A personal financial manager (PFM) makes money management simple.
Did you know, on average, Americans have 17 financial accounts spread over multiple financial institutions? How can you keep track of your money? A Personal Financial Management (PFM) application provides the tools to closely monitor your financial landscape all in one place.
Once you link your Fortifi Bank and other financial accounts, the PFM will automatically import transactions from your accounts — including checking, savings, credit cards, investments, mortgages, and loans. This data comes together to show the trends and tendencies of your spending. Do you know where most of your budget is spent? The application can help you better understand and plan where your money goes. It sheds light on areas you may be overspending and allows you to clearly assess your financial priorities.
Within the PFM toolbox you can set monthly budgets, create goals, monitor your retirement savings, and track progress to paying down debt. By utilizing the budgeting tool, you can appropriate the necessary funds to categories like food, gas, utilities, and entertainment. A few adjustments up and down, and you will know exactly how much cash will move into your savings account at the end of each month.
Setting a goal is a great way to achieve it. A PFM will help monitor your progress when you link a coinciding account with your goal. For example: If you are saving for a vacation, you can specify the target amount, link a savings account to that goal, and set a deadline. You will then have a clear visual of how you’re doing and if you will achieve your goal — providing motivation and maybe even spending less in other areas to do it ahead of schedule.
Want to print this article? Here is a printer friendly version.