You may have heard about the fairly new app out called Digit. This has been a huge hit with the masses of people who struggle to put away savings. Basically, Digit is able to link to your banking account to save money for you. The company brands itself by stating,
“Save money, without thinking about it.™”
We all have been there before, with a few spare dollars left in our bank accounts at the end of the week. The dreaded decision comes up… should we spend or should we save? It is so easy to go ahead and use every dollar to our name.
Even worse, sometimes there may not be any additional dollars sitting around at all; it’s not our fault that we spent whatever change we had left in that cute coffee shop downtown. After all, we are only human!
Digit is the spender’s new best friend; the app is able to track your spending habits and monitor your income. This allows them to occasionally remove money that you will not need for your routine expenses. Typically this happens once or twice a week. The money is then kept in the app in a savings account. They never take large sums of money at once, and the app can send you regular texts to keep you updated with what money has been saved.
There is also easy access to your Digit savings if you need to quickly bring money back into your banking account. Shoot Digit a brief text and the money can be back in your account by the next business day. Simple and easy.
Best of all, Digit is FREE! That’s right, the app is completely free. What’s the catch? How is the company able to survive? Well, when your money is sitting in your bank account, it is making interest. Usually this percentage is painfully low, especially if you are constantly spending that money anyways. So, Digit offers you no interest on whatever money they are storing for you. They pocket the interest, and you pocket all of the dollars they save you. It’s a win-win situation.
You may be worrying about over-drafting; allowing someone else to pull money from your account sounds kind of scary. Luckily, Digit has a No Over-Drafting Guarantee. If somehow fees were to occur, the company would cover them fully up to two times per customer.
When money is sitting in our banking accounts, it is way too easy to just spend it. Don’t leave it sitting there to tempt you. After all, “out of sight, out of mind” is a cliche for a reason… it’s true!
Saving doesn’t have to be difficult or stressful anymore if you make use of Digit. It’s a great way to slow down your spending habits and put away small amounts of money at a time. The small savings will add up to large savings, and the process will not be nearly as painful.
Sign up here to start saving today!