digit review / how I saved $500 in four months - The Dainty Squid

digit review / how I saved $500 in four months

Wednesday, November 02, 2016



One of my goals for 2016 was to save money... which next to "get fit" is probably one of the most popular goals in the world that no one ever actually accomplishes, right? Yeah, well this year I DID IT, all thanks to Digit! Hilariously enough this post, which is not sponsored, sounds more like a sponsored post than ones I'm paid to write. Hang with me here though because this simple app may have been one of the best things I started using this year.

It was around this time last year that my friend Jake told Jeff and I about Digit, a money saving app he used. He really liked it because it was an easy way to save money without even thinking about it. I think Jeff signed up right away but I just kept forgetting. Whatever, it was just another app to take up space on my phone, or so I thought. Eventually, on the last day of May of this year, I signed up. Within no time at all I realized what an awesome app it was. In my midyear goal update I mentioned it and said how I'd probably end up doing a review if I still liked it a few months later. Since then I've been trying to think of a way to bring it up without it seeming super out of place. While I blog about a wide range of things, from cemeteries and abandoned buildings to hair tips and my favorite bath products, money saving tips some how just seem a little too unrelated to my normal content. Until Digit saved my butt and I couldn't help but shout praise from the rooftops...

Not too long ago I noticed that my car, which I bought at the very very end of last year, was a little bit louder than normal. I asked my dad about it and he said it was no big deal and they we'd fix it next time I came over. I continued to drive my car, even taking a few hour trip to check out a some cemeteries. (These ones!) When I started my car at the last stop of that trip it was WAY louder than normal. Something was definitely wrong. At stop signs and red lights it was rattling so loud that I was embarrassed to be sitting there. I pulled over the first chance I got and tried to identify where the noise was coming from but it honestly sounded like it was coming from everywhere. I decided to just drive home, no matter how noisy, and immediately call somewhere to get it fixed when I got back.

Long story short, my bill which I presumed would be well under one hundred dollars for some sort of muffler repair ended up being just over $500. I was heartbroken. I bought this newer, more expensive car because I didn't feel like dealing with the repairs I'd most likely have to do on something cheaper with more miles. Then BAM! I get hit with this bill. Adulthood, woooo!

After sulking, fighting back the tears, and even trying to convince myself I didn't even really need a car I remembered how I had just been so excited about reaching $500 in my Digit account! While I still wasn't stoked to have to pay that much, I mean who would be? I was super happy to be able to afford the repairs without digging into my savings or even touching my rent/grocery/bill money.

Digit sends you fun GIFs when you reach certain savings milestones!

So, what the heck is Digit? Digit is a money saving app. It's very, very straight forward and takes no time at all to set up. You simply connect Digit to your bank account, it checks your spending habits and if you can afford it, takes a little bit out of your account to save. How often they save depends on your "unique financial situation" but the average is 2-3 times per week. The amount also varies. Their FAQ says the average is $10-30 which from my experience sounds about right.

 There isn't much to do or see in the app, other than how much you've saved but what else do you need? If you feel it's taking too much money from your account you can type "save less" or if you'd like it to take more type "save more". You never have to worry about Digit taking more than you can afford though. They even have a no-overdraft guarantee! I've definitely noticed that at the end of the month when I pay all my bills the amounts digit takes are much smaller. They've never transferred more than they should have from me. In the four and half months I've been using it I saved five hundred dollars that I know for a fact I wouldn't have saved otherwise. It's safe (FDIC insured!), it's free, it's easy, and in my opinion ITS THE BEE'S KNEES.

I'm decent with money. I don't have any debt outside of my car payment but I know I could be better with savings. It's like I'm greedy with myself. I never move all that much money to my savings account. Instead it stays in my checking where after all my bills are paid I end up treating it as bonus money (AKA money I'll spend on dumb things I don't need instead of saving it for the things I really want, like to travel!) Since signing up for Digit, I still transfer money to my bank savings account but Digit has become my second savings account that I don't even  have to think about.

So yeah, maybe you'll end up saving enough for a family vacation or maybe it'll just be enough to buy that fancy overpriced candle you want, either way it's savings without any effort! I'm super excited to start getting my account back to where it was. I can't recommend Digit enough!
xoxo 


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21 thoughts

  1. I remember looking at this the first time you posted about it and being intrigued. I have had a problem with savings, too, but this last year I kicked myself into gear and worked A TON (too much, actually). I saved more than my goal! I think I might look into this app, though, as a way to help fund my retirement account...? (Speaking of adulting, haha). I always neglect it, but then I feel reeeeally guilty about it whenever I think about it.

    Thanks for sharing! I'm really stoked to check it out again! :)

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    1. Wooo for surpassing goals! That's awesome!! :D

      That's the great thing about Digit, you don't have to do anything and you're still saving!

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  2. Downloading this today. I'm decent at saving money but love this lazy approach! :) it's like having my own personal accountant

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  3. Thank you for sharing Kaylah! I'm excited to try this out...I've been trying to save up so I can pay off my car (so I can buy a horse!!!) and I think this will help get me there a lot faster. Woohoo!

    Jamie
    www.sweetteasalvage.com

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    1. I had to reread that a few times to make sure it said horse and not house! Hah! That's really exciting. I can't say enough good things about Digit! Hope it helps you pay off your car super quick! :D

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  4. This sounds really awesome. Recently it's been hard for me to save, since I get so anxious about money in my account. I hope it works for me, I just downloaded it. :)

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    1. I hope it works out for ya too! I seriously LOVE it! :D

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  5. I always seem to leave the money in my checking account and never switching it over! Hopefully this will hide that money from me and my never ending need for junk!

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    1. I laughed out loud over you using the word hide when it comes to your money because I've said the exact same thing. It sounds like such a weird though but seriously, I love having money hidden (safely, of course!) from me!

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  6. I seriously just went through the same thing with my car... it was being WAY louder than usual, and I thought something was wrong with the transmission. (Actually, I was really really hoping it was the transmission because they recently recalled the transmission on my car, which meant it would have been FREE!) When they called me and said I needed a new muffler and it would be just over $500, I wanted to cry. (I also had no idea that muffler repair is that expensive!!!) This was just a few weeks after Lloyd needed his dental surgery, and we had also just shelled out 3 months worth of rent to move... needless to say, our pockets were pretty much empty and it was yet another thing to put on the credit card.

    I'm really really bad at saving money (I like to treat myself... often) and I'm thinking I should really look into this app now ;)

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    Replies
    1. Yikes! When it rains it pours, huh?

      Well I hope Digit works out for ya!

      Delete
  7. Ugh I'm so bad at saving money or generally doing adult life admin - this app seems made for people like me!

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  8. I'm really glad you've been able to save money with this app, but it is in no way free, as it doesn't give you any interest on your savings.

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    1. ...What?

      Free means it doesn't cost anything, which it doesn't. So yeah, it is free.

      While they don't call it "interest" they do have savings bonuses which is basically the same thing. Five cents for every $100 every three months.

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  9. Thanks so much for sharing this! I'm sure it wasn't as exciting to write about as cemeteries or hair coloring but this is going to be so useful for me!

    I'm a notorious under-saver and I remember getting hit with some high vet bills in college and wishing I had more savings. Even though I have a well paying job now, I'm not saving any more money when I should be and I thought I would be saving so much more money when I moved back to the United States, and Cleveland in general.

    Knowing myself, this passive approach will be just what I need!

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  10. Wow, that's kind of awesome? I personally am actually pretty good at saving money but I know a few people who would love something like this! It's not easy, dealing with money. I wish they would teach more about finances in school! Honestly, whether you know a lot about money or not, this app is awesome - knowing that you're saving a bit of money each week is so great!

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  11. Dude, this is rad! Thank you so much for suggesting this, I've been looking for a way to save, especially since I'm moving to the Pacific Coast this year and I need extra money on the side besides my regular savings. This is the best. :)

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  12. I love love love this! I just started using it about a week ago and then stumbled across this post. I always have money I can save, but I never do. This is the perfect way to do it!! also, your phone case is so cute! Happy Friday!!!

    www.bloomingbybliss.com

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