Effective and ongoing financial management is essential for us to achieve and maintain healthy finances, but it can be challenging to keep track of our planning, spending and savings all on our own. Personal Financial Management (PFM) refers to digital tools that take the grunt work out of managing your finances. We’re discussing the top five features found in some PFM platforms and how they can help you reach your goals.

Keep in mind not all PFM apps will offer all five of these features, but if you are interested in using digital financial management, here are the top five features to look for.

Streamline Financial Management

Get a comprehensive view of your finances by bringing together all your financial accounts into one platform. The benefit of this is to track your income and expenses in one place, making it easy to see how you’re using your money each month. If you are a Credit Human member, log into digital banking to aggregate your accounts. It’s important to connect all your financial accounts from other financial institutions, investments and credit cards to get an accurate picture.

Strategic Planning

Planning can sometimes be the hardest part of managing finances. Some PFM features allow you to tailor your spending plan to align with specific financial goals and set realistic spending limits. You can track your progress seamlessly and receive alerts when approaching or exceeding your maximum amounts. Understanding spending patterns enables us to make informed decisions and encourages financial discipline. Learn more about Spending Analysis in digital banking.

Spending Forecast

Some PFM tools can not only track past spending but can use data to predict future spending as well. See your forecasted spending and income to provide an ongoing projected balance so you know how much money you will have in the future. With a spending forecast, you can get a better idea of what your financial situation will look like over the coming months and can take steps to ensure you don’t run into issues. Learn more about Spending Forecast in digital banking.

Prioritize Spending

Creating a spending plan is the first and most important step for effective financial management. Most PFM tools will categorize your spending into separate areas like groceries, utilities and housing, then track your spending against your plan to make real-time adjustments. This approach ensures your spending aligns with your financial goals, to minimize unnecessary expenses and keep you on track. Credit Human members can set goals and track progress in digital banking.

Gain Valuable Financial Insights

Through detailed reporting, you can see a comprehensive overview of your financial health. Analyze spending trends, pinpoint areas for improvement and make informed decisions with the analytical tools provided. These insights empower you to make financially healthier choices, instilling good habits and ensuring a more secure financial future. Learn more about Financial Health Snapshot in digital banking.

These PFM features, especially when utilized to their full capabilities, give us the ability to manage our finances easier than ever before. By automating the traditionally difficult parts of managing money, all you have to do is stick to the plan.

Learn more about the PFM features in our digital banking platform. If you’re already a member, login and connect your financial accounts to get started.