This article originally appeared on GenTwenty as part of the GenSocial column.
On the Internet there’s been a lot of discussion about what twenty-somethings should do with their money. Some argue that it should be spent on travel and leisure for the purpose of enjoying youth. Others say twenty-somethings should begin saving immediately, especially since the retirement benefits are better if we start doing it in our 20s. Hello earlier retirement!
Regardless of where we stand on the retirement issue, many twenty-somethings might find value in a social app called Digit. Their tagline is “Save money, without thinking about it.” But how does that work? And is it really beneficial to sign up? The app is seriously as easy as it sounds.
Here we list the top five benefits of joining Digit and why saving doesn’t have to be so hard, even when it’s done on a micro scale.
- It links directly to our checking accounts. Digit has a secure system that connects with the provided checking account. It then looks at our spending habits and removes a few dollars here and there. All we have to do is sign up and provide our information.
- We can withdraw our money at any time. Digit takes away money and essentially puts it into a rainy day account. Whenever we want Digit to stop saving, we can remove the funds and use it for what we’d like.
- It’s an absolutely free service. Honestly, we lose nothing by signing up for Digit. The automated app does the work for us. It helps if we have trouble saving and want to use the money towards something. There are more reasons to use it than to not use it.
- It takes into account our incomes and spending habits. Using its specialized technology, Digit conservatively takes our money and saves it for us. That means they won’t take out too much from our checking accounts. Instead, it takes a little bit over time based on our previous decisions. Normally people have savings of $30 or so they find after a short period of time. The number increases depending on our income and spending habits.
- Digit sends us regular updates about how much we saved. While Digit does its magic, we get regular texts from them about our saving progress. It’s an effortless and smart way to save money, especially if we tend to struggle with that.
What’s best about Digit is that it’s tailored to the individual. Most people want to have some kind of savings. It’s a part of life that we have to plan for the unknown. But sometimes we don’t make enough to save effectively or we can’t stop ourselves from making certain purchases. With Digit, we can have the help of an automated app that does it for us. It takes away money we won’t notice and puts it into an FDIC account. Best of all, we can access if we end up needing it sooner than we thought.
What money-savings app do you use? We want to know in the comments!