Saving up to buy your first (or second… or third) motorcycle can seem like a real challenge. If you are on a tight budget or do not make a lot of money, this can seem impossible. The best way I have personally been able to save money is using a app called Digit. Now I want to make it clear that I am not a financial advisor and you need to do your own extra research when it comes to how you spend your money. I just want to share how I save money when I want to buy any larger item like a motorcycle.
I was able to purchase my first motorcycle for $800. Now it was not a running motorcycle and it needed a lot of work before it was safe to ride on the street. But I was able to save up that money after a few months using this Digit app. Since this was able to help me save, which I normally have a hard time doing, I wanted to share my experience and knowelege of this App.
What is Digit?
Digit is a app you can get on PC, Apple, and Android devices that will automatically start saving small amounts of money and store it in something like a savings account. It follows the whole ‘Out of sight, out of mind’ logic and that method works for me. Once you create a account and link your bank account, it will then start slowly taking money out of your bank account and put it into the ‘Raining Day’ fund. But that is not all it can do.
The next thing you can setup on it is what they call Goals. When you setup a goal you will put the amount of money you want to save and the date that you would like to have it. So, for our example we would want to create a goal named ‘Motorcycle’ and you can set the date that you would like to have the money by. On average Digit can save its users $2,200 every year. That is enough money to buy a used motorcycle off Craigslist or Facebook Marketplace.
They also have bill payment services that will automatically pay your bills for you. It does this by the same way it saves money for the Rainy Day fund and Goals. I have only used this feature to help pay my credit card. I cannot speak personally for any other bill paying features they offer. My experience with the auto pay feature has been good. Most months it has saved enough money for the minimum payment and auto pays it every month. That Way I never miss a payment, which really hurts your credit score.
They also have a overdraft protection setting that will automatically start putting money back into your checking account if it goes below a set value. This way you can avoid overdraft fees that the bank would charge you.
But what’s the Catch?
So, you are probably thinking this sounds good and all, but what’s the catch? The catch is the monthly fee to use the service. At the time of writing this it is $5 a month. I will admit I would much rather it be less than that. That means it will cost you $60 a year to use this service.
But even though I’m not the biggest fan of the price I still use this because of the piece of mind it gives me. I never have to worry about missing a credit card payment and it does a really good job at taking money out of my account without me noticing it is gone. And if I ever need that money back, I can transfer it back into my checking account.
I’m sure you have way more questions and you should be able to find the answers on their FAQ section. I just wanted to bring up a quick blurb about my strategy for saving in general and hope that this could help other people be able to save some money. Not only is it a nice way to save up to buy a motorcycle, but it will also help you have a financial cushion in case a emergency happens, like a expensive car repair.
Interested?
If you are still reading this and think this App can help you out like it did me, please consider using my referral link to sign up. If you use this link –> Sign up For Digit <– both you and I each get $5 automatically added to our accounts. (That’s FREE Money People!) Or you can just sign up without using the link. Side note – After you sign up you will get your own referral code that you can send to people you know.
My goal is to help people save up so they can afford something that has made a positive impact on my life. I believe more people need to get into motorcycling because it is a freeing activity that I find very relaxing.
If you are new to riding and want to learn more please check out my post about How to Ride a Motorcycle. I go over all the basics on what you need and how it is done.
Or if you are curious what type of gear I use and maintain, you can check it out on my Bikes & Gear page. Or you can look around the rest of the site to see if anything else peaks your interest.