Money-Saving Tips & a review on Digit- my favorite way to save. — SHE-WISE (2024)

Admittedly, I write a lot about how important it is to invest your money rather than keep it all in a savings account. (More on this here).

I put so much emphasis on investing over saving because you’re actually losing money with most savings accounts.

However, the money you are saving and your short-term expenses deserve just as much attention & plan-of-action as your investments.

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Saving money has not always been easy for me.

It was hard when I was barely making enough to cover my bills. It was hard when I had debt. It was hard when I wanted new shoes. What can I say, shoes have always been my thing. Saving money can be really hard, especially if you don’t have any examples or a healthy money-mindset. It doesn’t matter how important or helpful something may be.

If we haven’t had much experience or a clear example, our instinct is to continue doing what we’ve done the way we’ve always done it.

Unless of course, you want more than what you’re used to. I know you do because you and I are very similar. We have a drive that pushes us past what we know into a place of growth, freedom, and more; more than what we are used to. What I was used to didn’t include many lessons on savings accounts, investing, or financial freedom. But eventually, I learned.

I learned because I wanted more and I knew that I was just as worthy & capable as anyone else.

Just like you are, even if you haven’t learned as much as you’d like to yet.

As I’ve grown my knowledge, mindset, business and money, I have learned the importance of outsourcing. My favorite way to outsource when it comes to saving money is with Digit.

Each of us has the same 24 hours in a day and we each choose how we spend our time. I have learned how significant it is to receive help in areas that will add value to my life by giving me more time for other things. For example, perhaps you’ve decided that handing over your house cleaning responsibilities to someone else is worth the time it saves you.

The same 10 hours a week you were spending on your home, you’re now spending on growing your business, and you’re helping out the person you’ve hired to grow their business too. If you’re first reaction is that you wouldn’t dare outsource because you feel that it would make you ‘less than’, ‘unworthy’, or you simply have too much pride for this, let that go immediately. That is a scarcity mindset and conditioned thinking that isn’t benefitting you.

A healthy money-mindset is one that is grounded, optimistic, and abundant.

This mindset is always striving for more, open to different perspectives & support, works to let go of limiting beliefs, and has confidence & trust in the unfolding of the process.

I’ve had to learn how to improve my mindset and let go of many stagnant and limiting beliefs.

The journey of improving my mindset is what has increased my ability to save and grow my money. I’ve learned how to budget which led me to seeing exactly how much I was saving and how much more I could save. I learned how important it is to move your money out of your checking account right into your savings account in order to really see improvements. And along the way, I’ve learned about some tools that have supported me in this.

I have a checking and savings account for both my personal banking and business banking. Every time I earn money, I move a percentage of this into my savings accounts. I learned how much money to move after I had really improved my budgeting skills.

I turned this budgeting knowledge into a step-by-step guide for you here! I also had to learn how to set boundaries and stick to them in order to save money consistently.

Now that my savings accounts have reached the goals I set, I do my best to keep their values where they’re at and not spend the money.

Because of this, I realized that I needed another way to save money beyond my regular savings accounts for things like vacations, a house, rainy days, and other short-term purchases. I tend to be pretty careful about banks and the companies whom I choose to trust my money with and so naturally, I started researching. My research ultimately led me to an app called Digit that is pretty dang cool.

I heard about Digit a year ago but truthfully, I didn’t move forward at the time because I didn’t want to pay $5 a month. I’ve since kicked that limiting idea to the curb and I’m grateful that I did because seriously, this little app on my phone is a game changer.

Digit helps you save money, pay your bills, and invest. Right away, you can set up unlimited savings categories for anything you want; Rainy Day, Mortgage, Trip to Paris, Beauty Products, etc. You set the amount you’re aiming to save and the date you want to have it saved by. Then, Digit begins paying attention to your spending habits and saves your money for you.

It’s really that simple.

You may be wondering how it’s actually moving your money and I’m happy to tell you that as an FDIC insured company, this app connects directly to your bank. It transfers the money from your bank into your Digit savings accounts. When you’re ready to spend your money, you simply transfer it to your bank with a few buttons and voila, your saved money is ready to be spent!

Remember how I said that you lose money in most savings accounts? Digit actually helps you earn money through savings bonuses based on a percentage of your average daily balance. Not only that, Digit will also help you put more money toward your student loans, it will pay your phone bill for you, and it has a built-in investment account.

I also love that it texts you the daily balance of your main checking account if you’d like it to and with a quick response you are able to find out your last few charges. I used to avoid looking at my checking account when I didn’t have the best spending habits, so when I received my first text from Digit with my account balance, I was a little surprised by it. Now though, I look forward to this text every day!

It’s been extremely helpful in holding myself accountable.

I have to say that my favorite feature of Digit is the fact that it feels like I’m saving free money. The amount being saved is money beyond what I budget for yet I don’t actually have to do anything. Something about this is extremely satisfying for me. Digit simply transfers a few dollars here and there which adds up in no time at all. When I look at the balance of my savings categories now, I’m wondering what the heck I was spending this money on before I was saving it like this.

I’ll never suggest something that I don’t love and trust myself.

If you’re thinking that this could be helpful for you too, check it out here.

Below is a summary of Digit’s incredible features:

• Automated Saving and only when the funds are available to do so

• Unlimited Savings Goals

• Unlimited Withdraws

• Overdraft Protection

• No Account Minimums

• Overdraft Reimbursem*nt

• Investment Account

• FDIC Insured

No matter where you’re at with your money, mindset, or savings, you will reach your goals if you keep moving forward.

Some moments I feel as if I’ve come so far and in others, I feel as if there’s so much more to accomplish. Both thoughts are true. That’s what life is about. It’s the journey of discovering more about ourselves, setting & reaching goals in order to set even bigger ones, and enjoying the process along the way. As long as you are open and willing, you will reach above and beyond anything you’re dreaming of.

You just have to start and then show up for your self every day. I promise, you have everything in you to do whatever you dream of!