Considering the cost of education, it is only normal for college students to want to start a savings account in the event of emergencies. The problem is – how exactly do you do this if you are barely scraping by your current earnings?
Digit.Co may be the answer to your problems. This handy little app makes it possible for you to save cash in itsy-bitsy pieces, in such a way that you will not even notice the change. Here is how it works:
Linking Your Savings Account
The first step is to link your savings account to Digit.Co so make sure you have one. This is perhaps the toughest part because if you are not part of a major bank, then Digit will have a hard time connecting. Fortunately, they are connected with more than 100 financial institutions so there is a good chance you will easily sync with the app. Once done, you will have to go through the SMS verification process.
Here is where the fun starts – Digit.Co analyzes your deposit and spending cycle in the past, as well as the future ones upon installation. Their algorithm takes care of all the work and figures out when you can spare a few bucks to be deposited to your savings account. Thanks to the algorithm, you will barely feel the deposits and still make all the necessary payments and expenditures typical of a college student’s life.
The beauty here is that it is completely automated – the amount is immediately removed from your bank account and into your Digit savings account. Think of it as a virtual piggy bank that takes roughly $1 deposits on a routine basis. It might not amount to much – but you will be surprised at the total count after the year.
Say you have hit a rough patch and every single dollar counts. You can pause the automatic withdrawals on your Digit account until you have got your finances back on track.
It is simple and straightforward, making it perfect for college students or basically anyone operating on a budget and having a hard time with their savings. Following are just some of the advantages of Digit.Co compared to other saving options:
• You can conveniently forget about your savings as the amount grows overtime. Since the algorithm is specially designed to keep your spending habits within the normal range, you really would not feel as though you are being deprived.
• College students who have no time to balance their check books will find this incredibly convenient. This is especially true if your monthly income is minimal with very little chances of changing in an upward trajectory.
• The app itself is easily downloadable and so far, it is free. No reports on any monthly expenses yet – but please note that you don’t earn interest on your savings.
• All accounts are insured up to $250,000 so that is definitely a good thing.
College students will definitely love this app, for the simple reason that it is absolutely EFFORTLESS! Although in its beta stages, current users of the app are managing to make the most out of their money.