Hey, I just met you, and this is Lazy... get these fast finance fixes and mail me, maybe?

Saving’s No Chore, Digit and Ignore

4
Comments
Written by

A couple of months ago, I wrote about how Digit Saved me Over $100 in One Week! When I love a financial product and it works well, I make a point to provide a few updates. This way you not only get a follow-up, but those who missed it the first time get a second chance.

Last week I hit a milestone with Digit. They sent me a text message: "Making it rain savings, like a boss. You now have over $250 in your Digit account." Along with it, they attached the image to the right.

Pretty cool, right?

Umm, What's Digit Again?

I forgot, some of you are reading about Digit for the first time.

Digit is a way to save money automatically. You just link your checking account to Digit and it analyzes your income and spending. Then it squirrels away a little money each day or a few times a week. You don't even notice it is going on.

We all know that you should pay yourself first, but it is really hard to do. You can set up automatic transfers, but that's going to be a fixed amount and not very smart. Also, how many people actually save money? I have a better chance of getting my kids eat broccoli. I bet if I took a poll fewer than 10% consistently save money through automatic transfers.

The other issue with automatic transfers is that it doesn't hide the money from me that well. I see it every time I log into my bank. When it is right in my face, it's almost like it isn't squirreled away at all. It's too easy to say, "Hey I'm a little low in my checking account this money, let's move a chunk in there." And then I can keep spending. That's no good.

At this pace, Digit will set aside nearly $1500 this year. That's particularly notable because most Americans can't afford a $1,000 emergency expense. In less than 5 minutes you can set yourself to be in a better position than most Americans within a year.

I don't want to oversell it, but this website is "Lazy Man and Money." It isn't "Spend Lots of Time Managing Your Money." Saving money doesn't get any easier than using Digit.

P.S.

Dear Digit: I've trademarked the phrase in the title. If you want to work out a licensing agreement let me know ;-).

P.P.S.

Your savings are FDIC insured and the investors are former executives from very popular companies. I don't think have to worry that your money is going to disappear overnight.

Posted on June 22, 2015.

This post deals with:

... and focuses on:

Money Management

Don't forget to these five minute financial fixes to save thousands!

4 Responses to “Saving’s No Chore, Digit and Ignore”

  1. J. Money says:

    Haha… killer tagline indeed.

    I’m up over $1,000 bones now w/ Digit – woop!

  2. Brad says:

    I agree on Digit. I signed up a while ago and come to enjoy the little text messages regarding my checking account and digit account. Very cool application.

    Who says that can’t squirrel away a few cents/dollars every day or week? I haven’t missed it and like to see the little pot of gold add up.

  3. […] know that I love my Digit account. I've written about how Digit saved me over $100 in one week and how Digit is a core tool for my saving. I even showed how you could use it to save money for the holidays gift giving […]

Leave a Reply

Your email address will not be published. Required fields are marked *

Previous: What is a Scam Anyway?
Next: Rob Gronkowski, Personal Finance Guru
 
Also from Lazy Man and Money
Lazy Man and Health | MLM Myth | Health MLM Scam | MonaVie Scam | Protandim Scams | How To Fix | How To Car | How To Computer