What are the most important ways to manage your money well?
First, you must know how you are spending your money. This means not blowing your paycheck each month without much thought. Rather, each purchase is meaningful and planned. You’ll have money leftover at the end of each month because you manage and use your money wisely.
Second, you must save money towards future goals. These goals could look like purchasing a car debt-free, growing an emergency fund, buying a house without having to borrow too much money, saving for retirement, and more.
If you are brand new to managing your money well, this article is for you.
If you are well experienced with saving money and have multiple, healthy savings accounts and investment funds, this blog post is not for you. It is geared towards beginners who want to start saving money easily and have never successfully saved money before.
This page contains affiliate links, but I would never recommend something I don’t love and use myself. If you want more information, please visit my disclosure page.
Saving Money Automatically with Digit
If you are new to saving money and want an easy way to add money to your savings without having to think about it, Digit is the perfect savings plan for you. Digit is an automatic money-saving robot that monitors your bank account and saves money for you every day without any work on your part.
All you have to do is sign up for the digital app and link your bank account. Then set your limit so that Digit won’t take any more money out of your bank account if it drops below a certain amount. That way, you can make sure you’re comfortable with the amount of money in your bank account at all times, but Digit will still be saving for you automatically each day.
It’s seriously the EASIEST way to save money and is perfect if you’re not very diligent at transferring money into a savings account. And most importantly, Digit is secure and will insure you up to $250,000.
Here’s a screenshot of my Digit app when I first tried it out back in November 2018. I no longer use Digit because I am very diligent about transferring my money into various savings and investing accounts, but this app is a great place to start if you are brand new to saving.
With Digit, you can also name goals that you have and add money towards those goals. The default savings account when you start using Digit is called “rainy day savings”, which in other words is an emergency fund. But you could create other saving goals such as “house fund” and contribute money towards that goal of saving for a house. The great thing about Digit is you can have multiple savings goals going at once. You get to choose where your savings go with the Digit app.
Another benefit of Digit is after 100 days, Digit deposits a savings bonus into your savings account. That bonus can be compared to a beginner’s way of investing because you get added bonuses onto your savings. In other words, your savings grows just like it would if you were investing in a low risk investment account.
If you have any other questions about Digit, please don’t hesitate to ask in the comments below, or send me a message using the contact button up in my menu bar. I’m more than happy to share my knowledge and experience with Digit and help you start your journey of saving money and managing your money well.
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