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According to the Bureau of Economic Analysis, the average personal savings rate in America as of June 2021 was around 9%. That means that people were saving around that much of their disposable income. If you’re following the 50/30/20 rule, you should be saving closer to 20% of your income. If you’re struggling to keep track of your finances and put some cash away for a rainy day, an app like Digit could help.
It’s pretty simple: Digit is an online service and app that helps you save money. When you sign up for the service, you answer a few questions and connect your account. You can also set unlimited long-term and short-term savings goals to work toward.
Once everything’s set up, Digit goes to work taking small amounts out of your checking account and moving them to savings every day. It can help you earmark those funds so you can see how well you’re saving for various goals, but you can withdraw funds at any time and use them as you see fit.
Potentially the biggest selling point of Digit is the automation. It helps you save without actually thinking about saving on a regular basis. Here are some of the features and how they work.
As with any money-management app, Digit may or may not be right for you. Here’s a quick look at some potential pros and cons to help you make a decision.
If Digit doesn’t sound like an ideal solution for you, that doesn’t mean saving is off the table. Here are just a few other options you might consider.
If Digit does sound like a great option to you, consider signing up to start the savings process today.
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