If you're planning to make a big purchase, then you’re probably wondering how you might get the money together quickly. Conventional wisdom says setting a clear target, putting savings before expenses, and applying the 50/30/20 rule for budgeting will set you on the right path. But learning how to start saving is only the first step—sticking to good financial habits is just as important. While the latter is easier said than done, digital cash apps like Figure Pay can give you a hand.

How Figure Pay Works

Figure Pay is a payments app that allows you to make mobile payments, send or receive money, earn rewards, and even access credit from the convenience of a single account. You can pay for purchases directly from your smartphone or through your linked Visa prepaid card at participating merchants or anywhere that accepts Visa.

Figure Pay is an ideal banking alternative, it isn’t actually a bank, and any deposits made into your account are held at UMB Bank, which is Figure’s partner. Your funds are insured up to the maximum FDIC limit.

Once you have ordered your Visa debit card from the Figure Pay app, you’ll be able to withdraw cash from any of the 55,000+ ATMs within the Allpoint network. You won’t be charged any fees for using ATMs within this network.

With a few taps on your phone, you can send money to family and friends who are also Figure Pay account holders. Receiving transfers is just as quick and easy.

Improving the way you manage money with Figure Pay

Figure Pay is not just a leading mobile payment tool—here are some ways it can keep your finances healthy too.

  • Tracking your money. Do you sometimes wonder where your hard-earned goes? It’s difficult to get any insight into your spending habits if you mostly pay with cash. However, when you use mobile payments, transactions are recorded into your account in real-time so you can keep an eye on what takes up your budget and make better spending decisions.
  • Separating your spending from savings. Figure Pay is a great option for your everyday financial needs because there are no fees, minimum deposit or account balance requirements. While you won’t earn interest on your balance, there are no hidden costs to worry about either. Simply direct deposit salary and government payments into your Figure Pay account, then transfer amounts you want to save into a separate savings account. By having an account for everyday transactions, you can monitor exactly how much you have available to avoid overspending. You could also watch your savings pot grow and know precisely how close you are to meeting your target.
  • Sharing bills. If you‘re often splitting bills like utilities, rent, groceries or meals out with others, then using a mobile payment service like Figure Pay can make it easier for everyone to stay on top of expenses and settle up quickly. With payments received and made automatically recorded, you’re less likely to end up with money disputes too.
  • Receiving gifts. Thoughtful money-gifting on your birthday and other special occasions can really boost your account balance. When you’re a Figure Pay member, family and loved ones who know about your goal could send money securely into your account.

Building your credit profile

One thing that comes into play if you’re looking to buy something really big—like a house or a car—is your credit. Even after getting a deposit together, you’ll still need to secure a mortgage or loan to complete your purchase. Figure Pay offers account holders the opportunity to improve their credit rating through its Credit For All program. With stronger credit, you‘ll be well-positioned to negotiate a cheaper interest rate when the time comes to finance your big purchase.

The Credit For All program provides installment loans that are similar to “buy now, pay later” arrangements. They can be used for purchases from $10 to $2,500 at any merchant that accepts Figure Pay or Visa. They’re handy if you need back-to-school credit or you have unexpected purchases to make. When you apply for a loan, you’re approved for a specific amount, but loans are funded at the point of sale which means you could take out multiple loans that add up to your approved limit.

As you make on-time repayments, your credit rating will improve over time because Figure Pay reports payments to credit bureaus regularly.

A loan with safety and convenience in mind

With Figure Pay, you get the convenience of a credit card without the high costs. While credit card repayments vary depending on your outstanding balance each month, Figure Pay loans are repayable over 4 months in 4 equal repayments. You’ll know the repayment schedule from the outset so you can budget for them. Each payment you make goes towards reducing the loan’s outstanding principal, meaning you’ll accrue less interest and stay in control of your debt.

Applying for a Figure Pay loan won’t impact your credit rating but for your protection, Figure Pay will check your credit and assess your ability to repay before making a lending decision. If you have weak credit, you can still earn the ability to borrow by making a deposit of at least $1,200 into your account for two consecutive months.

Once your loan is approved, simply turn on loan mode in the Figure Pay app to fund your next card purchase. When loan mode is turned off, the cost of your purchases will be debited from your account balance instead.

Earning bonuses and rewards

Every little bit helps when it comes to building your account balance and with Figure Pay, you can take advantage of its referral bonus scheme to earn up to $125 in cash bonuses.

You’re rewarded with a cash bonus of $25 for each friend who signs up for an account using your referral link and spend at least $50 within the first 60 days. You’re also eligible to receive a $25 bonus if you were referred to Figure Pay by someone else—but you must meet the same minimum purchase requirement. You can receive a maximum of 5 of these bonuses, both as referring and referred customer, for a total of $125.

Figure Pay runs a rewards program for its members as well. Once you’ve downloaded the app, you can check the Rewards section to find participating retailers in your area so you can start earning rewards for your spending.

Start using Figure Pay today

Digital tools can be invaluable when you’re working towards a financial goal. Beyond providing a reliable mobile payment service, cash apps like Figure Pay makes it simple for you to monitor your account, stay on top of your spending and keep your finances organized. If you’re looking to strengthen your credit profile, the Credit For All program will also give you access to small loans with affordable payment plans. You can register for an account in minutes, so sign up today for a safe, secure, and easy mobile payment and credit plan from Figure Pay!