Keep it Together: Manage Your Finances All in One Place

in First Person: Our Blog, Personal Finance

Looking for an easier way to manage your finances? We’ve got one! First Internet Bank recently launched Money Management, a new personal financial management tool available for free to all customers through our secure online banking portal.

What is it?

Money Management is a next generation personal financial management tool that is widely regarded as one of the best financial solutions in the industry. (Would you expect anything less from First Internet Bank?)

What can Money Management do for you?

Three words: A better, easier and smarter option for staying on top of your finances. (OK, that was more than three words, but there are so many powerful features packed into this tool we just couldn’t contain ourselves!)

  • See an aggregated view of accounts and transactions
    Enter the credentials for all of your accounts to view everything in one place. You’ll be able to sort your transactions by category, to help you stay organized. Tax deductible donations can even be flagged throughout the year so you can easily find them when tax time rolls around.
  • Manage your budget
    Create a budget and monitor your spending at a glance. Set up custom budget categories and change the amount allocated to your monthly budget as your income or expenses change. (We especially love the “budget bubbles” feature pictured above that gives you a quick snapshot of your spending vs. your budget.)
  • Establish savings and debt payoff goals
    Make a plan to pay off debts within a certain time, or create savings goals that you can prioritize and monitor on your own timeline.
  • Identify spending trends
    Track your spending over time so you can see where you’re spending your money, and if you need to make adjustments. (HOW MUCH did you spend on your morning cup of joe?)
  • Stay informed
    Set up balance and transaction alerts using the default settings, or create your own to send text or email alerts as you prefer.

Ready to give it a go?

Log in to online banking and select the “Manage Money” tab, then click the “Money Management” menu option. Follow these simple steps:

  1. Link your external accounts
    To add an account, click “Add an Account” on the right side of your screen. You will be able to search for a financial institution by its name or web address. Enter your account information for the selected institution and click the “Connect” button. You can even enter property values, cash or unsupported financial institutions by clicking the “Add a Manual Account” button. Accounts can be edited, deleted, merged or excluded based on your preference.
  2. Monitor and categorize your transactions
    Money Management automatically categorizes your transactions, but you may want to set up customized categories to fully reflect your budget and spending habits. Click on the transaction to customize the description, edit the date, create a tag for custom searching or add a memo.
  3. Set up a budget
    Select “Auto-Generate Budget” to use the default budget option, or start from scratch if you prefer. Budget items will appear in various colors to indicate whether your spending is on track, getting close to your limit or (yikes!) over your established budget. View your budget in a traditional bar format or in an interactive bubble view. In the bubble view, the size of the bubble reflects the set budget amount in relation to your overall budget.

The Money Management tool offers a fantastic Help resource by clicking the “?” icon on the right side of the top navigation menu. But if you need a little extra help, a Relationship Banker would be happy to assist you, as always. Contact us at bank@firstib.com or 1-888-873-3424 with your questions (or to tell us how much you love this fantastic new tool).