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How I easily saved over $20,000 with the Digit personal finance app

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  • The personal finance app Digit saves money automatically for you.
  • For a monthly fee of $2.99, you get free bank transfer notifications, a 1% annual bonus, and low-balance protection.
  • Here, author Jackie Lam details how she saved over $20,000 through Digit in nearly three years.

While many of us know full well that we should be saving our money, it can be easy to reach zero — or darn close to it — by month’s end. After all, there are bills to pay, food to put on the table, and other financial obligations that get in the way of saving up for emergencies, vacation, or holiday spending.

But what about squirreling away your hard-earned cash without having to think about it?

That’s where Digit comes in. As a money-app junkie, I’ve checked out my fair share of apps to help me with my finances. And the one that tops my list to help save money is Digit.

The company charges users $2.99 a month, a relatively small fee that features many potential benefits. Since I signed up for the app in March 2016, I’ve easily saved over $20,000 through it.

Here’s how the Digit app has helped me save:

How Digit works

Digit is a super easy, no-brainer way to stash away cash. When you sign up, all you need to do is link your Digit account to your checking account. From there, Digit handles the rest. It uses algorithms to learn about your spending patterns, and about how much you can reasonably save. These algorithms are primarily influenced by your checking account balance, upcoming income, upcoming bills, and recent spending. It saves money for you when you can afford to, and hits the “pause” button when you can’t.

Because Digit keeps your money socked away in a separate account, I conveniently forget I have that money stashed away. This “set-it-and-forget-it” approach prevents me from being tempted to tap into my Digit account. Plus, because it generally takes a few days to transfer funds back into your account, I use it for only big-ticket items and emergencies.

The handful of times I have pulled money from my savings were to help me pay a credit card balance, to take a trip, and buy a new laptop when mine broke down while traveling.  

How much you can expect to save

Your savings will depend on a number of variables, such as how much money you keep in your checking account, and what your spending and saving patterns are. According to Digit’s website, the average user sees an average of 2 to 3 transfers per week. The company has said that its average savings transfer is $18, but can be anywhere from $5 to $30. If you’re saving $10 a week, that’s $520 a year.

How did I manage to save over $20,000 in three years’ time? While you can set up a savings schedule or manually transfer funds into different goals, I saved entirely through Digit’s auto-saving feature.

How much I saved depended on how much of a cushion I had in my linked account. As a freelancer, my income fluctuates. And I saved anywhere from $40 to $3,500 in a single point. But on average, I was able to save roughly $600 a month through the app.

It helped me stay on top of my spending

digit appDigit

Another of Digit’s features that I love is the daily text I receive from it. These let me know how much money is in my bank account. Plus, the app sends me friendly “heads up” texts when money is being transferred among my bank accounts and notifications of recent transactions. I can also keep tabs on my savings, see when a check has cleared, and create new personal goals through the app.

Read more: 11 financial experts reveal their favorite money apps

Saving for specific goals

Like any solid money-management app, Digit allows you to set up different money goals. Pre-designed goals include saving for an emergency cushion, crushing credit-card debt, paying off student loans, setting up a travel fund, or splurging on gifts guilt-free. You can also come up with your own savings goals. To up the fun factor, you can assign an emoji to each goal.

I’ve set up a few goals, such as traveling to a wedding in Florida (used the “bunny” emoji) and a work conference (assigned the “ghost” emoji). But I’ve generally socked everything away in a Rainy Day Fund, which is Digit’s default account. I wanted to use Digit as a general savings fund. I’ve made withdrawals for trips, to help with my down payment for a new car, to get through the holidays, and to add a cushion to my checking account.

Noteworthy features

digit appDigit

Besides setting your savings on auto-pilot and providing a separate account to safely stow your money away for important money goals, here are some of my favorite features of the app:

  • Annual bonus: Digit throws in a 1% annual bonus, which is paid out quarterly at 0.25%. So let’s say you have $4,000 in your account. Doing basic math, $4,000 multiplied by 1% and divided by four equals $10. That’s enough to cover an annual subscription to Digit, and then some.
  • Low balance protection: Digit’s low balance protection helps you avoid running dangerously low in funds in your checking account and having to pay a hefty overdraft fee. If you turn on this nifty feature, you can then set an amount for how money you want to keep in your bank.

If your checking falls below that amount, Digit will automatically transfer some cash from your Rainy Day Fund to top it off. For instance, let’s say you set that number at $200, and your balance falls to $150. Digit will then send $50 to your checking account.

A few downsides

  • Information on the app is limited. You can check how much you have saved, your transactions from the last month, the balance amount in linked checking account, and the countdown to your next bonus. For everything else, such as your savings journal (aka transactions history) and statements, you’ll need to log on from a computer.
  • You might get an overdraft. While Digit does its best to prevent this, the peril of microtransfer apps or any banking feature that rounds up your transactions is that you may overdraft. The good news is that Digit does reimburse up to two overdraft fees caused by its auto-saving feature.
  • If you change your linked account, you have to transfer all your funds. If you decide to change your linked checking account, you’ll need to go through the hassle of transferring all your funds into that linked account, link the new account, then transfer the funds manually through your new account. You can also have a check issued to you. The good news? You’ll only need to go through the rigmarole once.

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The 3 Best Canadian Tech Stocks I Would Buy With $3,000 for 2021

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The majority of the Canadian tech stocks went through the roof in 2020 and delivered outsized returns. However, tech stocks witnessed sharp selling in the past 10 days, reflecting valuation concerns and expected normalization in demand. 

As these high-growth tech stocks shed some of their gains, I believe it’s time to accumulate them at current price levels to outperform the broader markets by a significant margin in 2021. Let’s dive into three tech stocks that have witnessed a pullback and are looking attractive bets. 

Lightspeed POS

Lightspeed POS (TSX:LSPD)(NYSE:LSPD) stock witnessed strong selling and is down about 33% in the last 10 days. I believe the selloff in Lightspeed presents an excellent opportunity for investors to invest in a high-growth and fundamentally strong company. 

Lightspeed witnessed an acceleration in demand for its digital products and services amid the pandemic. However, with the easing of lockdown measures and economic reopening, the demand for its products and services could normalize. Further, it faces tough year-over-year comparisons. 

Despite the normalization in demand, I believe the ongoing shift toward the omnichannel payment platform could continue to drive Lightspeed’s revenues and customer base. Besides, its accretive acquisitions, growing scale, and geographic expansion are likely to accelerate its growth and support the uptrend in its stock. Lightspeed stock is also expected to benefit from its growing average revenue per user, innovation, and up-selling initiatives.     

Shopify 

Like Lightspeed, Shopify (TSX:SHOP)(NYSE:SHOP) stock has also witnessed increased selling and has corrected by about 22% in the past 10 days. Notably, during the most recent quarter, Shopify said that it expects the vaccination and reopening of the economy to drive some of the consumer spending back to offline retail and services. Further, Shopify expects the pace of shift toward the e-commerce platform to return to the normal levels in 2021, which accelerated in 2020.

Despite the normalization in the pace of growth, a strong secular shift towards online commerce could continue to bring ample growth opportunities for Shopify, and the recent correction in its stock can be seen as a good buying opportunity. 

Shopify’s initiatives to ramp up its fulfillment network, international expansion and growing adoption of its payment platform are likely to drive strong growth in revenues and GMVs. Moreover, its strong new sales and marketing channels bode well for future growth. I remain upbeat on Shopify’s growth prospects and expect the company to continue to multiply investors’ wealth with each passing year. 

Docebo 

Docebo (TSX:DCBO)(NASDAQ:DCBO) stock is down about 21% in the last 10 days despite sustained momentum in its base business. The enterprise learning platform provider’s key performance metrics remain strong, implying that investors should capitalize on its low stock price and start accumulating its stock at the current levels. 

Docebo’s annual recurring revenue or ARR (a measure of future revenues) continues to grow at a brisk pace. Its ARR is expected to mark 55-57% growth in Q4. Meanwhile, its top line could increase by 48-52% during the same period. The company’s average contract value is growing at a healthy rate and is likely to increase by 22-24% during Q4. 

With the continued expansion of its customer base, geographical expansion, innovation, and opportunistic acquisitions, Docebo could deliver strong returns in 2021 and beyond.

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Manitoba to invest $6.5 million in new systems

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WINNIPEG – The province of Manitoba is investing $6.5 million over three years to replace technical systems used in healthcare facilities, including replacing current voice dictation and transcription services with more modern systems and upgrading the Provincial Health Contact Centre (PHCC)’s triage, call-recording and telephone systems, Health and Seniors Care Minister Heather Stefanson (pictured) announced.

“Our government is investing in the proper maintenance of information and communications technology to ensure digital health information can be safely stored and shared as needed,” said Stefanson. “These systems will ensure healthcare facilities can continue to provide high-quality services and allow Manitobans to get faster access to healthcare resources and information.”

Dictation, transcription and voice-recognition services are used by healthcare providers to write reports. There are currently approximately 80 healthcare sites across Manitoba using some combination of dictation, transcription and voice-recognition services. Many of these systems are nearing the end of their usable lifespans.

“Across our health system, radiologists and nuclear medicine physicians use voice-dictation services to help create diagnostic reports when reading imaging studies like ultrasound, nuclear medicine studies, X-rays, angiography, MRI and CT scans,” said Dr. Marco Essig, provincial specialty lead, diagnostic imaging, Shared Health. “Enhanced dictation and voice-recognition services will enable us to work more efficiently and provide healthcare providers with quicker access to these reports that support the diagnoses and treatment of Manitobans every day.”

The project will replace telephone-based dictation and transcription with voice-recognition functions, upgrade voice-recognition services for diagnostic imaging and enhance voice-recognition tools for mobile devices.

“Investing in more modern voice-transcription services will help our health-care workers do the administrative part of their jobs more quickly and effectively so they can get back to the most important part of their work – providing top-level healthcare and protecting Manitobans,” said Stefanson. “The transition to the new system will be made seamlessly so that services disruptions, which can lead to patient care safety risks, will not occur.”

The new systems will be compatible with other existing systems, will decrease turnaround times to improve patient care and will be standardized across the province to reduce ongoing costs and allow regional facilities to share resources as needed, Stefanson added.

The PHCC is a one-stop shop for incoming and outgoing citizen contact and supports programs such as Health Links–Info Santé, TeleCARE TeleSOINS and After-Hours Physician Access, as well as after-hours support services to public health, medical officers of health, home care and Manitoba Families.

The current vendor that supplies communications support to the PHCC is no longer providing service, making it an opportune time to invest in an upgraded system that will provide better service to Manitobans, the minister said, adding the project will provide the required systems and network infrastructure to continue providing essential services now and for the near future.

“The PHCC makes more than 650,000 customer service calls to Manitobans per year to a broad spectrum of clients with varied health issues. This reduces the need for people to visit a physician, urgent care or emergency departments,” said Stefanson. “The upgrade will also allow Manitobans in many communities to continue accessing the support they need from their home or local health centre, reducing the need for unnecessary travel.”

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Telus and UHN deliver services to the marginalized

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Telus’s Health for Good program has launched the latest of its specially equipped vans to provide medical services to the homeless and underserved, this time to the population of Toronto’s west end. The project relies not only on the hardware and software – the vans and technology – but on the care delivered by trained and socially sensitive medical professionals.

For the Toronto project, those professionals are working at the University Health Network’s Social Medicine program and the Parkdale Queen West Community Health Centre. The city’s Parkdale community, in the west end, has a high concentration of homeless and marginalized people.

First launched in 2014, Telus’s Health for Good program has delivered mobile clinics to 13 Canadian cities, from Victoria to Halifax. Originally designed to deliver primary care, the program pivoted to meet the needs of patients in the COVID-19 pandemic, said Nimtaz Kanji, Calgary-based director of Telus Social Purpose Programs.

Angela Robertson of the Parkdale Queen West Community Health Centre (CHC) asserted that marginalized people are particularly susceptible to the spread of COVID-19, as they don’t have access to the basic precautions that prevent its spread.

The clinic is located near a Pizza Pizza franchise; homeless people shelter under its overhang on the weekends, she said. Some have encampments under nearby bridges.

“The public health guidelines and requirements call for things that individuals who are homeless don’t have,” Robertson said. “If the response calls for isolation, that suggests people have places to isolate in.”

And in the shelter system, pre-COVID, the environment was very congregate, with many people in the same physical space, said Robertson. Some homeless persons, in order to keep themselves safe, have created encampments, and the city has opened up some hotel rooms across the city to create spaces for physical distancing.

Even proper hand-washing and hygiene becomes a challenge for the homeless.

“COVID calls for individuals to practice constant hand-washing. Oftentimes, individuals who are homeless use public washroom facilities that may be in restaurants or coffee shops, and many of those spaces are now closed. So there are limitations to accessing those facilities. It’s not like they’re in a community where there are public hand-washing facilities for people who are homeless.”

The mobile health clinic allows the CHC to take “pop-up testing” into communities where there is high positivity and where additional COVID testing is needed. The CHC can take testing into congregate sites and congregate housing to provide more testing, Robertson said.

“The other piece that we will use the van to do is, when the vaccine supply gets back online, and when the health system gets to doing community vaccinations … we hope that we can be part of that effort.”

COVID has contributed to a spike in cases of Toronto’s other pandemic: opioid overdoses. Some community members are reluctant to seek care because of the stigma attached to substance abuse; and COVID has a one-two punch for users.

The first rule of substance abuse is, don’t use alone; always be with someone who can respond to a potential overdose, ideally someone who can administer Nalaxone to reverse the effects of the overdose, Robertson said. “It’s substance abuse 101,” and the need for social distancing makes this impossible.

Secondly, COVID has affected the supply chain of street drugs. As a result, they’re being mixed increasingly with “toxic” impurities like Fentanyl that can be deadly.

The van itself is a Mercedes Sprinter, modified by architectural firm éKM architecture et aménagement and builder Zone Technologie, both based in Montréal. According to Car and Driver magazine, the Sprinter line – with 21 cargo models and 10 passenger versions – is “considered by many to be the king of cargo and passenger vans.”

Kanji said the platform was chosen for its reputation for reliability and robustness.

While the configuration is customized for each mobile clinic, it generally consists of two sections: A practitioner’s workstation and a more spacious and private examination room, so patients can receive treatment with privacy and dignity, Kanji said. The Parkdale clinic is 92 square feet.

“While the layouts vary across regions, they typically include an examination table and health practitioners’ workstation, including equipment necessary to provide primary healthcare,” the Telus vice-president of provider solutions wrote in an e-mail interview. The Parkdale Queen West mobile clinic is designed for primary medical services, including wound care, mobile COVID-19 testing and vaccination efforts, harm reduction services, mental healthcare and counseling.

The clinic equipped with an electronic medical record (EMR) from TELUS Health and TELUS LTE Wi-Fi network technology.

Practitioners will be able to collect and store patient data, examine a patient’s results over time, and provide better continuity of care to those marginalized citizens who often would have had undocumented medical histories.

The EMR system is Telus Health’s PS Suite (formerly Practice Solutions). It is an easy-to-use, customizable solution for general and specialty practices that captures, organizes, and displays patient information in a user-friendly way. The solution allows for the electronic management of patient charts and scheduling, receipt of labs and hospital reports directly into the EMR, and personalization of workflows with customizable templates, toolbars, and encounter assistants.

But like others tested for COVID, it’s a 24-48 hour wait for results. Pop-up or not, how does the mobile team get results to patients who have no fixed address?

The CHC set up a centre for testing in a tent at the Waterfront Community Centre. Swabs are sent to the lab. “We are responsible for connecting back with community members and their results,” Robertson said.

“This is the value of having Parkdale Queen West being in front of the testing, because many of the community members who are homeless we know through our other services, and there is some trust in folks either coming to us to make arrangements to collect their results, or we know where they are.”

This is a key element of the program, said Kanji – leveraging community trust. In Vancouver downtown east side, for example, where there is a high concentration of marginalized members of the indigenous community, nurse practitioners are accompanied by native elders in a partnership with the Kilala Lelum Health Centre.

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