If you can remember back at the beginning of October, I was super focused on my finances. I was so focused that I decided October would be a no-spend month for me (read about it here). I was more-or-less successful with the no-spend challenge for the better part of October, but let’s be honest, 31 days is a long time to not spend on anything.
Long story short, I did end up spending money on various things for good reason. Ultimately, the goal of the challenge wasn’t solely to stop spending money but to stop and think about every purchase I made before making it so that I could cut down on frivolous spending.
Mission accomplished ✅ 😁<
With a new month upon us and the holidays around the corner, I still want to keep my finances in order without entirely nixing spending altogether. This is where Digit comes in.
If you’ve never heard of Digit, you’re missing out. It’s an app that connects to your banking account and will round up purchases, and well as set aside small amounts of money over time. Before you know it, you’ll have a thriving savings account under the Digit app, built solely of extra cash you probably would have spent if the app didn’t set it aside. Best of all, you barely notice the money leaving your bank account, and trust me it adds up!
I’ve been using Digit for almost a year now and around every three months or so, I notice I have saved around $100 just by using the app. What would you do if you saved an extra $100 or more every three months? Maybe you’d put it towards paying off debt, or towards a vacation, something that’s been on your wishlist for ages, or perhaps you’d invest it. Whatever the case may be, I think we’d all benefit from saving a little more, especially when it doesn’t call for a significant lifestyle adjustment. So if you’re interested, I’ll walk you through how Digit works.
First, you’ll head to the App Store or Google Play, and download the app. It’s page and icon look like this in the App Store.
From there, you’ll be able to open up the app, sync your bank account, and give your personal information (i.e., email and phone number) for updates and much more.
These updates include texts and/or emails (if you’ve allowed them in your app settings) to let you know how much you’ve saved and how much is currently in your connected bank account compared to last week. This has been a big time saver for me as I don’t have to log in to multiple accounts to check my finances.
Also, if I feel like saving more or withdrawing, all I have to do is send a text or log in to the app and type those exact words, “save” or “withdraw.” From there I’m prompted to share how much I want to save or withdraw and just like that it’s done. Life goes on, and I’ve spent less than a minute using the app. Talk about easy and efficient, right?
Also, in the app, you can see how much you’ve saved on a day-to-day basis. The best part is you probably didn’t even notice you were saving.
Now I get it, some banks offer services similar to this, and there are probably plenty of apps out there that do the same, but the best part about Digit is that they only charge you a $3 monthly subscription. That’s probably way better than what your bank’s monthly charge is for your savings account.
Also, I like how Digit, moves money away from my bank account making it slighly harder to get to. We’ve all been here before… you’re a little low on cash so you just automatically transfer money from your savings to your checkings without much thought. With Digit, that’s not so simple.
You can move the money, but it won’t be automatic, so it makes you think twice about why you’re withdrawing and if it’s important enough. That slight delay (usually 24 hours or less) has helped me to become smarter with my purchases and transfers. Now, I dedicate all of the money saved through Digit to specific goals I’ve pre-set for myself.
So all in all, I really hope you give Digit a try. It’s a pain-free way to save and stay on top of your finance. It’s also a great way to set aside money for holiday shopping without even thinking about it. If you’re interested sign up for free here and then head over to the App Store or Google Play to get started! Happy saving!
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Until next time, get up get moving, and live your best life!