I have had a savings account since I started College but I was never good at keeping up with it. I honestly didn’t start really savings until I discovered automation.
Automation: Auto Savings Account
I was good at depositing money into my accounts. The main issue was taking money out of the account or being too lazy to transfer money between banks ( into my other savings accounts). Eventually I had to close one of my accounts because it became a waste of space and time.
I now have two savings accounts and a savings app that have really made my savings goals more successful. One savings account is for emergencies only and the other savings account is for short term goals.
I have an automated account that I researched through MagnifyMoney.com. This website is very helpful when shopping for a new credit card and different types of banking accounts. I chose to open a money market account that automatically takes a set amount of money from my main account and places it into my savings account. The best thing ( for me) about this account is that I don’t have direct access to it. Although the account is linked, I have to go to the money market account website to access my funds. If in emergency, I can go into the account and request money to be sent back to my main account. This is helpful for me because it has cut down on impulse buys. I know the money is there but I dont see it so therefore I’m not trying to spend it. Thus far I have never had an issue with getting my money from savings when needed.
After establishing that account I decided to try something new and different. I decided to try Digit*. When I first heard of Digit I was not sold on it. I didn’t know if I would want someone all in my accounts and thangs. A couple of months ago, I decided to give it a try so that I could give you my honest opinion. I was surprised that I actually like it. After you sign up and connect your accounts, Digit analyzes your spending. After they have analyzed your account, they transfer money from your account to your digit savings account. You also have a personal budget rep that send you texts telling you how much you have saved , the amount of money you have in your bank account, and when you have reached various milestones. The best part of the app is that you can tell them to decrease or increase the amount that they take.
One time, I put a lot of money in my checking account that was needed to pay a certain bill that I don’t usually have. Digit got real happy and started taking higher amounts of money. I sent a text asking that they hold off for about a week from transferring money from my checking into my savings. They accepted my request with no problem.
One day I had an unexpected car issue and needed money for new tires. I was able to go to my digit* account and transfer the money back into my bank account and take care of business. I was really thankful for Digit because I was not in a great mood that day. That incidnet had me late for work, they tried to plug my tire first and that didnt work, and no one ever wants to buy new tires. When I think of tires I just see green dollar signs flying everywhere. I can say that it is much easier with a savings account in place. Digit came through that day.
I have been able to effectivly save money using my Digit app and I dont plan to stop using the app anytime soon. I have been able to save more than 1000.00 dollars in a small amount of time.
These two systems have helped me greatly in my journey to save more. Go to MagnifyMoney.com and sign up for Digit* to jump start your savings. If you are serious about your financial future these systems will help. I always say research before you sign up just in case its not for you.
Do you have an automated savings account? How has it been working for you?
*Afflilate links. I will receive compensation if you decide to use the link. Digit will also give you money for signing up to save.