Do you remember when you used to have a change jar by the front door, and when you came home you put your loose change in it?
It was a way of saving a little for those extras.
Now, with so much use of credit and debit cards, this way of saving has fallen into disuse.
But technology springs to the rescue, with apps that automatically save your “spare change” for you, from your daily spending or otherwise. They take away small amounts from your accounts and save it separately in a virtual piggy bank.
You wouldn’t use any of these for a savings goal, but they’ll get you enough to treat yourself at the end of the year.
Table of Contents
1. Digit
Digit aims to help you save more, and doesn’t limit itself to simply taking the balance to the next whole dollar from your purchases. It is said to use complex algorithms that figure out what you can afford from what you pay in and withdraw from your bank account, then it takes out the money in a way that “won’t be noticed”.
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That means it’s not limited to less than a dollar, like Acorns, but may take out as much as $50 at the time.
Interestingly, it doesn’t invest your money, but simply holds it for you.
This is intentional, as Digit does not charge for its service, but makes its income by earning interest on your money.
So really it’s a painless way of saving if you find it hard to discipline yourself to do it.
If you’re worried about it, you should note that Digit watches your account and won’t take any money if you are likely to overdraw your account, in fact, it has a “no overdraft guarantee”.
Anytime you want to take out some money, you simply text “W” plus the amount and you’ll get it within one business day.
Most of the business is run through texts, where you can find out your current balance and tell Digit if you wanted to be more or less aggressive in the amounts it withdraws.
2. Lawnmower
As another approach to saving and investing, Lawnmower takes your spare change, just like Acorns, but puts it into bitcoins.
Bitcoin is a currency system invented in recent years which actually has no bank notes or coins, and just exists on the Internet. There is no central bank, and transactions take place peer-to-peer.
It’s best described as a decentralized digital currency.
