Finance Fridays. I have really high hopes for what will manifest as a result of consistently focusing on our financial health.
My financial journey started many years ago after reading a book that changed my life. It's called Automatic Millionaire. The author, David Bach, stressed the importance of saving automatically. You know how everyone talks about "passive income?" David is all about passive saving and wealth accumulation.
Once I learned about growing wealthy "automatically," I was sold. Immediately I set up a draft to pull a set amount from my checking into my savings every payday. My new savings system worked like a dream. It's a habit that I've maintained for years. As a matter of fact, while reviewing my checking acct the other day, I saw an unfamiliar debit for $100.00. After a moment of reflection, I realized that I set up a new reoccurring transfer and pretty much forgot about it. That's how easy saving money should be.
But I understand that it's hard for some folks. If you fall into that category, I have some good news.
We have even more technology on our side. There are a myriad of tools available to transform you into a world-class money saving machine. This week, someone mentioned an app called Digit that totally peaked my interest.
Apparently, this free tool works behind the scenes to track your spending/saving patterns. Eventually, Digit transfers small amounts of spare cash into a FDIC secured account. As one reviewer put it, Digit "saves money behind your back." You barely notice the money leaving your account. It does notify you via text when transactions take place so at least you know when your savings balance is growing.
Digit only saves what you can afford to save. If Digit notices an increase in spending, it saves less. They also have an overdraft guarantee which means they'll take care of any overdraft fees that they're responsible for.
Even though I have two automatic drafts in place for specific days of the month, I think this app can help me save even more! It'll find available money that's sitting around and save it for me before I get a chance to spend it. Thinking ahead, I'd love to use this app to stash some extra cash for my husband's birthday and maybe a couple of trips this year. This doesn't replace your typical savings account but it's a great addition to help you find extra money for splurges and larger expenses.
This is like the next level of Automatic Wealth. Once you reach your savings milestones, you move the money to an interest earning savings account so you can earn interest (passive income). I've just downloaded the app minutes ago. For the first few days, Digit analyzes your spending before it starts gleaning from your account. I've never been this excited to save money in my life.
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