SID Reviews: Digit (Saving on Autopilot)

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Hey guys, SID here and today I have a little review for you. But first a question, Do you have a rainy day fund AKA a savings AKA a nest egg? If you would have asked me a year ago my answer would’ve been emphatic – NO! If you said “no,” don’t worry I have a solution for you.

People (myself included) have a number of reasons for not building a savings.

For one, saving is hard! I’ll be honest, I’m not some baller making $100 million a year and I’m guessing you’re not either. Money can be tight; wage increases haven’t matched inflation or the cost of living in years. Depending on where you live, Cali for me, this can be even more disproportionate. Then there’s the problem with accessibility.

I don’t know about you but no matter how much money I leave in my savings it always finds a way into my checking account. Sometimes it’s an overdraft thing but whatever. Then of course there’s figuring out how much to put away. My VIP newsletter readers know I already save 10 %(soon to be 15%) of my income each month. But I use that money to invest with up until recently I didn’t save ANYTHING not even in a 401K. Obviously, this isn’t smart but I digress.

If I am already putting aside 10% to invest with, what percentage can I still save? I didn’t know and to be honest splitting up my money into different accounts would be an annoying. So much so that I would probably forget to or stop doing it all together. Now if any of this sounds like something you’ve thought about I’ve got a great service for you.

Allow me to introduce you to Digit, my Savings Manager

Digit is the name of the company that takes literally all the thinking out of saving! It’s actually a service that some pretty sharp people put together to help people like you and me save. Right now the company supports over 2500 banks/credit unions, and are only taking US-based customers. And the best part, it’s super affordable to use! Digit solved my problems with saving and I’ll tell you….

…How it works.

When you sign up for Digit you sign up for a savings account that’s FDIC insured for up to $250K. It’s really simple to use too. All you have to do is link your bank account, for me this was via login info. Now I know what you’re thinking because I thought the same thing. “There’s no way in HELL that I’m entering my account info on this website.” I had to do my due diligence of course but what I found out was that it was totally safe. Digit uses 128-bit encryption for its service, this is considered “bank-level” security. I’ve never had a problem with signing into my bank account from home, and I am guessing you don’t either. Besides my bank is awesome so if ever there was a problem it would be taken care of in minutes.

What I love about Digit is how it saves your money. After signing up and verifying your account Digit gets to work. Remember, how I said determining how much to save can be a challenge? Yeah, Digit makes short work of that challenge.

The way it does this is pretty cool. Everyday, Digit analyses your spending habits/lifestyle then uses this info to predict your future cash flow. With this info Digit determines the best day and time to make small deposits into your digit Account. These deposits are so small (about $10 or less) you won’t even notice them. Seems insignificant but it adds up fast! Every 3 months Digit gives you a bonus on the money in your account (currently, 20% annually). But that’s not all…

*Start saving with Digit NOW!*

Digit gives you a referral bonus of $5 for every person you refer! Again it’s not much but it adds up overtime. You can manage digit if need be via text messages. Just text “save more,” “save less,” “withdraw” to perform the respective actions. It even has a convenient app if you want a bit more access. (Personally, I don’t use the app and choose to let digit do its thing). Plus, Digit has an overdraft protection guarantee so I don’t even worry about not having enough money in my account.

My Results so far….

Well so far my Digit Account has $163.56 (in time period 3/8 -5/7). There’s been no weird stuff happening with my account either so that’s great. And the best part I don’t even miss the money or try to use it. It’s like they say, “out of sight, out of mind.” I am sure I’ll be able to build that account for months with no issues. I’m super excited to see what the account looks like in 9 – 12 months!

If you can’t tell by now Digit gets my Official SID stamp of approval. Its metaphorical stamp but none the less I highly recommend you give Digit a look.

You’ll be glad you did.

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