The Next App You Should Be Downloading — Digit!
As I embark on the second half of my 27th year of being a person; I realize adulting is not as great as it seemed when I was 16.
As an engaged, 27 year old millennial, with a pile of student debt; saving for a house can be a bit difficult. Especially when I love to travel and shopping, and love shopping while traveling. “Just put small amounts away here and there” my favorite aunt would always tell me. Which, ideally that would be awesome, and I do put a set amount each paycheck into my savings. Yet, to go and manually save money every day is just time consuming and annoying.
“If you really wanted it, you would make it happen.” I have also heard.
I do really want it. I would love to have a house, more than anything, and not throw my money away renting. I would love to not have downstairs neighbors who have a toddler. I would love to, more than anything, have a fur baby adorable puppy. I want to paint rooms, plant flowers, and well, you get the picture.
So after working in the financial services industry for over two years, I started reading personal finance blogs and getting up to date on the latest “budget” apps.
I found Digit! *Insert Angels, sunshine, and heavenly awes* An automated savings app!
In short, Digit links to your bank account via an ACH. After the link is established it tracks your spending with some sort of super smart mathematician algorithm; automatically pulling out small amounts of money from your checking account and placing it into a savings account.
Now when I say small, I mean small. For my own account, it’s been anywhere from a dollar and some change to $20.00. I barely notice it — truly. I mean I was going to spend that four dollars on coffee anyways, you know?!
Now, before you say anything, yes it is free! Wut? I wouldn’t be using something to save money if I had to pay for it. That just defeats the purpose, right? Digit isn’t designed to help you save long term, and unlike normal savings accounts, you aren’t going to earn any interest. That’s why it’s free. The interest you would normally earn is Digit’s “fee”. Which may bother some people, but again, it’s not a long term thing.
If you do want to save long term, I would recommend opening up a standard savings account so you can keep the interest.
Digit is a pretty cool app!
They use “state-of-the-art security” measures to help protect your information and they are insured by the FDIC. You can communicate with Digit via text: sending it command texts such as Balance, Save, Recent, and Withdrawal. Speaking of withdrawal, if you want your money back, just text Digit; ask for the amount you want and you will have your money within 24 hours (or the next business day).
All in all, I am two months in with Digit, and I’m $300.00 closer to a house. I still set aside money from every paycheck, but this is an extra step, because I really do want a garden. Whether you’re saving for a house, a trip, Christmas presents, or even just to have a little extra money if you need it; Digit should be the next app you download.
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