While last minute trips are about as exciting as Vegas planning and anticipation gets, most of us know well in advance when our next trip will be. We may like to think we are responsible savers, but let’s be honest, trips can sneak up on us. What we don’t want to do is fund our gambling bankroll from anything other than a built up discretionary fund. The easiest way to do it is to set our savings on autopilot. We could also take advantage of random, unexpected savings moments to build that purse. Here are two apps that can help with exactly that, allowing you to build a small bankroll for your next gambling adventure:
Digit monitors your checking account and analyzes your spending. Every few days, it automatically deducts a small amount of cash and deposits it into your Digit savings account. The amounts can be as small as a couple bucks to as high as $50. Digit guarantees that it will only transfer money you can afford. They’ll even refund overdrafts just in case.
What’s nice is that you don’t have to do anything. Simply let the app do the work and, when you’re ready, request a transfer by using the app’s text message system. Savings rates vary based on your income and spending, but if you have months at your disposal, it’s not unreasonable to stow away a couple hundred bucks. You can also request your personal savings rate be lowered or raised based on your comfort level.
Your Digit savings account doesn’t earn interest, but the app is free to use and you have unlimited transfers. Plus, it’s FDIC insured. So, that’s good. I’ve yet to request a withdrawal, but reviews of the app don’t indicate any problems. The app is easy to use and it even sends you daily texts with your account balance, which is good for those who may not log into their accounts each day. I’ve been using Digit to build up a modest gambling fund for upcoming trips. It, in my humble opinion, is one of the best financial apps out right now.
Tip Yourself isn’t automated, but it allows you to make the most out of those moments of saving we may stumble upon every once in awhile. Say you’re at the mall looking for your next pair of skinny jeans and, unexpectedly, they’re on sale. Some people may use that extra influx of cash and buy a new shirt or the like. Not you. Now, you can Tip Yourself. You launch the app, choose your amount, and deposit it. Tip Yourself holds your savings until you’re ready to withdraw.
Like Digit, the app is free but you won’t earn that massive 0.05% interest rate the big banks offer. Seeking out deals and saving on everyday consumer goods is great; it’s made even better by using the savings productively. Tip Yourself allows you to do that. Save a couple bucks on gas or groceries? Put it in your TY account for something responsible down the road. You know, like gambling.
Editor’s note: While I have experience with both of these apps, this post in no way constitutes personal financial advice. As with any personal financial product, please read up on their risks and assess their appropriateness for you and your goals. Currently, both apps are only available for iOS devices.
Feature photo: Digit
Have experience with these or any other financial apps? I’d love to hear about them.
