Looking for More Ways to Save Money?
Hey there! If you’re like me and jumped on the digit money-saving app train, you’ve probably heard the news—they’re starting to charge a monthly fee. I received texts about this before I even got the official email!
You may have seen my regular posts about how much I love digit. Every time money-saving conversations come up with friends, I’d immediately suggest downloading digit. I’ve managed to save around $2,500 using this app without even thinking about it.
But now, there’s a $2.99 monthly fee coming into the picture. Is it worth it? I mean, for $36 a year, I can save almost $1,000 without lifting a finger. Well, I’m planning to cancel my account for now and see if I can set some money aside by myself or find another app that does the same thing.
As a freelancer, I loved how digit worked with my unpredictable earnings. I can’t set a fixed amount to save every week because my income varies a lot. Sometimes, I’m earning stable money, so I can save more without feeling it. Other times, a fixed weekly savings plan would stress me out due to a lack of income. For two years, digit managed my irregular income flow perfectly, pulling out amounts I barely noticed.
However, the idea of paying to save doesn’t sit well with me. Yes, I save money, and if you’ve followed my monthly net worth updates, you’d know I always have yearly savings goals. While digit helped me reach them sooner or save even more, there must be other ways to do this without the extra fee.
So, if you’re deterred by the $2.99/month digit fee, here are traditional and straightforward options:
1. Try different saving plans or set autodrafts from your checking account. Examples include saving a different amount every day of the week, the penny jar challenge (great for tight budgets), or a bingo-style saving plan that lets you save more when you can and less when you can’t.
2. If you’re forgetful about saving but earn enough money, try the 50/30/20 system.
3. Consider the 52 Week Money Challenge, or even do it in reverse.
While these options require more effort than a magic app that knows how much you can afford to set aside each week, it’s beneficial to get more involved in handling your savings. It helps you understand your financial flow better and learn how to manage your money efficiently.
However, that being said, the magic of digit comes from its convenience. So, if it’s helping you save significant sums, it might still be worth the $2.99/month. But if you’re strapped for cash and only manage to put away $10-15 each month, you’re unlikely to benefit from the fee.
Now, let’s look at some other automatic savings options I’ve uncovered:
1. **Dobot** – This app lets you set multiple savings goals and pulls small amounts from your bank account, just like digit. It even sends updates via text. But remember, I’m only starting with this app, so I should update you later on how it’s been working out for me.
2. **Qapital** – This app works on an “If This Then That” basis. For example, if you buy something for $1.75, it’ll round it up to $2, and the extra $0.25 will be funneled into your savings account. You can also share goals with someone else—a perfect feature for couples, for instance. My sign-up process wasn’t smooth, but it might have been just me.
3. **Simple** – Simple is an online bank with a built-in goal-setting section in its app—an excellent digit alternative that also offers a micro-savings feature. However, bear in mind that you have to open a bank account with them first.
4. **Bank of America** – If you’re already a customer with them, their Keep the Change program rounds up all of your purchases to the nearest dollar and moves the change into your savings account.
Do you have any preferred apps for saving? Are you considering sticking with digit even with the new fee? I’d love to hear from you. Let’s continue chatting money-saving strategies! Remember, every penny saved is a penny earned!