Saving is never easy, especially if you’re living paycheck to paycheck. A new banking service called Digit does the saving for you. Digit is a free service that analyzes your spending from your checking account, and takes a little bit every day. Digit takes the small amount from your checking account and saves it in a separate account on your behalf. Sure, it sounds a little sketchy but Digit is actually perfectly safe and insured by the FDIC. Your information is also encrypted and stored securely.
Digit does all the work for you and texts you updates. All you need to do is sign up with your phone number and the Digit app texts you your last day’s account total and keeps you updated each new day. In addition, users have many options and commands that they can text right back to the Digit app. For example, you can text “save,” which allows you to save more money in your Digit account than the amount that is automatically taken out, this is a one time transaction. The command “Recent” allows you to see your recent transactions, if something seems a little fishy. “Savings” allows you to see your Digit savings balance. “Checking” to find out what is in your checking account. “Bills” to see your upcoming bills. “Withdraw” to take money out of your Digit account. “Pause” to pause Digit transactions and “Settings” to adjust your balance updates, you can be sent updates daily, weekly or never, its all up to you.
The Digit service is perfect for the non-saver, the one that wants to go on a trip but can’t find pennies to save. Digit will save your pennies, pulling an average of $5 every withdrawal period. Remember though, Digit analyzes your spending from your checking account, so they pull what you can afford to save. Money management is crucial to long term success. Even if you already are saving it’s always good to have the extra savings. Imagine having a little bit of cash to fall back on that you didn’t even realize you had, Digit allows you build up additional savings so you can get ahold of an extra bit of cash when you really need/want it.