Whether the world is in tough economic times or not, there are a lot of people who will likely always live on a paycheck-to-paycheck basis.
One company that’s looking to take care of this issue is automated savings startup Digit. This week, the company unveiled a new feature that it hopes will make paying bills and saving money on the side a bit easier.
To do this, Digit’s technology scans users’ bank accounts every few days to help manage money and determines how much each person can save via an algorithm system. The money being pulled into savings isn’t untouchable as users can access it anytime. This system merely simplifies the savings process for consumers so that they don’t have to think about it on a regular basis.
After its launch two years ago, Digit has saved its users over $350 million. With this new feature, users will now see a Bills feature that will help save for monthly bills with an opt-in option. Once users enter in the bill’s information, the system is in place to save little by little to pay it. As such, consumers won’t have to worry about how to pay bills throughout the month. Just two days before the bill is due, Digit automatically remits the money back to the users’ checking account and alerts users via texts. Another feature allows Digit to send alerts when a bill doesn’t have enough in savings to pay.
The new bills feature came after the company realized its users were setting finance goals using its Goalmoji feature that was launched last year. Digit’s CEO, Ethan Bloch, understands people live paycheck to paycheck and hopes this new feature will alleviate financial woes.