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