Today I wrapped and deposited $16.50 worth of quarters, dimes and pennies from my piggy bank. Dropping all my change in there is just one of my savings challenges, i.e., a way to set a few dollars aside without too much pain.
Lately I’ve been enjoying another form of stealth savings: Digit, a personal finance app that automates withdrawals.
You link your account — some 2,500 banks and credit unions are currently set up for this — and the software figures out how your money comes in and goes out. It also figures out how much you can afford to spare, and every few days it sends money to an online bank account (Digit’s partners are Wells Fargo and BofI Federal Bank).
What interests me is the amount Digit has decided I can afford. Whereas my blogging colleague J. Money of Budgets Are Sexy reported total withdrawals of just under $200 the first month, my dealings with Digit started started small.
Very small. That first week Digit siphoned off just $7.46 – for a good reason.