A little over a month ago I raved about a new company on the scene that promises to save you money without lifting a finger.
It was called Digit, and I got hooked as fast as I did after my first sip of beer. (Actually, that’s a lie – beer tastes like CRAP the first time you drink it! I was hooked after… I downed my first cup of coffee? Damn – lie again! Umm… After my first kiss?? Aww yeahhh…)
Now that it’s been a solid month though, has it lived up to the hype? Am I just as excited logging into my account as I was back then? Or is it time to shut it down and cross the test off the list?
Well, let’s put it this way. I believe in them so much that I just signed on to be an “advisor” with them going forward :) I’m not allowed to say how many new members they’re signing up every week, or how many hundreds of thousands of dollars they’re saving for people (oops – I’ve said too much!), but it’s safe to say they’re about to blow this whole savings game up, and I’ll now be helping them do it. It’ll also be a helluva learning opportunity as well since I’ve never advised a company before.
So how much has Digit saved me so far? Here’s a snapshot of my acct:
$200 bones just like that. And if you add it into my Challenge Everything Savings pot to boot, we’re now officially over $3,000 of money stashed away recently! That’s pretty cool! And I didn’t have to do anything to save this new $200, other than just connect my checking account to them one time.
As a recap, Digit’s software analyzes your spending and income patterns throughout the month, and then siphons out a few dollars here and there it thinks you won’t miss (which thus turns into savings). It’s all automated and free, and they send you texts to update you of your checking account balances, bills, recent transactions, as well as how much they’ve been saving you so far in your Digit account too. In fact, everything is pretty much done through text-based actions making it all pretty unique.
The down side? You currently get squat for interest. Exactly 0% on your money, actually (not that your own savings gets you that much more, really). But notice I said “currently” there ;) Again, not allowed to give away any secrets, but don’t be surprised if this magically changes in the future…
The real question to ask yourself here is, “am I saving as much money as I possibly can be right now?” If the answer is yes, then Digit’s probably not for you (unless you want to automate it more). However if you really suck at saving and/or just like cool $hit, then they’re worth giving a shot. Worst case you just transfer back your own money, right? The service doesn’t cost a thing.
And from the response of last month’s review so far, I know a great number of you have now joined me which makes me all kinds of happy :) I don’t think we can ever have a shortage of money tricks up our sleeves, and I know for sure I wouldn’t have put aside an extra $199.04 last month as much as I would like to believe. This now forces me to make a decision and take action if I’m unhappy about it – which of course I’m not – so I’m gonna do what I always like to do in these situations which is to enact the ol’ No Touchy Rule and watch that bad boy grow! If you never touch your savings it can only go up, right?! Something that’s unfortunately taken me over two decades to figure out, ugh…
Anyways, all that to say I’m still very much enamored with Digit and I encourage you to check them out if you think it sounds interesting. Regardless though, the important part is to always be looking for new ways to get your financial life in order so you don’t have to be worrying about this stuff forever down the line. Maybe Digit helps you with this, or maybe it’s Vanguard/Motif/USAA/Your own bank/favorite blogs/books/courses/etc, but as long as you’re trying stuff out and paying close attention to that money, you’ll be a-okay in the end. We all have our own things that work for us!
Now for all those Digiters alongside me, how much have YOU saved so far? Are you finding it to be awesome too, or are you having a totally different experience?
I hope you’ll tell us the good, bad and especially the ugly so it helps everyone reading this right now. I’m halfway tempted to set up a monthly competition to see which of us can save more here, but unfort. that would also mean we’re not that great at manually setting money aside, haha… So I’ll go ahead and just knight all of us winners since we’re stashing away more than we normally would have otherwise ;)
Jay loves talking about money, collecting coins, blasting hip-hop, and hanging out with his three beautiful boys. You can check out all of his online projects at jmoney.biz. Thanks for reading the blog!