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Digit Review: the Financial Planning App.


DIGIT review

If you’re like most of us, then saving just doesn’t come naturally. And even if it does, you probably still wish you could save more money every month. Now, thanks to a bunch of financial planning and savings apps out there, it’s a lot easier than it was ten years ago.

So… with a little dedication…

And having one of the best money saving apps  on your phone or tablet, you “potentially” end up saving a lot more than you ever have before. But which app is right for you? We’ve reviewed many savings apps on the market – and here’s our Digit app review.

What is Digit?

Digit is an app that helps you to “passively” save money.  Now we say “passively” because once you set it up, Digit, actually does the “saving” for you and you don’t “actually” have to do anything!

How does Digit work?

Digit works by first getting a “look” at how you spend money and then decides how much you can probably save each month. It then automatically takes a few dollars from your checking account and drops it into your savings account. You don’t have to think about “saving” but you are!

How much does Digit help you save?

For most people, Digit will take a few bucks every other day. Again, it decides the amount based on your spending habits and income. So, the more you make, the more it’s going to have you save. Digit also has a no overdraft protection guarantee so you don’t need to worry about Digit getting carried away!

Can you control the amount you save?

Yes. You can. If you’re not happy with the automated savings based on your spending patterns you can actually choose the amount you want Digit to save for you, and how often.  Also Digit provides you with regular texts telling you how much money has been saved and if you need to get some money out of Digit, you just need to reply to any one of those texts and your money will be sent automatically to your checking account from your FDIC insured  digit account the next business day.

Does Digit cost money?

No it does not. It’s totally free to download and free to use.

Who made Digit?

Ethan Bloch started Digit and it’s not his first company. He founded DemandForce and sold it to Intuit in 2012 for more than $400 million dollars!

Digit has already raised money to the tune of $25 million from investors like Google Ventures and Baseline Ventures.  So, you can bet Digit’s going to be around for long time.  And you need not concern yourself with questions like:

  • Is Digit safe?
  • Or is Digit legit?

With financial banking like this, you can tell that there are a lot of serious people behind the scenes insuring that Digit is going to be safe and secure!

Reasons to use Digit:

Well, the very simple and obvious reason is that it helps you save money without ever thinking about it. One of the hardest things about saving money is actually doing it – thinking about it, making sacrifices, and weighing the option: to buy or not to buy.

With Digit, you don’t have to have an existential crisis every time you shop, “Do I really need this? Or should I save my money?” Because Digit is already saving for you, a little bit at a time!

And with all that money you are saving you can start looking into passive income ideas and small investment ideas to help turn your little bit of savings into a whole lot more.

What to know another great way to improve your monthly budget?

Save more money or make more money!  It’s up to you but we’ve written article on both so feel free to check them out!

Potential Drawbacks to using Digit?

It’s hard to say…

Some might think it’s a bit “creepy” to have a computer analyze your spending and then determine where and when you can save, but what can we say, that’s what Digit does.  And it does it pretty well.

It’s also a bit creepy (at least for this “non-millennial” author)…

To just turn your “saving” strategy over to a computer algorithm but given the fact that Digit allows you to manually override the system, this is a potential “drawback” that can be avoided.  So, it’s hard to consider this a real “negative”.

So, since we can’t find any major disadvantages…

To using Digit, let’s really “nitpick” for a bit so that our review isn’t all positive, OK.

  • Finding Digit in the APP store can be a real pain.
    • Because of the relatively “generic” name of Digit, finding the APP in your “app store” can sometimes be a real pain (to save yourself some trouble, you can find it here or you can look up “Digit: Smart Money Sidekick”).

Aside from that, it’s important to know that money you save using Digit does not accrue any interest. Whatever interest you would be getting from the bank instead goes to Digit. So, while they don’t charge you a fee, there is some financial cost for the service. But, if you wind up saving more money than you would have without Digit, you’re still coming out way ahead!

Now you may be asking yourself, why is TermLife2Go (a life insurance brokerage) writing about a financial savings app like Digit?

That’s a great question! It may seem odd that TermLife2Go, a company that specializes in finding the right life insurance for people (just in case you’d like to compare Term Life Insurance Quotes), would be interested in reviewing an app that helps people save money.

But take a closer look.

Our number one goal at TermLife2Go is to help our clients protect the financial security of their loved ones.  We generally do this by helping them purchase a cheap life insurance policy so that if they die, their loved ones will be protected financially.

That said however…

There will be those clients who either can’t qualify for a life insurance policy (due to health reasons) or simply can’t afford to purchase a life insurance policy due to their age or their current health status.

For these individuals…

Being able to “save” money can have two positive affects for their family.  First, they may be able to save enough money so that they can now afford the life insurance policy that they wanted to purchase for their loved ones or, the can begin saving enough money so that insurance policy that they “thought” they needed is no longer necessary.

In either case…

Our goal at TermLife2Go is realized!

That said however…

It is important to understand that we are not associated with Digit in any way and we here at TermLife2Go are not financial advisors or money managers.  So, if you’re considering using Digit, be sure you review how Digit works for yourself and be sure to consult with your financial advisor before making any “rash” decisions about your money.

We’re not saying Digit is right for you, but it’s worth considering. If you don’t like Digit, you might want to check out another money saving app like Qapital or Mint. Each app has distinct features that may be more suitable to your needs and spending habits.

The main take away…

From this review is that we think Digit is a pretty “cool” idea that can probably help a lot of folks save quite a bit of money is used consistently over a long period of time.  And since it’s free and is being offered by a reliable and trustworthy group of investors and owners, why not give it a shot?

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