Have you heard of Digit?
My coworker who's saving for a wedding told me about it.
It's a digital savings account that takes money out of your checking based on how you spend month to month.
Here's how it works:
1. You log into your bank account through digit. It analyzes your spending patterns.
2. It takes money from your checking account in $5-$50 increments that mimics the kind of spending you do on a regular basis.
3. It holds the money for you in a digital savings account.
I think (I'm not sure) the drawback is that it's not interest bearing.
The plus side is if you're someone who truly struggles with saving money, they take the guesswork out of it for you.
My coworker said it's been saving about $300 a month for her. That's money she would have spent on shopping or on lattes or otherwise tricking off and saying things like "I can't afford to save."
Every January there are all of these savings challenges and this might be a tool to really help people keep their resolutions.
I do automatic debits into my savings account from my paycheck, so Digit isn't necessarily for me. But I'd be curious to see if you've ever heard of it or if you'd consider giving it a try? If not, what mechanism do you use to save money? Or is saving still a struggle for you?