Like most of us living paycheck to paycheck, saving money seems incredibly difficult. It’s especially daunting when you want to buy or sell a house. Buyers have to put up earnest money, pay for inspections, and possibly cover some or all of the closing costs. Sellers need to think about getting their house ready for the market by painting, upping the curb appeal, or doing a few repairs. Even if you’re not actively buying or selling, savings are pretty important.
Financial advisers will tell you to start with an emergency fund and continue saving from there. Great! But where will the money come from? Google it. There are millions of articles out there on cutting costs to save money. This is not one of those articles.
“Stop buying lattes”, they say. Call me lazy, but I’m not getting up ten minutes earlier to make coffee, find my travel mug, and hope that I haven’t run out of creamer. I’m a huge fan of the snooze button and it’s pretty much guaranteed that I’m not getting out of bed until the last possible second. It’s part of who I am. I’ve stopped fighting it.
“Bring lunch from home”, they advise. We tried that and ran out of forks, spoons, and tupperware within a week. I’m not sure what our kids did with it all, but my best guess is that they left it on the tables and some counselor at day camp went to college with an almost complete set of my silverware and enough tupperware to support their Ramen habit for weeks at a time.
I’m not saying that the ideas in all of the articles out there are inherently bad. I’m just saying they’re not always practical. And even if you have the iron willpower necessary to make these changes, will you diligently start transferring that amount of money into your savings each week or will it get eaten up some other way? Maybe in extra groceries because after a month of packing lunch, the thought of another PB&J makes you want to slit your wrists? Or will you spend more on those little K-Cups because it doesn’t make sense to brew an entire pot of coffee for the one cup you’re going to take with you? I know I sound like a Negative Nelly. Bare with me. I found a solution. Not only does it work – it’s easy. Impossible, you say? Prepare to be impressed.
It’s called Digit. Some super brainy math gurus came up with some very confusing, very awesome algorithms that allow you to save without even noticing! I’ll admit, I was extremely skeptical at first. I mean, how is this thing going to take money out of my checking account without me noticing? I still don’t know the answer to that question, but it does. It’s super easy to sign up. Then Digit analyses your habits for a little while and before you know it, you’ve become an unstoppable saving machine. A savings superhero if you will; cape optional. There are even bonuses for things like inviting your friends or keeping a balance for 3 months or more. It sends you awesome text messages letting you know your checking balance and your Digit savings balance. You can respond to the texts to get info on your most recent transactions, tell Digit to save more or less aggressively, or withdraw from your Digit savings back to your checking account. The best part is that the texts aren’t boring and robotic. Check out this screenshot from one of mine:
That’s $100 in painless savings with a dancing duck gif, ya’ll! It doesn’t get any better than that.
I wanted to use the service for a while before I started talking about it. In fact, the Anthony part of Team Lapinsky doesn’t even know I signed up. I really wanted to put it to the test. If he didn’t notice, I knew it worked. A month an a half in and he still hasn’t said a word. So, do I recommend Digit? I absolutely 110% recommend it. I certainly plan to continue using it and it might just be the answer for those of us who have a hard time regularly saving. Wanna try it out? Sign up here!
*Other than using their services, I am not affiliated with Digit in any way and I was not paid to write this article. I just enjoy sharing the financial tools that work really well for us.