Personal Financial Management

Posted Wednesday, February 01, 2017 in Articles

Personal Financial Management (PFM) allows you to budget and manage your finances by aggregating all of your accounts across multiple financial institutions so that you can see balances and transactions all in one place, on any device. Several links appear at the top of the Home page, such as Net Worth and Budget. You can click those links to display visual representation of your financial data, known as “widgets.”

Each widget is interactive and displays different information:

  • Net Worth – Allows you to see the total value of all internally held and linked accounts to view your net worth over time.
  • Budget – Helps you set budgets for each spending category and track progress towards those categories each month.
  • Spending – Enables you to see a visual representation of how you are spending your money over a period of time.
  • Trends – Builds even further on your budgeting categories to help track spending over time as compared to income.
  • Debts – Allows you to see all of your debt accounts in one place and to calculate how making additional payments, or paying off your debt completely, can impact your debt over time.

Linking Accounts

Linking accounts held at external financial institutions allows you to manage your finances by seeing balances and transactions all in one place, on any device. Link your credit cards, loans, checking, and savings accounts from other financial institutions one time, and PFM keeps your view updated so you always see accurate balances and recent transactions.

Categorizing Transactions

Transactions for your internal accounts and linked accounts are automatically categorized to help you accurately monitor your spending and track your budgets. In some cases, you may choose to modify the automatically-selected category. You can also modify transaction descriptions, edit, or split transaction categories, and create new subcategories.