3 Reasons You Should Use Personal Financial Management (PFM)

September 1, 2020

The Personal Financial Management (PFM) tool allows I-Banking users to manage their budgets by aggregating all accounts across multiple financial institutions into one place. By clicking on the “Financial Tools” bar on the homepage, you will be directed to a page showing you options to see your monthly budget and spending. PFM on the FSB Mobile App is a great tool for customers to use:

1.      Manage All of Your Accounts at Once

PFM allows you to link any external accounts from outside financial institutions so you can see all of your balances in one location. By clicking “Link Account,” you’ll be able to search for your financial institution and log in with that institution’s credentials in order to link accounts.

NOTE: you cannot make transfers to/from these external accounts by simply linking them. To learn more click here: www.fsb1879.com/faq/transfer-to-external-account

You can see your accounts under the “Budget” tab, which will show up in floating circles. You can also filter your accounts shown on this screen by clicking on the “Filter” button in the top-left corner of the screen. Choose which accounts you’d like to see, and it will appear as such on the “Budget” screen.

 

2.      Create and Adjust Budgets

As said before, the “Budget” tab will populate a screen with floating circles representing various categories based on your spending habits. Examples include: Food & Dining, Auto &Transport, and Shopping. These will appear in either red, yellow, or green colors: green means you didn’t go over your allotted budget for the month in this category, yellow means you are getting close to the maximum, and red means you went over budget.

By clicking on these circles, you are able to adjust your monthly budget amount and set up “sub-budgets” within that category. You can choose your sub-budgets from the options allowed or by adding your own sub-category.  

Read our tips on budgeting here: www.fsb1879.com/blog/tips-to-save-money-when-budgets-are-tight

 

3.      Check on Monthly Spending

PFM lets you look at your monthly spending habits. If you go to the “Spending” tab, you will see a pie chart of your total amount spent during the month as well as your total income for the month. By clicking on the pie chart, you can see all your transactions for the month in its categories.

You can adjust your term to show more than your monthly spending and income; you can select a range to show all transactions within a given time frame. This can be anywhere from the current month to last year.

PFM helps I-Banking users get back on track with budgeting by organizing and managing your finances in this one-stop feature. Please call our customer call center at 1-877-FSB-1879 or by visiting http://www.fsb1879.com/about-us/contact-us for any further questions.

This blog is intended to be an informational resource for readers. The views expressed on this blog are those of the bloggers, and not necessarily those of FSB. This blog does not provide legal, financial, accounting or tax advice. The content on this blog is "as is" and carries no warranties. FSB does not warrant or guarantee the accuracy, reliability, and completeness of the content on this blog.