If you want to save without even having to think about it, you can set up automatic savings with Digit App. Automating your finances is one of the cornerstones for sound money management. Chief among all of your financial priorities should be saving, automating these savings is the best thing you can do, because it ensures you save without even thinking about it.
Digit app can help you start saving without investing a ton of time and effort. It helps keep track of your spending and also determines how much money you have to save. It then goes a step further and makes automatic withdrawals from your checking account to your savings account. The basic idea behind this app is to enable you to save your money automatically without you having to put in extra time and effort.
This app is growing fast because of its ability to help people save, and the fact that it is quickly changing their behavior. What makes it unique is that this is an automated system, and you really do not have to lift a finger. In this review, we look at how you can set your savings up with this app among other features it has to offer.
What Can Automatic Savings With Digit App Do For Me?
The main benefit of the app is saving for non-savers. This is no small feat either. The most recent Go Banking survey indicated that 57% of Americans do not save or they save less than $1,000. If you are a part of this group, the Digit app could really help you. It shall help you save money easily. It is capable of generating for you almost $250 a month, which amounts to roughly $3,000 a year.
This is plenty of money if you haven’t been saving in the past. Digit app’s main function is to help kick start your saving culture. People fail to save because they probably never really got started on the habit. This creates for you the incentive to make the transition from a non-saver to a saver.
What Is Digit App?
The app automatically determines for you the safest amount that you can withdraw from your checking account, and this is usually based on your lifestyle, your spending habits, and income. It will do this without your input whatsoever. When you sign up with this app, you should connect your checking account immediately, it will then review your spending habits for you and come up with a saving program based on what shall be found.
The app supports more than 7,000 US-based banks and Credit Unions. It, however, doesn’t support PayPal. It is also only available to users in the US and their banks. There are however plans to expand it internationally in the near future. It can also only accommodate one checking account at a time.
How To Set Up Your Digit Account
Opening the account
When you open the account, you shall start by setting the minimum balance for your checking account. This is done by simply texting the word “Minimum,” to Digit. They shall then recommend setting a minimum threshold of say, $200. This is however really up to you. You shall then be required to add a second user to your account. This person shall be able to use the account in the same way you do, but they will not be logged into the administration dashboard or make any changes to your account.
Next, you shall receive a Digit account
This is the saving account where withdrawals from your checking account shall be saved. This is usually referred to as “The rainy day fund.” You are of course free to withdraw the money from the account whenever you wish, and keep it into a saving account of your choice. This account does not have a minimum balance whatsoever. Your first automated saving should be in the next 2-3 days after opening the account.
Control your savings
You can regulate how much you save with the app. For example, if you want to save more than the app recommends, you can simply send the message “Save More,” to Digit. They will then increase the money that is being saved, and if you happen to change your mind, again send a message “Save Less,” to Digit and your savings shall be restored back to the minimum amount. If you wish to stop saving for a while, send the message “Pause,” and the app shall stop saving for you.
You can withdraw your money from the app any day, any time, all year round, by simply sending the message “Withdraw,” to digit. This shall reverse the money back to your checking account. There are no limits to how many times you can do this, and these transfers are free of charge.
You can also use your Digit account to create another saving system for other purposes. For example, if you wish to build an emergency fund, or save for a vacation, or a specific purpose, even if you wish to make a Roth IRA contribution, you can do so with the app.
Automatic Savings With Digit App Conclusion
It is so important to take control of your finances, and this is exactly what the app does for you. It will open your life up to saving opportunities you never knew existed. This app is great if you’ve tried to save before and found the time and effort required too much to handle. Check out their website if you want to find out more on what their about before you decide whether or not to sign up.