How to use shared pockets

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For years, we understood our bank accounts in one way: our entire money was stored in a place. All our spending, bills and credit cards were deducted from that one place.The digital banking revolution changed all that. But in many ways we still think of our bank accounts the same way despite being able to do so much more with them. It’s hard to imagine the new abilities the digital banking world has unlocked for us when all we’ve known is the old system. Let’s try to change that a bit with one specific feature: the shared pocket. 

What is a shared pocket?

The idea behind a shared pocket is so simple it barely needs to be explained. Like a joint checking account, a shared pocket is a space where you and another person (or other people) have access to the money inside. 

Anybody can put money in and anybody can take money out. Easy enough, right? 

Ways to use a shared pocket 

The mechanics of the pocket are simple. But finding creative uses for it can be harder for those of us used to traditional bank accounts. In the past a joint checking account was a huge step or commitment, usually reserved for lifelong partners, or married couples. You didn’t just open a joint checking account with anybody.The shared pocket is meant to be much more casual. Because it’s easy to create and dissolve, you can have a pocket for years, or just a few days, depending on your needs. And that ability opens up a ton of new possibilities. For example:

  • If you live with roommates, a shared pocket for rent and utilities that everyone pays into can save you a ton of stress. You can track who has made their payments, or even set up recurring payments for expected expenses like rent. 
  • A party or event fund. Large-scale parties might not be happening right now, but they will eventually, and when the time comes, being able to collect money for drinks, food and entertainment into a shared pocket saves time and energy. When the party is done, the pocket can be easily dissolved. 
  • A space between friends. If you have friends you regularly go out with, and find yourself constantly splitting bills or sending money back and forth, having a pocket between you two can be a faster and easier way to settle debts. It’s more personal than sending money, and often faster. 

These are just some ideas. The point is to expand your thinking on who you can share a pocket with. You’re no longer bound by the old rules and conventions. Feel free to keep brainstorming for new ways to use pockets. The only limit is your imagination.

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