We all know we should be saving. An emergency fund is a must. We should be saving for retirement. We may have dreams like saving for a house, super luxe vacation, or paying for our kids’ college.
But for tons of people, it just never happens. We have all this knowledge, but then we have a really hard time implementing it.
Enter Digit. It’s a pretty innovative app that solves a very prevalent problem: people don’t save their money. So what Digit does is save that money for you. Once you download and link your account, it uses an algorithm to determine how much money you won’t even notice is “missing.” Normally when money goes missing in our budget, it goes to consumer goods or fast food. But in this case, it goes to an FDIC insured Digit savings account. You get to watch your savings build with literally no effort on your part. Their system is really great, so they guarantee they’ll never cause you to overdraw. They’re so confident, they’re willing to pay any and all fees if that does ever happen.
Who Digit Isn’t For
If you’re already saving your money, and don’t think you could be saving any more, this app probably isn’t for you. There’s no interest on the Digit savings account, so you’d be better off earning 0.05% from your bank or whatever amount you’re currently earning. Also, if you hate texting, this may not be a great app for you.
Who Digit Is For
Everybody else. While Digit doesn’t pay interest, if you’re currently saving $0/month, you’re not earning any interest anyways. (0.05% of $0 = $0.) So much of personal finance is behavioral, and if your behavior isn’t lining up with your goals or all of the things you know you should be doing financially, you’re better off letting an app do it for you. It will give you forward progress towards all those goals, and remove your emotional blocks from the equation.
And for a lot of people, that forward progress is all they need to get going. Once we start seeing that we can save towards our dreams, the inertia gets going and we alter our behavior to keep striving towards them in bigger ways.
Want to start achieving those dreams? You can get started with Digit here. It’s free, so there’s no reason not to start achieving today.
*This post contains an affiliate link. That means when you use digit for free, not only are you saving money, but you’re also helping fund this blog. Thank you for your support!*