Save Money Easily and Automatically With Digit

Hero

I launched FinanceSuperhero in April 2016 to help others save money, get out of debt, earn more money, and live the best life possible. Send me an e-mail or a comment if I can help you in your journey. Thanks for reading!

You may also like...

17 Responses

  1. racetoamillion says:

    I like it! I wonder can you link other accounts, say an investment account to transfer from the Digit account to a Vanguard account, for example, to make contributions on regular intervals of the funds transferred to Digit?

    Thanks for sharing this, I am definitely gonna check it out.

    • Hero says:

      That’s a great question, racetoamillion. I don’t think that is possible at this time, but I know the tech team at Digit is working tirelessly to expand their services based on the initial success they’ve experienced. You could always manually transfer your Digit savings funds to your checking account and then to Vanguard.

      Definitely let me know what you think of the service! I am really enjoying it so far.

  2. Mrs. Superhero says:

    I am saving for a fall vacation makes Mrs. Superhero VERY happy.

  3. I absolutely love DIgit! I actually use it as my Freedom Fund. However, I sweep the money out of my DIgit account each month and invest it or put it towards specific goals. I have also found it a simple way to easily “capture” savings, such as using coupons. If we use a coupon to save $10, I just shoot off a text to Digit to actually save the money. Great review!

    • Hero says:

      Digit is a great way to build your Freedom Fund, Thias. I like your idea about moving realized savings to Digit at the time of savings and will begin implementing it myself.

  4. I’m curious about the “savings bonus”… is that money that gets deposited to your account? So, every three months you get $.05 for every $100 deposited to Digit? That’s a horrible rate of return, but really this isn’t about returns as it is about behavior modification and helping to get started with savings. Still good to understand any return on it. Would be great if RaceToMillion’s suggestion gets implemented.

    • Hero says:

      Great question, Brad. As I understand, the savings bonuses and referral bonuses are directly deposited into your Digit savings account.

      You are right that the rate of return is horrible. I’m embarrassed to say that I have savings accounts with similarly poor rates of return; I should probably transition to online accounts that pay slightly higher interest.

      From what I have seen so far from the folks at Digit, I imagine a link to investment accounts may be coming in the future.

  5. Kyle says:

    Thinking of mortgage debt to be included in overall debt seems a little off to me only because most debt you can’t easily get rid of without work income, but mortgage debt can generally be gotten rid of by selling your home and moving to an apartment. Unless of coarse you bought your home for more than it’s worth today. Not that it should be ignored, just makes me curious what the numbers are not including people’s mortgage would be. I’m one of those guys that uses debt too, so I’m not trying to pay off my low 3.75% apr mortgage and student loans, all of which is deducted off on my taxes, because the stock market will return more in the long run. So overall debt alone can sometimes can be a poor indicator of financial health.

    Digit, what a great idea for a way to start a bank and get customers lol. I can think of quite a few people that could actually benefit a lot from that service. I will spread the word and link this page.

    • Hero says:

      I am glad to see you dropped by, Kyle. I agree that many people would prefer not to consider mortgage debt a part of total debt. I think the authors of the study did so because of the sheer size of the data with which they were working, though I will go back and check on whether they differentiated those figures.

      You’re correct in stating that the folks at Digit know exactly what they’re doing, haha. However, it is a good service that can benefit many people, as you said.

      Thanks for your kindness in spreading the word and linking this page!

  6. Nice topic FSH, it truly boggles my mind that so much of the American population has such bad finances. What are they all doing? What don’t they see they’re in a bad position? This is CRAZY and surely unsustainable, people can’t keep going into more and more debt. Advertising and loan companies (of any type) have clearly become far too ingrained in people’s lives.

    I’m glad to say that we have no debt (we don’t have credit cards) and have an emergency fund. Plus we just saved over 50% of our income for the first time in May – I wonder how many people are doing that lol.

    Digit sounds cool and I’m glad that it’s FDIC insured, otherwise it would look a tad dangerous. I can see how it would work for the people that you’ve blogged about, but I prefer know how much I’m transferring and doing it ourselves. I wonder when digit will come to Australia 🙂

    Tristan

    • Hero says:

      Digit sends a message every time it makes a transfer, Tristan. Yet I completely understand your point about wanting to be in control of the transfer yourself. In fact, that is my only reservation about Digit thus far. I will see if I can get in touch with contacts at Digit about any planned expansion to the Land Down Under. 🙂

  7. ZJ Thorne says:

    I love the proliferation of tools to make our financial lives easier. Thanks for making the leap with Digit to let us know what it is like.

  8. Thanks for the review. I’ve been using Acorns the past year and I like it. It’s similar to Digit, but from what I’ve read Digit is a bit more aggressive and pulls more money. I see this as a good thing. Maybe it’s time for me to try Digit.

    • Hero says:

      I am a big fan of Acorns (and will be posting my review of the platform in the next few weeks). I’ve amassed over $100 in my Digit account thus far, which came as a surprise. I think you’ll like it!

Leave a Reply

Your email address will not be published. Required fields are marked *