One of the Easiest Ways to Save Money Every Month

One of the Easiest Ways to Save Money Every Month

One of the easiest ways to save money every month is to have it done for you. In addition, it should be automatic and you don’t have to think about it.

I just started using Digit to help me save money. I did this because a while back, I started using Acorns to help donate into a retirement account and it worked really well. I of course didn’t retire. However, I love the idea of small unnoticeable amounts coming out of my accounts and accumulating over time

See below to view the progress of how it’s going!

Over time, I had mixed feelings about Acorns due to the $1 a month maintenance fee. I know $1 isn’t much, but if you invest $10 a month, that’s a 10% commission which is pretty high.

However, the one thing I really enjoyed was that it would take out small increments. And, over time, this account grew into a nice little amount. Granted, I hadn’t contributed much, it still saved money for me and honestly, I never missed the money. So, Acorns is also one of the easiest ways to save money every month for retirement.

So, I thought why not find a regular bank account that could do the same? My bank doesn’t have a “Round-Up” plan, so I needed to go elsewhere. Plus, I needed to hide this money so I didn’t spend it.

That’s when I saw Digit. I started today and here’s what I found:

One of the Easiest Ways to Save Money Every Month
My Digit Account
  • Definitely one of the easiest ways to save money every month.
  • There is going to be a $2.99 fee after the trial period of 100 days. Compared to Acorns, this is extremely high. I’m going to track the progress and set a reminder for 75 days out to determine the value.
  • The do pay a 1% savings bonus on what is held in the bank.
  • They do give you $5 if you refer a friend. So, technically, if I referred 7-8 people a year to Digit, it would pay for itself. Feel free to post your link below and I’ll approve it! Who knows, maybe it would make you $5!
  • Money will be pulled from my account based on a “savings formula” based on my habits. Pretty cool, I still want to see how it works before I do too much with it.
  • I can also arrange for it to pull from my account for monthly bills. When the bill is due, it will redeposit that money back.
  • I feel as though this is money I wouldn’t have saved before. So, it feels like free money.

So, I’ll see how it goes…

The one thing that I’m pretty excited about is saving for monthly bills, and putting that money back in before it’s due.

Right now, I do all of this using a spreadsheet to pull portions 2 times a month for budgeted monthly bills. I’m assuming if this works out correctly, I can:

  • Save time every month figuring out when to pull and put back the money.
  • See if it can leverage giving me a higher interest return on my bank.

Anyway, Digit now has an offer now where if you refer 5 friends, you get $25. That sounds pretty good to me.

So, you too could do this. And, all it would take would be a FaceBook post.

Updates

  • I opened the account on or before Saturday, April 15, 2017
  • I noticed the rainy day fund is set up automatically.
  • The app also asked me if I wanted to set up some bill savings. So, I elected to try out my cell phone bill and I set that up on Saturday as well.
  • Tuesday, April 25: As of today, I have $9.41 saved comprising of 4 deposits of a little over $2. It’s not a lot, but small change like that I don’t miss. I still haven’t seen the withdrawal for the cell phone bill and I’m curious how that’s going to happen. I would assume that because I’ve been making a lot of changes in budget, and a vacation, the app may be looking for a consistent pattern which won’t occur for another month or so. We’ll see.
  • Really happy at this point. It’s an extra amount of savings in addition to the regular savings.


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