I always have the intention of saving and budgeting money for all sorts of reasons. Emergency fund, wedding, honeymoon, baby, house down payment, pay off debt, vacation spending money and lots of other reasons too! It is hard to save money, though! Seriously something always comes up and I find an excuse to spend it elsewhere.
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The bank had some cool automating programs that automatically transferred money to my savings. The problem with that for me is that I can see the money in savings on my online banking page. It is WAY too easy to transfer it right back over to checking and spend it.
The saving secret that worked for me…
I needed something that didn’t actually make me think about saving and something that didn’t let me see it all the time. I thought of setting up another bank account at a different bank and then automating transfers. That was a lot of work to save and there are transfer fees and limits.
Into my life came just what I was looking for! Digit savings! They are awesome! Like amazingly genius, perfect for me who sucks at saving kind of awesome! Digit is backed by some awesome companies including Google! How can you go wrong if Google thinks it’s a good idea?
How it works…
Digit takes out a random amount of money(not really random they have a great algorithm) that processes like a transaction from your checking account to your Digit savings. If I am spending a lot then Digit takes more transactions. If I am not spending Digit take small and few transactions. It is great at knowing when I have the extra money and when I don’t.
Say I am Christmas shopping and buying quite a bit of higher priced purchases, then Digit will take something more substantial like $14.52 out at that time. If I am only purchasing a cup of coffee that day Digit may only take $0.89. If I am not spending at all Digit may only take from my account every several days. It really is a great program!
The money goes into your Digit Savings and they even give you interest money on what you keep in there! Along with bonuses for referring your friends! If you need the money back you simply text the word transfer and it will walk you through putting the money back in your account. It only takes like a day or two to process depending on if the bank is open.
They send you text updates with your checking account balance every day(you can turn these alerts off too), you can text back for your digit savings balance if you want to know what it is at. There are also options to save more if you want Digit to be more aggressive.
Why it works for me and why it can work for you too…
I love that I am saving money without ever consciously thinking about it! The money comes out automatically and often resembles my Starbucks purchases, so it just seems like I bought a cup of coffee. There is not a big shocking or regular amount coming out so it is not very noticeable.
It is automated so I don’t have to start or stop the savings they just keep happening. The algorithm Digit uses has been really effective for me and saving money. They know when I can spare the extra money and when I can’t and I don’t have to do or change anything.
I also really love that I can choose to save more aggressively. This works really well when I know that I need to save more for something coming up. This is one of those out of sight out of mind type of things, that you set and forget. Then when you come back it’s a nice surprise to see how much you have saved.
I’m hoping if you are reading this that you will give it a try and see if it works as well for you as it has for me! If you do please be sure to come back and share with me and tell me what you think!
Please share I would love to know your secret savings tools too!