Seamlessly Automate Your Savings!
Today I found an amazing way to automate your savings! It’s called Digit, and it makes saving money amazingly easy!
I have spent the last hour looking at it and made an account myself because i’m a huge fan on saving money. The thing I like best about it is that the savings money is put in a separate FDIC insured account out of your hands. Don’t be concerned though because you can get any amount of the money back you need anytime and fee free!Click Here To Learn More
But since it’s not in an account you control you can’t just take $20 to buy food or something at will.
The best news is it is totally free
A Neat Part
A cool things is they do everything by SMS. If you want to pause the automate your settings options you sent them a text, then it will ask you for how many days then you enter your specified amount of days to pause the automatic savings!
Why This is Such A Good Idea
Why it’s an amazing idea to automate your savings this way is really 2 fold:
- Takes a minuscule amount of money out and transfers it to an account which you do not have immediate access to. This is an ideal way to save because since you have to work to get it back (wait 1 business day) you can’t cheat the savings game and take out a bit. Think of it as you would a retirement account – the funds are yours (and grows) but it’s not an amount you see every day like you personal checking account and you can’t just withdraw the money the next second. Of course unlike a 401k or similar accounts there are no fees/penalties for withdrawing
- It’s with the times, it doesn’t email you, or anything low tech, everything is done via SMS which is super convenient. But it also sends you balance reports.once a day (you can change in your settings) it will text you telling you your account balance with a key phrase “click to find out why your balance changed by $-.–. Super way to hold you accountable!
Check Them Out
Make sure to check them out to see exactly what they do, but the quick rundown is they connect to your bank account and track your income and expenses and every 2 or 3 days take out a small amount of money usually between 5 to 50 dollars. It’s completely based on what you can afford and they have a no overdraft guarantee.
I think this is going to become a big deal very fast – kind of like acorns is now! But since they are growing they offer $5 to anyone who you refer!
I extremely recommend this tool!