I started using DIGIT, a new way of squeezing out some extra cash from my bank account, three months ago. I wrote about it here. My goal was to squeeze some leftover money after accounting for all the budgeted categories (expenses, savings and investment goals). Every time the savings account accumulates to a couple hundred bucks, my plan was to withdraw it and apply towards my Financial Independence goals….more specifically, my home down payment fund.
That said, how well did DIGIT save money for me in May?
- For the month of May 2015, DIGIT has squirreled away 161.86 from my bank account.
- This is 161.86 that I would have spent on something less important than my financial independence goals.
- Since signup, DIGIT has saved me $521.86.
- If money is saved at the same rate for the rest of the year, I will have $1000 (!!) added to my down payment money…this is money I did not know I could save. So, go DIGIT!
But, where is the saved money going? About a month back, I wrote about my plan to benefit from the next recession here. My plan is to buy a house at a price less than the bubblicious prices prevalent in my HCOL area today. So, at the end of every month, the money DIGIT saves for me moves to my home downpayment fund. DIGIT savings is an opportunistic saving for me…apart from the planned savings towards home down payment. I will take the money however I can save it 🙂
PS: If you want to sign up and try it out, go directly to Digit’s website here at https://digit.co/
If you do sign up at all, please do share your experiences, positive OR negative, via comments on this page. I would love to hear from you on how this works out.
Link to Yahoo Article: http://finance.yahoo.com/news/29-old-invented-painless-way-170000170.html
Humble FI 
The digit service seems to be a good way to save money. It must be excited to have each month this little sum that you can add to your financial independence goal.
In mainland Europe, these services do still not exist. I will have to digit it myself… 🙂
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Hold on for sometime and it will be there…it is a global world after all!!
My monthly expenses have always been varying enough that my budgeting was a mess. An easy way out was to budget for the maximum expense. But that meant that I over spent money in some months. This is where DIGIT has been super helpful in automatically squeezing out the right amount of money and then some.
Just before DIGIT, I was exploring a reminder system to remind me to transfer different amount of money each month. With smartphone calendars, it became easier. You may want to try it out. Best of luck!
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We have the same here…There is a monthly fixed budget for our living expenses. At the end of the month, we usually have it all consumed. This month, I have set aside approx 5pct. We managed to live without it. I will repeat it next month.
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