From the first time I learned about it, I thought the act of automatically saving random, small amounts of money every day was such a smart way to help users successfully ease into their savings goals - and I still think this is a great idea. It's not the best savings accountĮven though I'm no longer using Digit, I still like the idea of the app. So I decided to pause the automatic savings feature in May, and I kept it that way. Because of this, there wasn't any room left for Digit to work its magic. I already knew exactly how much money I needed to put toward savings for each goal plus investing in my brokerage account. Since I was spending time making a plan for allocating for every dollar, I found I didn't really need Digit's randomized automatic saving anymore. Zero-based budgeting just personally works best for me. Some people opt for creating detailed spreadsheets while others may use the budgeting features on apps like Empower (formerly Personal Capital) or Mint. Of course, there're more than one way to create a plan for how you'll use your money. It allows me to give every single dollar a job so that I make sure each of my paychecks is completely used up on expenses and savings with nothing leftover for mindless spending. Zero-based budgeting - where you use every single dollar your earn for expenses and savings - is one of my biggest strategies for building wealth. There's also an overdraft protection feature where Digit will not move cash from your checking to savings if doing so will cause you to overdraft your account. You can also pause and unpause the automatic savings feature, which can come in handy if your checking account balance is getting dangerously low, and you don't want to end up hitting negative numbers. You can even set a limit as to how much money gets pulled out of your checking account on any given day, so you don't save too much and wind up with not enough cash to cover your expenses.
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In other words, you're saving money without lifting a finger. You can use the app to create as many savings buckets as you want (think: emergency fund, vacation, dog, home down payment, etc.), and the app will direct money from your checking account to your savings buckets daily. It connects to your checking account and automatically saves small, random amounts of cash that it holds in a savings account until you decide how you want to use it. Investing +More All Investing Best IRA Accounts Best Roth IRA Accounts Best Investing Apps Best Free Stock Trading Platforms Best Robo-Advisors Index Funds Mutual Funds ETFs Bondsĭigit is an app that encourages people to save more money. Help for Low Credit Scores +More All Help for Low Credit Scores Best Credit Cards for Bad Credit Best Personal Loans for Bad Credit Best Debt Consolidation Loans for Bad Credit Personal Loans if You Don't Have Credit Best Credit Cards for Building Credit Personal Loans for 580 Credit Score Lower Personal Loans for 670 Credit Score or Lower Best Mortgages for Bad Credit Best Hardship Loans How to Boost Your Credit Score
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