Youve probably heard the old saying, pay yourself first.
The idea is to secure your money before you have a chance to spend it.
And apps like Qapital and Digit make iteasy to do just that.
They review your spending and make automatic deposits into your savings account.
You set it, forget it, and your nest egg grows over time.
Lets compare the two.
The Contenders
BothQapitalandDigitboost your savings with the power of automation.
Theyre both available for free on iOS and Android.
This way, the app can review your transactions to trigger those automatic savings.
Neither offers spectacular interest rates, but thats not the point.
Youre not going to get a great return, but these arent investment tools.
Theyre just meant to help you save.
Think of them as digital, automatic piggy banks, not investment vehicles.
For example, you could save a certain amount any time you spend at a specific store.
Or save a certain percentage of a deposit that hits your account immediately, as soon as it lands.
Digit: Digit is a bit simpler.
As your income and spending change, it automatically adjusts your savings to match.
In general, if you feel comfortable with online banking, you should feel comfortable using the apps.
Your funds are also FDIC-insured.
Digit Uses Algorithms to Make Smart Deposits
Digits main draw is that its smart.
It even comes withoverdraft protection.
However, Ive been using it for a while and its never come close to overdrafting my account.
Somehow, though, Digit found opportunities to save, and since joining, Ive saved $1,787.47.
The money just disappeared from my account, so I never had a chance to spend it.
Digit works best when combined with your regular automatic savings routine.
This way, you ensure you meet your savings goals but you keep Digit around to findextrasavings.
My favorite way to use Digit is via text.
Once you register for the app, you create rules and goals.
Spend Less Rule:Save the difference when you spend less than your budget (i.e.
spend less than $15.00 at Starbucks during a week and save the difference.)
Guilty Pleasure Rule: Save a certain amount when you spend at a specific store.
Set & Forget Rule: Save a specific, fixed amount every day, week, or month.
FreelancerRule: Set aside a certain percentage for taxes when you get paid.
When you set up a rule, youll assign that rule a goal.
you might share goals with other Qapital users, too.
I set a few goals with my Qapital account this year.
This way, I encouraged myself to grocery shop and simultaneously budgeted for dining out.
I used a bad habit to motivate a better one.
I also set a goal to save for my honeymoon.
Even better, the app connects withIf This, Then That(IFTTT) for even more flexibility.
Once you connect these apps, your possibilities are almost endless.
Digit can be limiting in some ways.
You cant tell it to save a specific amount, for example.
And it’s possible for you to only pause your savings for 30 days.
you might create some fun, money-based goals and get creative with it.
Ive also used both at the same time.
