How I’m Using Text Messages to Plan for Retirement


I love my phone. Seriously. I never have it away from me. I absolutely love that I can combine my music, my email, my friends and any games I happen to be playing at the moment in one small device that fits into my pocket. Even more so is the fact that I LOVE that I can use it to help Tom and I save for retirement. I have this crazy goal of retiring by the time that I am 45 and since I just turned 33, that doesn’t leave us a lot of time to plan and save.  My phone though is a HUGE help in my retirement plans…how? Because I’m using text messages to help build our wealth and to help myself plan for retirement.

Planning for retirement can be such a hassle. We're making it easy though. We're using Text Messages to boost our retirement fund! See how!

When I tell you that I’m using my phone to help plan my retirement, I don’t mean that I’m doing my banking on it. While I do use the app for my bank, that isn’t what I mean here. The actions that we are doing in this post specifically pertain to our retirement funds. How we’re using it to boost our retirement fund is two fold:

First, Digit plays a huge role. If you’re not familiar with Digit, it’s an automated savings program that I am in LOVE with! Digit analyzes the spending in your checking account and makes periodic withdrawals based on your spending. It will never overdraft you and is federally protected by the FDIC. The money that Digit withdraws is kept inside of your FDIC insured Digit Savings Account. Digit is done controlled with text messages once you set it up and trust me, he’s a powerful little bugger!

Don’t believe me?

 

 

digit-savings-balance

 

Digit is pretty awesome if you ask me and that is how we save for retirement…

The second part is how we use our phone to build that savings. Have you ever heard of Acorns? Acorns is another awesome app! It also analyzes your spending and rounds everything up to the next dollar. Then, it withdraws those amounts and invests them. The great thing about Acorns is that you can also make manual deposits (or withdraws) anytime you want to continue to boost your portfolio. All investments made through Acorns are insured by the Securities Investor Protection Corporation (SIPC) up to $500,000.

So how do we use the 2 together?

Both apps analyze our spending and make random withdraws based on what the app is set to do. Neither will overdraft us and both only withdraw small percentages.

Once our Digit account gets to a certain dollar amount, we make a manual deposit into our Acorns account.

Acorns then invest that money, based on the settings we have chosen.

 

The two apps together have created an additional portfolio for us that once it grows? Will help to provide us with the money we need for retirement! Easy peasy, just a few minutes of work every couple of weeks and bam! Additional funds.

Digit is currently invite only, but you can skip the waiting list by using THIS link.

Acorns is available on IOS and Android and can be downloaded HERE.

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Stacy Barr
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Stacy Barr

Stacy Barr is the face and brain behind the frugal living and lifestyle blog Six Dollar Family. A true gypsy soul, her newest blog, Unsettled Hearts, chronicles the journey of her family to become full-time travelers. By the age of 30, Stacy had overcome an alcohol addiction, a drug addiction, divorce, survived domestic violence and had built a life for herself and her daughter after spending 10 months in a homeless shelter. Her book, also called Six Dollar Family, has sold more than 7,000 copies since its release.

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Comments

  1. sharon shafran says:

    looks very interesting

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