Plan Big Purchases Utilizing Your Bank Account Pocket Feature

Personal finance experts always suggest automating your savings as this will help you reach your goal a lot faster. From a psychological point of view, if you don’t see the money, you won’t feel like you’re depriving yourself of something.

That’s why plenty of people worldwide decide to take advantage of their bank account pocket feature. How does this feature work and can it actually help you save up a considerable amount? Let’s dive deeper into the topic.

What Is A Bank Account Pocket Feature?

Pockets are basically sub-accounts that you can use as a digital money box to stash cash away. A lot of banks have this feature built into their mobile apps. So, all you would have to do to get started is download the application and find the pocket feature.

When you are creating a new pocket, you would typically be asked what savings options you’d like to go for. You can delete the sub-account or edit it whenever you feel like it.

How Can Pockets Help Plan Big Purchases?

If your bank has a pocket feature, it will most likely offer you to choose from two autosaving options. You can deposit a fixed amount into your pocket every week or month or save a random amount each week.

If you select the latter, you will be able to choose a limit (for example, $5-10, $10-50), and the app will automatically transfer a random amount from your main account within the limit into your savings account. In some apps, you can also set a savings goal that you would want to reach.

There is generally no minimum or maximum amount for the savings amount and the goal and you can select to save even cent amounts. Of course, if you don’t have enough money in your balance, the automatic saving will not take place.

When To Go For A Loan?

Though a bank account pocket feature can become an amazing personal finance tool, it might take you anywhere between 6 and 18 months (or even longer) to establish an emergency fund with the help of a sub-account.

Making regular contributions would definitely be worth it in the end, but what options are you left with if you need a relatively large sum ASAP and your pocket savings haven’t had a chance to grow? If you need to take care of an urgent expense as soon as possible, then you might want to go for a loan.

How To Take Out A Loan

Idaho Title Loans, Inc. offers three different types of loans – title loans, installment loans, and payday loans. If you have a car that you own outright and you would like to be able to qualify for up to $15,000, then you would opt for a title loan.

With a payday loan, you can get up to $500, and with installment loans, the maximum amount is $1,500. If you are not sure what loan option to go for, you can always contact one of the friendly loan representatives who would be happy to help you pick the most convenient loan for your specific situation. To begin the loan application process, you would have to:

1. Fill out an inquiry form or call the company directly.
2. Talk to the representative and schedule an in-person meeting. To apply for an installment or payday loan, you would have to pay a visit to the store. If you’re planning on getting a title loan, then you can ask the verification agent to come to a location of your choice.
3. Arrive at the meeting with the required items. The representative will go through your documents and determine whether you qualify or not. If you get approved, you’ll find out what sum you will be able to receive (this whole process might take only 30 minutes).
4. Sign the final paperwork and get your urgent cash the same or the following business day.

What Items Will You Need?

For an installment loan, you will need:

• Your ID.
• A checking account statement.
• Proof of income (your most recent paystub).

The required items for a payday loan are:

• Your ID.
• Your most recent paystub.
• A blank check from an active checking account that is open in your name.

To take out a title loan, you are going to need:

• A vehicle.
• The lien-free title to that vehicle.
• A valid state-issued photo ID.

Get Started Right Now!

Your bank account pocket feature is definitely an amazing tool that can help you save money and plan your next big purchase. But when life happens, and an emergency strikes you might have to use this cash to cover an urgent expense.

If you don’t have enough money in your sub-account to handle that emergency, you might want to consider going for a loan. With Idaho Title Loans, Inc. and their competitive installment, title, and payday loans, you can end up receiving the much-needed sum the same day or the next bank day. To take the first step, simply fill out the online inquiry form and a loan representative will call you with details. 

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.