Do you want to save more money every month? Serious question. I know if I ask the average person if they want to save more, their answer is yes, but then I would have to ask how much they want to save and what specific action they are taking to get there.
Over the years I’ve tried different strategies to save money, but I’ve found that my favorite solutions have been options that didn’t take too much time and effort. This is why micro-saving apps like it Digit Definitely deserves a second look.
I’ve known Digit for a few years and I can’t believe I’m writing a review about it right now. Digit is one of the best tools that can auto-save more, and I’ll be going over exactly how it works and how I use it in this Digit app review.
Digit App Review: What Exactly is Digit?
Published in 2015, Digit is a robo-financial assistant and micro-saving app that can help you save money, invest money, and pay off debts. It is designed to help you achieve financial health with ease. Digit helps you consistently achieve small amounts of money – one day at a time – to meet your goals, be it to finance a vacation, save for birthdays, or prepare a down payment for a new home.
If you’ve wanted to save up for big and small goals in the past, but didn’t think you could put enough aside, Digit will help you start where you are so you don’t waste time.
Who is Digit for?
If you are in debt or want to increase your savings rate, Digit is for you. The average American has $ 90,460 Have debts while the average Savings account balance is $ 3,500. As I said earlier, most of us could use additional savings on various purchases. If you need help creating a saving habit and / or paying extra debt, this app is perfect for you. Even if you don’t feel like you have enough to put extra things aside, Digit will help you save those smaller amounts of money that you may have used in the past on fast food runs, coffee, or other trinkets to have.
Keeping your hard-earned money in a safe savings account will help you put it to much better use in the future.
How does Digit work?
Known as the first of its kind, Digit offers a personalized and automated savings plan that is tailored to your specific spending habits and is uncovered by its sophisticated algorithm.
In other words, Digit keeps track of your income and expenditure patterns as soon as you connect a checking account. This data is used to determine the amount of money that can be transferred from your checking account to a separate Digit savings account. The amount of money transferred is generally small as the goal is to exceed the amounts you can afford and the transfer occurs every 2 to 3 days.
The algorithm checks the amount of money in your checking account, your last or next direct deposit paycheck, your pending bills, and your recent expenses. It’s very intuitive and can determine what works for your particular lifestyle. Here is a snapshot of what my digit transfers look like:
The Digit Chatbot creates a financial personal assistant element for the app and allows you to send commands via text to take certain actions within the app to further personalize your experience.
Additional number functions
This review of the Digit app wouldn’t be complete if I didn’t dig a little deeper into its features. Digit has definitely simplified the way you manage your money and these are some of its features that I find very helpful.
You can save for as many things as you want as Digit offers unlimited savings goals. It is also possible to transfer funds from your destinations or add funds with a one-time deposit from your bank account.
Digit You are also in control by manually setting your savings amount and withdrawing your savings at any time without any fees, charges or penalties. Also, there are no minimums on their accounts so you can keep any amount of money in them.
Although there is no big interest bonus, Digit offers a savings bonus of 0.1% that you get once a year. It is calculated based on the average daily balance of your Digit account and calculated on a pro-rata basis.
Digit also has a great overdraft protection plan. You can set a minimum balance in your checking account at any time. This means that Digit will not withdraw any money if your checking account balance falls below the amount you set. My minimum balance is around $ 150. So if that’s all I have left in my checking account, Digit will not make any savings transfers until the account balance is higher.
If for any reason they withdraw money that is upset the minimum balance on your checking account and you receive an overdraft fee, Digit will automatically reimburse you and enter the reimbursed amount in your Rainy Day Fund in the app.
The Digit app acts as an additional payment option for credit card and / or student loan debt by allowing you to link your credit card and / or student loan to a destination.
Digit saves it for you and then sends your saved credit to your payee once a month. That extra monthly payment on your credit card and / or student loan can be of great help in lowering interest rates and paying them off faster!
Related: Two Simple Things I Did To Cope With A Long Debt Settlement Journey
Saving and paying off debts with irregular income
Is Digit Safe?
Yes, Digit is completely safe to use. The app has entered into a partnership with a total of six FDIC-insured banks: Chase, Wells Fargo, BBVA, Luther Burbank, Bank of America, and Axos.
With the security level used by Digit, you are covered up to 250,000 US dollars if Digit or one of these banks goes bankrupt.
I know it might sound strange when an app or bot is looking at your bank account to investigate your expenses. However, if you use Digit, you run the same risk of setting up mobile banking or partnering with another app to make automatic transfers. Digit also acts responsibly and uses it 256-bit encryption that matches the level of security used by governments and the military. With these security measures, they have successfully raised more than $ 5 billion for their users.
Will Digit link to my bank?
Link to over 2,500 banks and credit unions in the US so you can find the one you bank with. I’ve changed my bank account a few times over the past few years and I’ve always been able to link my account without any problems.
What happens if Digit transfers too much money into savings?
Let’s say you have some money in your account that you wanted to use for a specific purpose. Although you know this, of course, Digit does not transfer any of this money into savings. It’s easy to return this money straight to your account. Plus, you can set up overdraft protection, which I do too. If you don’t want Digit to send money once your balance reaches $ 500 or whatever amount you choose, you can set up this rule in just a few seconds.
Can I pause the number or cancel or stop using the number at any time?
Yes, you can completely pause savings transfers whenever you want throughout the month. Select how many days you want to pause savings transfers. When this time is almost up, Digit will send you a reminder that saving will start again soon so that you receive a notification.
If you want to cancel Digit and close your account, you can do so at any time via the account settings area or even via Text Digit.
Is Digit free to use?
Digit comes with a small monthly fee of $ 5, but it comes after a 30-day free trial. This is less than a typical Starbucks order, and I can think of much worse things that I can spend $ 5 a month on. If you are serious about saving more money and achieving some of your financial goals, this small fee might be well worth the effort.
Can you recommend a friend?
Of course! Digit actually has a referral program that pays you $ 5 for each person you refer, and there is no limit to how much you can make.
Digit app review and ratings online
The Digit app has an average rating of 4.5 / 5 on both the iPhone Store and Google Play Store. Low ratings mostly focused on Digit customer service being limited and slow. However, the app has an extensive online help center that you need to look through first.
Is it worth it?
Hope this Digit app review has helped you get a good feel for just how many things this app can do, and how it can help you save more money. When you decide if Digit is worth it, and is worth the $ 5 a month, you find that you can definitely save money without paying for Digit. However, you need to be honest and ask yourself if you are really doing this.
Save? consequent and do you regularly challenge yourself by increasing your savings rate?
Are you achieving financial goals and really feeling like you have enough money for vacations, big purchases, and other needs and desires without freaking out about money deep down?
Most of all, tired of looking at an empty savings account or one with a low balance and wondering when you will ever have enough to save?
Digit can help with all of these things, eliminating all of the work on your end to plan for savings. I urge you to take a minute today to scroll through recent transactions for your checking account and see how many unplanned or unnecessary purchases you may have made this month. If they add up to more than $ 5, You can definitely afford to use Digit. If you think you would really benefit from this service, I would encourage you to do so register and start your one month free trial.
Then come back to this post and leave a comment to let me know how much more money you have saved over time!
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