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Financial service startup Digit can help you pay your bills by automatically extracting money from your checking account and diverting it into a special savings account. Leveraging machine intelligence, the company wants to help customers be smarter with their money by putting it where it needs to go. To make that happen, Digit has just launched a feature aptly called Bills that will automatically file away funds for recurring expenses like rent and phone bills.
Within Digit, users will select a new bill they wish to set money aside for, specifying the amount and the due date. When the bill is paid, any remaining money will be automatically remitted back into your checking account. If there are any issues, Digit will send you a message notifying you of the problem.
Bills uses an updated algorithm created by the company that is specifically geared toward helping ensure there’s enough money allocated for expenses. That means even though you may have goals you wish to save for or things you want to buy, the basics — like rent, phone bills, insurance, and gas and electric bills — will receive top priority.
Though many try to maintain a general savings account, it doesn’t ensure that they’ll have enough to cover monthly expenses because the money isn’t clearly allocated. Digit’s pseudo sub-accounts mean you can designate funds to make sure you’re not dipping into rent money to pay for trips or buy unnecessary shopping items.
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Bills that can be targeted include rent, car payments, student loans, and more. Of course there’s also a goal-oriented feature which is another savings mechanism that lets you put away money for luxury expenses like vacations and weddings. This feature is similar to Bills — both are a part of a service called Goalmoji. You can specify the amount and due date and also include an emoji. Digit will then send you updates as you move closer to achieving that goal.
This is the company’s latest effort to make you think smarter about where your money is going. Previously, it launched a program around how to save your tax refund, as well as launching a premium service that rewards you for saving money that’s been put aside for at least three months.
Updated as of 9:45 a.m. Pacific on Tuesday: Clarified that Digit’s Bills and Goals features are part of Goalmoji.
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