In the last few years, I've been trying to get a lot better about saving money. I'm 32 years old, & I don't want to live paycheck to paycheck my whole life. I am fortunate to make enough money to save a significant amount from each paycheck. The problem is that I often dip into my savings in a pinch, or to pay off some bill, or to pay my taxes, etc. I'm also still trying to pay off my student loans, my car loans, &, most pressingly, my credit card bill.
In addition to my regular direct-deposit savings, which are automatically taken from my paycheck & deposited into a separate savings account before they ever make it to my checking account, I've started using Digit.co.
You connect Digit to your primary bank account, where it analyzes your income & spending habits. Every few days, Digit transfers a small amount of money from your checking account to your Digit account; their no-overdraft guarantee ensures that they won't take too much. You can fiddle around with the aggressiveness with which you want Digit to save for you, & you can put withdrawals on hold at any time.
Based on my income & savings habits, Digit takes a few bucks from me every 2.48 days. The average withdrawal is $12, but that will vary depending on your income & spending habits. Digit is designed to work within your lifestyle, not to go against it - & the end result is that you save money without even realizing you're doing it. Since joining three months ago, I've saved $320+.
Digit texts you on a regular basis to let you know how much is in your savings account and how much it in your Digit account. Want to access the money you've saved through Digit? Again, just send them a text & they'll begin the transfer process. I confess that I "took" $200 from myself to pay off a medical bill. I felt guilty about it until I realized: Isn't that what savings are for?!
For the cautious among you (& we all should be, when it comes to money & the Internet), Digit uses state-of-the-art security measures & doesn't store your bank login information. Not convinced? It's been written up by & its safety confirmed in trusted publications like Wired, Forbes, Fast Company, & the New York Times.
If you're interested in giving Digit a try, you can sign up using my referral link. I get $5 for every person who uses my link, but I also just think this tool is worth sharing. This isn't a sponsored post - just me telling you about something I like.