Our Digit app review covers how you can make saving money easier than your last Starbucks order. The Digit app can help you effortlessly save for your money goals. From paying down those pesky student loans to taking a trip to Cabo, this app stashes money away for you.
And let’s face it. Saving money doesn’t come easy for some, no matter how much money you may bring in. According to the Federal Reserve’s 2016 Survey of Consumer Finances, “15% of families report spending more than they received in income.” Ouch.
If you spend money too quickly and easily, this Digit app review might be what you need to form better money saving habits. Users have reported pretty impressive results, so we wanted to do a thorough test of Digit for our own review.
How The Digit App Works
The Digit app works by first linking to your checking account. What makes this app different is that it analyzes your spending, and automatically transfers money into a savings fund. What get’s transferred is in small increments, so the money isn’t even missed.
You can add goals directly inside of the app, too. Select a maximum daily savings goal amount so you never go over. In conducting the Digit app review, we found this feature to be really handy, especially if your income fluctuates.
Does The Digit App Cost Money?
If you want to test the Digit app, you can sign up for a 30-day free trial. After that, the app charges $2.99 per month. You might be thinking this is a little weird considering you downloaded the app to save, not spend. But if you aren’t a habitual saver, $3 bucks could be the kick in the pants you need to set money aside each month.
The Best Parts About The Digit App
Set up multiple goals. The fact that you can set up multiple goals within Digit makes this app different than other money-saving apps. We tested savings goals from rainy day funds to travel to saving for a nose job! Yes, even body enhancements need to be cash flowed.
Digit sends you text message updates. Constantly on your phone? Same. We love the text messages from Digit that announce how much you have saved and updates on account balances. You avoid the hassle of logging into your bank account with these automated notifications.
If you stay with Digit for at least three consecutive months, you get a 1% bonus. Digit’s built-in loyalty program makes the app worth keeping on your phone. Once you have used the app for three months, you receive a 1% annualized savings bonus which is automatically deposited to your Digit account.
There is a referral program with Digit. For each friend you refer, you receive $5. The referral cash is added directly to your Digit account. It’s another easy way to stack up your savings using the app.
The Worst Parts About The Digit App
It has a monthly fee of $5. There is a monthly fee for using the app. If you aren’t a natural-born saver, it could be worth the small fee to let Digit do the saving for you.
Digit doesn’t evaluate your spending on credit cards. The app can’t look into your spending habits on your credit card, but more than likely you pay your credit card using your checking account. In this way, the app is indirectly taking your credit card purchases into account.
There’s a real possibility Digit could put you into overdraft if you’re not careful. The good news is Digit will reimburse you for up to two instances of overdraft. That’s why it’s important to set a maximum daily savings amount to make sure you don’t go in the red.
Is The Digit App Worth Giving A Shot?
In short, Digit helps you save money and pay off debt without thinking. It’s a great way to put savings onto autopilot without doing much on your part. When you’re ready to use your funds, you can withdraw money at any time from Digit and send it back to your checking account.
Our final thoughts in this Digit app review? We give the app five stars and think it’s worth giving a shot. Click here to sign up for Digit and let us know what you think!