Blog Post --- Published on July 21, 2021 | Last Updated on February 03, 2024

Want to Grow Money that Can Serve as an Emergency Fund Too? Try Locked Pocket!

Pengen Numbuhin Tabungan yang Bisa Jadi Dana Darurat Juga? Cobain Kantong Terkunci Dong! A Fun Way to Save for an Emergency Fund? Put Your Money in a Locked Pocket!

Better safe than sorry, who doesn’t know this idiom? It is much wiser to be cautious and take preventive measures than to be hasty and regretful later.

With regards to taking precautions, one of the important things to prepare in case something unexpected happens is an emergency fund.

How big or small your financial problem in life when facing something unexpected depends on how much emergency fund you have.

An emergency fund works like insurance. But, you don’t have to pay for an insurance premium. An emergency fund is a set amount of money that can only be used during an emergency, as the name suggests.

Examples of emergencies are losing a job, a sick family member, a crisis like the COVID-19 pandemic and sudden house repair. You cannot spend the emergency fund on vacations, buying a new phone and eating out.

Some Important Reasons You Need to Have an Emergency Fund

The best thing to do is to set aside money for an emergency fund, regardless of how big or small your income is. Below are some of the most important reasons to have an emergency fund:

1. There is only one source of income

If you are either a single fighter or have a family but you only have one source of income, then it is a must to have savings that can be used at any time in case of an emergency. An emergency fund can help you survive through hard times for several months.

2. You are a freelancer or run your own business

In general, freelancers or private entrepreneurs do not get benefits like those who work in offices. Therefore, setting aside money as an emergency fund is so important.

3. There is a health problem

If you are aware of or know of a fairly serious health problem, a large emergency fund will be very helpful. As we all know, health care costs are not cheap, especially if it requires regular check-ups or maintenance.

Also, in a situation like the current COVID-19 pandemic. Anyone can be affected and if you need treatment and medical equipment such as oxygen cylinders, then there must be an emergency fund that is ready to be used at any time.

4. You just started budgeting

When you just started budgeting or separating money, there could be a missed need or expense.

When the time comes, if you have an emergency fund, you can use it to cover expenses that you forgot to include in your plan.

5. There is a big goal to accomplish

A big goal like buying a house or starting another business may be your life goal. If so, it’s only natural that you have emergency savings. If there are costs that you have to bear, which you currently don’t know about, emergency savings can be used immediately.

A Fun Way to Save for an Emergency Fund? In a Locked Pocket

Seeing how an emergency fund can be used in an unexpected time, it would be nice to have a large emergency fund that is ready for use at any time.

An emergency fund can indeed be saved in a regular savings account. But instead of just saving your money there, wouldn’t it be better if the existing fund were ‘bred’?

This is where Locked Pocket, which can be found in the Jago application, is the solution. With Locked Pocket, saving for emergencies feels so fun. What is more, with Locked Pocket, you can start saving money from as little as IDR 100 thousand. And, the duration of the lock can be as short as 14 days. Also, to start saving for an emergency fund, there is no need to make it a burden. You can start with setting aside extra money every month.

The fun thing is, if you have more money, you can immediately top up your Locked Pocket. Of course, the competitive interest will automatically adjust.

Enjoy the fun of saving in a Locked Pocket with high interest rates. Your Locked Pocket is ready to be opened when needed or in case of an emergency.

*Interest rate can change at any time according to bank policy

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Time to Manage Your Money
the Way You Want

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Open a Term Deposit in minutes directly from the app and get competitive interest. Withdraw your Deposit early (if needed) without penalties. Plus, there is a free quota for inter-bank transfers and e-Wallet top-ups up to 150x according to Account Level.

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