Monday, May 16, 2016

Digit: Save Money Without Thinking About It

So, so smart. Please share this (pinched from Andrew Tobias' blog), especially with younger people:
Tom Foley: “Well, if you like Paribus, have you seen Digit? Using a special algorithm, they transfer small amounts of money from your checking account to a savings account a few times a week. Think like $6.25. , then, a few days later, maybe $2.37, so you don’t even notice. It takes more on payday and when you receive your tax return, but relatively small amounts. It has some behavioral finance motivational messaging built in and is great for teaching the power of savings to new or young savers. I signed up a few months back for fun, and checked my balance today, like $475. All sorts of guarantees so you don’t overdraw the account, and you can manage it by text, app or online. It’s super neat.”

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