[Update: Digit is no longer free. They are charging $2.99 a month and as a result, I don’t recommend it to the majority of my readers. I still encourage you to read this post so you can learn what Digit is all about as there are some similar options that are free. One of the best is Qapital.]
Do you have a hard time saving money? Of course you do! We all do! But I have found what I feel is the Holy Grail to saving money. I realize this is going to sound like a late-night infomercial pitch to you, but really, there are no strings attached and it really is as good as it sounds. And yes, it is free. It is called Digit.
What The Heck is Digit?
Digit is a platform that is designed to help you save money. Here are the guts to how it works. You create a free account with Digit and link your checking account. Digit then uses its algorithms to crunch your income and spending each month and determines how much and how often it can save you money.
Once it has this info, it will randomly make transfers from your checking account to a savings account. These transfers will vary in amount, but are usually around $5 or so and occur every few days.
How Does This Help Me Save Money?
As I mentioned at the start of this post, most of us are horrible at saving money. In fact, most of us save nothing each month. If we save nothing, how the heck will we ever improve our finances? (And don’t answer with winning the lottery. Or robbing a bank.)
Now, many of us know we should be saving some money, but we never get around to it. This is where Digit comes in. It saves for you. You never have to think about it or do anything after you sign up and link your account. And that process takes a whopping 3 minutes at most.
So, you can be a lazy bum and do nothing to improve your financial picture other than signing up for Digit and you will be making progress. (Of course, you should be doing other things but that is for another post.)
What’s The Catch?
I know, you are skeptical. I was too. After all, all of these get rich quick scams never pan out, and things “too good to be true” usually are just that. But Digit is different.
I signed up for it almost a year ago. They have been transferring money from my checking account every couple of weeks and I only notice it when I look at my transactions online. They transfer little amounts so that you never even notice the money gone from your account.
But I am certain you still have questions. I tried my best to anticipate them so here there are with some answers:
How much does Digit cost? The service costs $2.99 a month to use.
What savings account is my money transferred to? You don’t need to have a savings account to use Digit, just a checking account. They will transfer money from your checking account to a savings account with Digit.