Digit Saving for Paying off Student Loans

About 2 months ago, I signed up for Digit Savings which is the easy way to save money without having to think about it.  I am proud to announce that after only 2 months of saving with Digit, I was able to save an additional almost $300 and apply it to my student loans, that’s on top of the big money I have been applying to my student loans.

$280.75 withdrawn on March 24, 2015

“Pay student loans”

With all the good things I have to say about Digit(if you sign up I can also get $5 for referring a friend), seriously people if anything you are helping me to end the student loan crisis in the Even Steven Money household;)

I do have one drawback that I noticed when I was bringing my account to extremely low balances.  What happened in 2 occasions was I would make a payment to my student loan via Edfinancial and then the next day the payment would apply to my account, when I looked this up online I realized Digit thought this money was just laying around, this payment did not have a pattern, so I was brought below zero, don’t worry I get alerts when my account is below $100 so I was able to catch it easily.  Another similar occurrence happened when I took out $20 from the ATM, only this occasion I had not looked at my account that day and did not realize Digit had decided to save me money, good news is I caught it before anything could happen.

The good news is even if they did cause overdrafts, Digit would have taken care of them anyways, but a word of caution, if you are making not so ordinary loan payments or withdrawals make sure to check your account, Digit might be trying to save you some money.  I feel like it has certainly been worth signing up for Digit, I have saved over $280 and without moving a muscle.  Thanks Digit.

Just remember if you are already great at saving money, why not let Digit help you save even more?


3 Responses to “Digit Saving for Paying off Student Loans

  • I get the intent of digit, but I don’t personally see the practical application in my own finances.

    For some people its an out of sight out of mind kind of thing and I get that. But for me it would just be an extra account that I would have to keep track of and it would have no influence on my spending.

    Part of it is because I keep a pretty large cash stash, so I don’t regularly check it to make sure I have enough before paying a bill or making a purchase. Additionally, I use a credit card to make all my purchases in order to take advantage of: reward points, extra protection, and only one payment to make at the end of the month. Don’t worry I pay it off every month 🙂

    That said, this might of been a good tool early on in my personal finance days when the cash was less abundant, and savings was that big of a priority.

    Do you think you would had spent the $300 if digit had not pulled the money out of your account?


    • EvenStevenMoney
      3 years ago

      I certainly think Digit is a leap of faith for many people and I don’t think it is a need for everyone. I could see having a large chunk of cash like you have in the personal account a good reason to not use Digit since it would see this amount as not being used and move it over to Digit.

      That’s a great question Gen Y, I would like to think I would have taken every penny and applied it all to my student loans just like I did, but the reality of it says I probably would have used some of it for eating out or buying something small for myself. So end result is it really was good for me.

Trackbacks & Pings

  • Do You Refer a Friend? Maybe You Should! | Even Steven Money :

    […] Digit is a website that links to your bank account, they take a look at your income and your spending habits, then like a Boss they decide they can save you money and make the transfer from your bank account into your Digit account.   For most people they are scared to let an app or website have access to your money, turns out you barely know Digit is there. […]

    3 years ago

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