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Increase Savings Fast - Digit Savings Challenge

Increase Savings Fast with Digit (Digit Savings Challenge Month 1 = $889.46 Saved!)

I logged onto my Digit account yesterday and discovered an $889.46 balance. Wowza! That’s $889.46 I have saved (above and beyond my regular savings) in less than one month! Although I expected to save  more, I certainly didn’t expect this large a balance so soon. By the way, this isn’t a sponsored post, just a savings experiment I’m conducting.

It was very easy set up my digit account. I went to digit.co on Jan. 16, opened an account, linked it to my checking account and the savings transfers started the following day. I had a minor problem linking it to my checking account (I think this was an issue with my browser, so I switched to Firefox and that allowed me to link to my bank). You can see my step-by-step Digit instructions here.

How Digit Works

Digit monitors your balance and spending and makes small, frequent transfers from your bank to your new Digit savings account. I wasn’t sure how large the transfers would be, so I was a little nervous. There were a total of 19 transfers that ranged from $6.50 to $103.69.  The first transfer of $6.50 occurred on Jan. 17 and the largest and my last transfer of over $103 occurred on Feb. 10.

The transfer amounts were low initially, and increased as the days went by, with a few exceptions. Toward the end of January the transfer amount jumped from $62 to $81 and then dropped back to $37. I assume that was because we had a higher balance toward the end of the month and then as our mortgage payments and other automated savings transfers hit at the beginning of the month, our account activity increased and our balance took a nose dive.  Here’s a look at my Digit transfer history (starting with the most recent transfers):

Increase your Savings Fast - Digit Savings Challenge
Above are the more recent transactions with the higher amounts – one of my transactions got cut-off, so I’m only displaying 18.
Increase your Savings Fast - Digit Savings Challenge
Above are the first transactions where you’ll see the smaller transfer amounts.

Digit sent text messages almost daily with the savings balance, as well as our checking account balance. You can simply read and ignore the text messages or you can respond with different commands to view your last transactions, increase savings transactions, and more. You can also access your Digit account via computer to view your account and make changes.

Did you know you can pause Digit savings?

You might have noticed at the top of the image with the balance it reads “Savings is paused for another 6 days.” I paused it a couple days ago because I wanted to make sure it wouldn’t deplete our account too far. We still have a few automated transfers scheduled mid-month (unrelated to Digit) and I want to have a strong end of month balance. I don’t think this was necessary, but makes me feel better.

So, will I continue to use Digit to save?

Heck, yeah! I plan to resume Digit later this month.  It’s a nice bonus and is upping my savings game. Aside from the bonus savings, that large Digit savings balance highlights to me that there is room for improvement in my budget. Maybe I need to increase my regular (non-Digit) automated savings at the beginning of the month to push my savings rate. Definitely something I’ll review in the upcoming months.

Digit coupled with other savings tactics like my Expense Avalanche can really help you find additional money to finance your goals!

Don’t be shy – give it a try!

Interested in opening a Digit account? Use this Digit referral link (I get $5 if you use it). And, you’ll get your own referral link to share with friends once you open your own account! Just a reminder this is not a sponsored post, just my personal review of the service.

Stay tuned for my future Digit Savings Challenge updates. Can’t wait to see what this balance looks like closer to the end of the year!

If you’re stopping by, I’d love it if you left a comment! Have you used Digit or is it a service you would consider using? What are your thoughts?

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4 thoughts on “Increase Savings Fast with Digit (Digit Savings Challenge Month 1 = $889.46 Saved!)

    1. You absolutely should – will be one of the most worthwhile five minutes you spend. I was honestly stunned at the extra savings. If you think about it, let me know how it turns out. Have fun trying it!

  1. Interesting concept. I’m pretty anal about my money and put every extra penny into savings/investments each month. But for someone who isn’t as anal or hardcore about their finances, this sounds like a great way to jumpstart your savings.

    1. Interestingly, I thought my budgeting and monthly savings/investment transfers were much more on point. This savings challenge has highlighted that it’s time for me to revisit my numbers to close that gap. Thanks for stopping by and your comment!

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