Not everyone has an easy time saving money, especially when it feels like you don’t have very much to put aside to begin with. I know the feeling, having grappled with several money-saving apps and methods, constantly coming just short of what I need.
You may be an excellent, disciplined money-saver, putting away cash for various goals without thinking twice. Or, maybe you have a hard time establishing savings goals and keeping track of how much goes where, especially if your income is low, or if you only have a checking and a savings account.
How much of that balance is for your credit card payments? How much of it is your vacation savings? What’s your emergency buffer and where is it kept?
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Whether you want to put more money aside for an emergency fund or credit card payment, or you want to save some extra cash for that splurge trip you’ve been dying to go on, Digit is the best app for saving money without even thinking about it!
There are a lot of money saving apps out there, and many of them are truly legit. We have personally tried several of them and can honestly say that of all of them, the Digit app is by far the most effective.
Digit can change you from someone who can’t save money into someone who can. And you won’t miss a cent for it.
Quick facts about Digit:
- Receive daily or weekly text messages with your checking account balance
- Set personal money savings goals for Digit to allocate money toward, based on your income and spending habits
- Low balance protection to avoid bank account overdrafts
- No hidden transaction fees
- Unlimited withdraws; get your money whenever you want it
- Turn off transfers for however long you need
- 1% savings bonus; get paid for saving every 3 months
- No account minimum requirements
- Safe to use; funds are insured up to $250,000 by the FDIC
- Free for 30 days, then $2.99/month thereafter, deducted from your Digit app balance
💡 Ready to get started? Try the Digit savings app for FREE here!
How does Digit savings work?
Digit is an app focused on making financial health (saving, paying down debt) effortless for everyone. It helps you automatically save money in places you never thought you could. Digit is best for people who have a difficult time saving, but anyone can use it and benefit. It isn’t necessarily meant to be used as a way to save big for retirement, but rather save up for smaller goals and the beginnings of a nest egg. When you’ve saved what you need, you can transfer the balance into your preferred account!
The purpose of the app is to help you set money saving goals that you can actually achieve, without having to think about it. Each user will have an experience entirely unique to themselves because the algorithm bases it’s suggestions and calculations off of your personal bank accounts and credit cards.
It takes your balance, your upcoming bills, your expected purchases and your checking minimum balance all into consideration to determine how much is safe to save each day. It then distributes that amount among each goal based on importance. Chances are, Digit will save for you far more than you would have on your own. It saves a little more when income spikes and expenses fall, and decreases when funds are tight. On average, people who were never able to save themselves save $2,500/year!
The best part is you don’t need to calculate what you can afford to save each week; that’s the app’s job.
In most cases, the app only takes out a few dollars at a time which is great because you won’t even notice it missing!
How Do You Use It?
First, you connect your bank account to the app. It’s best to start with your most frequently used checking account and credit cards. This way, Digit can understand what your financials really look like.
Then, you set money-saving goals. If you want to save more money to put toward your debt, a vacation, a splurge purchase, rainy day savings, or all of the above, you can!
Next, you set the details. How much do you need to achieve your goal? Do you have a savings deadline? Is there a maximum amount of cash you want to be saved each day for this particular goal?
If you are setting more than one goal, consider them in order of importance. If one supersedes another, like paying off your debt over saving for gifts, you can set a cap on the amount that Digit should save for each.
Once your goals are set, Digit will regularly analyze your spending habits and income to determine how much you can afford to save and when. Then, it puts your savings on autopilot by moving money from your checking account to your Digit savings account(s).
Whenever Digit plans to make a transfer, you will receive a text message. If you don’t want the transfer to be made that day, you simply have to text back and the app will pause the transaction until you are ready. You will also receive daily or weekly texts with your checking balance, which is especially useful if you’re a habitual spender.
No week will be the same. One week, you may be able to put $50 aside. The next, you may only be able to save $5. But you don’t have to figure that out – the app keeps track of your balance, spending, and income so that it doesn’t over-withdraw. In fact, you can even set a low balance protection threshold. If your checking account drops to a certain number, Digit won’t overdraft. Digit knows when to take a break and when it’s cool to save.
You can keep the money in your Digit account for as long as you want, and withdraw when you are ready to use it. It’s free to withdraw, there are no hidden transaction fees.
Why we love it – Digit App Review
I have been using the Digit savings app for a few months now and only have good things to say about it. What I love most about it is the ease of use and that it finds money that I never thought I could afford to save. We tend to convince ourselves that we can only manage to pay X amount toward our credit cards, or that a fixed sum is all we can drop in our savings account each pay period.
The reality is that we can do much more than we realize.
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I also find it incredibly convenient to not have to think about saving for certain goals. The whole auto-pilot aspect makes it easy to save what I need without lifting a finger or going out of my way to try to remember to do it on my own. It’s fun to open the app after a few days and see how much work has been done without me! For me, convenience goes a long way.
I also love the ability to set a variety of goals since there are plenty of things that I want to save for – and I don’t have to determine how much is safe to save because of the app’s algorithm. And if it notices that I spent a bit more than normal, it will automatically allocate some of the savings back to my checking account as a buffer.
This app has allowed me to start building a bit of an emergency fund / security blanket without having to do a single thing.
Overall, I LOVE it, and I plan to continue using it.
If you’ve ever asked yourself, “why can’t I save money?” …this app is for you!
How much does Digit cost?
Digit is free for 30 days, and then $2.99/month thereafter. If you’re not a fan (which I doubt will be the case), you can cancel before your trial is up.
The $2.99/month fee (after 30 days) is practically negligible in the grand scheme of things, and is super affordable.