. If you use Digit for a few years, you will save your emergency fund passively with no effort!
How much does digit cost?
Digit charges a fee of $2.99 per month. This is why I asked you in the very beginning of the article to be honest with yourself if you have a problem saving. If you really do have a problem saving – if you have no emergency fund – at least give the Digit App a try. If it ends up helping you create an emergency fund, trust me, the savings is worth $2.99 a month. If the Digit App doesn’t end up helping you save, it will take you about one minute to cancel it so it stops taking money out of your account.
If you have a savings problem and you need to find a way to passively create an emergency fund, the Digit App may be for you. Give it a try and see if it works. If it doesn’t work, get more complex and read this article I wrote on automating your savings Voilà – How to Automate your Finances to Save Money. The approach in that article is more complicated to setup, but it may be what you need you have a savings problem and the Digit App doesn’t work for you.
You can sign up for the digit app here: LINK TO DIGIT APP
Thanks for reading!
Disclaimer: These are the ideas and opinions of the author. The author is not responsible for the actions of those who read the posts on this blog. Each individual reader has a unique situation and unique needs. This blog is not intended to solve those unique situations of the readers. This blog is not liable for decisions made by the readers of this blog.
Websites always add a section at the bottom that says, “This post MAY contain affiliate links”. Well, I am not going to be vague like those websites. We all know if they write that sentence, the article includes affiliate links. So, I will tell you straight up that this post DOES include affiliate links. Use them, I will make a little dough (at no additional cost to you). Here is my affiliate link disclaimer if you want to read more: Disclaimer
