You’ve probably heard for as long as you can remember that you should be saving for a rainy day. You likely call it an “emergency fund” or “a little something to fall back on” or a stash you’re planning to use in case you “fall on hard times.”
One question: How’s all that doom and gloom rhetoric going for you?
I’d like to believe there’s a LOT of characteristics that separate me from your average “personal finance” educator, but one I know for sure is that I absolutely despise the term emergency fund. My personal belief is that words have power and What you verbalize, you magnify and magnetize in your own life.
In my book, Real Money Answers for Every Woman, I teach women to focus on the things in life you’d really like to magnify and bring forth? Why not save for a business venture, a dream vacation, a down payment on a home, or some other opportunity that would serve your soul? Why not save for a sunny day, the day you actually have the money to take care of something that both matters to you and enriches your life?
Will emergencies still happen? Of course!
And when they do, you’ll have the opportunity to handle it! BOOM!
In the book, I break down how much you need to have saved on page 112 which is also a little different then what you’ll here personal finance gurus say. (FYI: My advice is based on actually losing everything during the recession and rebuilding my life brick by brick to what you see today – NOT cute clichés.)
To give you a little preview, my formula looks like this:
OPPORTUNITY FUND (6 months of income) +
SHORT-TERM GOALS (1-5 year goals) =
TOTAL CASH RESERVE
Your Total Cash Reserve might be $3,000. Someone else’s, $30,000!
Whether that number is $3k, $30k or somewhere in between, if saving on your own has been a challenge, you should totally check out Digit. It’s literally one of the BEST online tools I’ve seen for automating savings and I truly use it myself.
Here are the 4 things I love:
- It’s automated and takes ME out of the picture. (In addition to being the Money Maven, I have a real life. I’m a wife, mother, sister, girlfriend, volunteer, basketball coach at my daughter’s school and more! I forget things too! #dontjudgeme)
- It analyzes your behavior and stashes away amounts so small on your behalf, you’ll NEVER miss it! It literally figures out when and how much is safe to save based on the real YOU. (Not that fake savings you’ve been trying to do on your own unsuccessfully.)
- Digit uses state-of-the-art security measures and the funds held for you in your Digit savings account are insured up to $250,000 just like traditional institutions covered by the FDIC.
- You can withdraw your money anytime you want by just texting WITHDRAW and it’ll be transferred to the checking account you have linked. How cool is that?
Heard enough? START USING DIGIT NOW
And the best part? (We’ll call this a bonus!)
Digit believes so strongly in their ability to analyze your spending behavior and save small amounts of money (My first Digit transfer was only $8.02), they have a NO OVERDRAFT GUARANTEE. If you overdraft because of them, they’ll cover the fee!
My entire set-up process couldn’t have taken more than 5-minutes tops with Digit.com and the app I downloaded on my iPhone pictured here. (Yes, that’s my current vision board in the background. 🙂 )
Step 1: Securely connect your checking account. They have relationships with over 25,000 banks and credit unions and are adding to the list often. (Sadly, if you’re outside the US, this won’t work for you, yet.)
Digit uses 128-bit bank level security and they won’t store your bank’s log-in details. They just need the info to begin analyzing your income and spending habits so they can find those small pockets of money to save for you.
Step 2: Stack that cash. Every few days, Digit safely transfers a small amount of money based on your habits. Average withdraws are between $5 and $50 based on your account, but again, there’s an overdraft guarantee in place to prevent any miscalculations. (To be honest, I haven’t heard of anyone having a problem yet. When I do, this section will be updated.)
Step 3: Withdraw when you need it. Listen, I want you to build a robust opportunity fund so you can do the things you love or take care of the things that come up. Whatever you need your money for and whenever you need it, it’s as easy as sending a text message to have the funds delivered back to your checking account within one business day.
NO Fees, NO Minimums, UNLIMITED Transfers.
While you’re Spring Cleaning this year, organize your savings by getting up and running with an opportunity fund or optimize the one you have already. I’m begging you with this one, please don’t be lazy. Don’t try to “save” money inside of your checking account (YES! I’ve seen it) and don’t think the one attached to your checking account that you can see and transfer from all day long is any good either. We’re human and making this an out of sight, out of mind process will likely be most beneficial to you. Trust me!
CLICK HERE to join ME!
Let’s Make Some Opportunities Happen!
***NOTE: If you sign up with Digit, you should know that I may get a small Thank You commission from them for spreading the good news. By now, however, I hope you know me well enough to know that 1. I wouldn’t share anything with you that I didn’t use and/or believe in wholeheartedly. And, 2. I couldn’t be a good example to you on Earning More Money if I didn’t find small ways to monetize work that’s helping thousands of women and families for 100% FREE.