I started saving money about a year ago using a simple app called Digit and what it does is hide my money. Now you're thinking that is a bad thing, but in this case hiding the money is simply implementing the idea “out of sight, out of mind”. When I check my debit card and see I have 500 dollars, I limit my spending to that 500 dollars. However, in actuality Digit will be periodically saving me money (you can set it as low as 5 dollars a week to 50 depending on your spending), so if I have an extra 500 saved, I'd actually have 1,000 dollars, but half of it is safe from being spent. The money saved on Digit won’t make you a millionaire but it’ll help you save for that nice car you want, the vacation money you need, or just that emergency fund you need. A bonus about Digit is its free and who doesn't love that?
Tips on how to save money!
You may think, “how do I save up?” And it's actually very simple if you remember these tips: 1. Anything is better than nothing 2. If you can splurge, you can save 3. Whenever possible, save half of your income 4. Start ASAP.
When I first started saving on Digit I didn’t have a job but I was babysitting my brothers so often that my mother donated to the Talia Fund in thanks. Instead of using everything I earned, I would let Digit take as little as a penny a day when I felt like my bank was drying up. Even without a legitimate job I felt good about the money I saved bit by bit.
As a college student my definition of splurging varies between buying random junk food to buying myself a much desired iPod. If I don’t truly need it I consider it splurging. So, in these cases I try to save half as much as I’ve spent. One example is if I buy 30 dollars worth of snacks, I’ll text Digit to take an extra 15 from my checking account to save. Or, if I were to spend 120 on an iPod, I’d save an extra 60 at the least (sometimes I’ll just save a whole 100 since I just spend 100 I image I should save 100).
At first I didn’t have a job but then I did get a weekend job as a birthday party host where I get paid about 10 dollars an hour and I’m also tipped. I’ve made it a habit to save half of whatever tip I make. If I rake in 30 dollars I text digit to save 15. Some of you may not have job which is what tip one is for, and even if you do have job with no tip try figuring out how much you can set aside per paycheck.
I understand each person has there own wave of troubles as they try to save, but I implore you to try. I’m lucky enough to not have to worry about rent or food as I still live at home with leads me to my final tip start as quickly as possible. If you’re 16 and have a babysitting job, save a dollar at a time. Digit only requires as little as a debit card then your free to save money and the next thing you know you have 100 dollars or more.
Now I should inform you that I'm no money expert but these tips have helped me save up, in the course of a year, more than 700 dollars. You don't even need Digit to follow all these tips, so do try your best to save and even when you shop until you drop at least you know there will be emergency money if you find yourself in a pickle.
Here’s a direct link to Digit to learn more if you’re interested! https://digit.co/about/how-it-works