Favorite Savings Account Building App: Digit

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Have trouble saving money? Let this app do it for you.

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.

Courtesy of Hello Digit, Inc.

Courtesy of Hello Digit, Inc.

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!*

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16 thoughts on “Favorite Savings Account Building App: Digit

  1. Jade Victoria

    I love digit! I already have a savings account and a vacation savings account but I attached digit to my mad money Checking account anyway because it never hurts to save a little more. I’d never notice the small amounts it takes over time but the texts keep me up to date on my account. I’ve saved an extra $30 this month thanks to digit. I know some of my friends don’t currently have a separate savings account who have started using digit and they have saved around $60 a month. Fantastic and simplistic!

    Reply
  2. Ben Luthi

    Love Digit! Also, I personally think it’s an app for everyone. I’m a pretty darn good saver, but I saved $125 over the last month in addition to what I already save, and all of it’s going to debt. No drawbacks to that 🙂

    Reply
  3. Ms.S

    Sounds like a cool app. Most banks have savings programs where they transfer a certain amount for every transaction. But this sounds like it does more to calculate what you can actually afford to save. I think I do pretty well with saving but even still it might be useful just to maximize my saving.

    Reply
    1. femmefrugality

      This might be a little bit safer with that no overdraft guarantee. Though, if you have overdraft protection between your checking and saving it could be a wash. This option is a lot more passive, though.

      Reply
  4. Tonya@Budget and the Beach

    This has been going around the PF world lately but I’ve yet to fully look into it. Money has been so tight lately I haven’t been saving ANYTHING. 🙁 So I need SOMETHING like this. As a freelancer though I’ve always been apprehensive about auto savings type of things because I don’t get regular paychecks.

    Reply
  5. Chonce

    I’ve heard great things about this app so far, and I could always save more since I don’t budget down to zero each month. I think it could benefit a lot of people who don’t budget every penny that they have.

    Reply
    1. femmefrugality

      I think that’s the key: not budgeting down to zero. Budgeting to zero is a great method, but if you don’t do it gives Digit some room to save you that cash without you having to think about it.

      Reply
  6. Kalen

    I love Digit! I’m in the process of writing a review. So far over the last few weeks, I’ve save well over $100. I’ve asked a few questions to the CEO in an interview that I will put into my review, but overall I love it!

    Reply
  7. Messy Money

    I have been hearing alot about this app. It sounds like a painless way to save some money. I need to get a smartphone first though. I get to upgrade in my phone in July so there is hope for me yet.

    Reply
  8. Pingback: Build Savings Effortlessly with These Three Apps | Femme Frugality

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