Tag: savings

Frugal Tip – Automatic Savings

Part of adulting is learning to put some money aside in case of that rainy day or emergency or, if you are being really frugal, for those long-term goals like vacations or holiday shopping. However with the state of the economy and the cost of living increasing and paychecks not keeping up, how can we conscientiously put away $$ every week, paycheck, or month?

Introducing AI that helps you save automatically and in increments that your budget allows! I have been using Digit for over a year now and have created several different goals over the course the year which has helped me save over $1.5K with me barely noticing and not having to be actively calculating my bottom line.

Digit is a secure app that links to your bank account to automatically withdraw small increments on a daily basis per your goal(s). The way that it saves you money is by tracking your spending and calculating upcoming bills so it never depletes your account. Plus, you can setup a “low balance protection” clause so when your account dips below your set amount, Digit will automatically transfer money back to get it above that minimum.

For example, I currently have three goals – “Rainy Day” which is simply a pot for emergency funds; “Credit Card” which is a newer feature of Digit that automatically saves money from your checking account and pays your credit card, lowering your monthly balance; and “Gifts” for the Christmas season (this one also has a count down so it’ll automatically stop saving after December 1st).

So yesterday, Digit reviewed my account and my spending habits and automatically saved me $19.94 across my three goals. I also have a maximum amount setup so Digit can never pull more than $10 per goal, regardless of what my checking account says.

There are some days that Digit does not save me anything at all because of what I have upcoming financially. There are others, like yesterday, that it moves over higher amounts. Additionally, you can pause your savings if you ever need to for any reason and set an automatic window so Digit resumes without you having to stress.

Every new Digit subscriber gets about 90 days without a charge and there is a $2.99 charge monthly thereafter, but between its efficiency and ease, I feel that the charge is justifiable.

You also get a savings boost which essentially similar to your savings account interest. This is quarterly and it does start at 1%, so it is not that big, but I have been able to accrue about $7 since October 2018.

If you want to save some money without the stress of having to move money every month or want another way to save, try Digit! And let me know if you find this app helpful OR if you have another way that YOU save!

Disclaimer: This post is NOT sponsored and it my personal opinion of the app. There are links in this post that are affiliate and do provide a small payment to me but do not alter the experience or savings benefit for you.

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