Better Understand Your Finances With Our Free Money Management Tool
Money Management is our new free personal financial management tool available within Elevations online banking and the Elevations mobile app.
Use this tool to better understand your finances. See all of your accounts (including those from other financial institutions) in one place, view the relative health of your budgets with easy-to-understand graphics, and keep track of spending with auto-categorized transactions.
Money Management Features:
- Debt payoff forecasting
- Goals can include debt payoff, savings, and retirement
- Cash flow calendar
- Auto-categorization of transactions
- Text and email alerts
- Detailed net worth analysis and tracking
Money Management replaced FinanceWorks on March 20, 2018.
If you used FinanceWorks in the past, here’s what you need to know:
- We’ll migrate 18 months of transaction history to the new Money Management tool.
- For security reasons, we are not migrating account login credentials from your non-Elevations accounts
- When first using the Money Management tool, you will be prompted that new log-in credentials are needed for these outside accounts.
- Transaction categories will automatically reclassify with an expanded list of categories.
- Budgets, Alerts & Goals will not be migrated, however, you will be able to easily reestablish these.
Money Management FAQs:
To add an account:
- Click “Add an Account” on the right to open the Manage Institutions window.
- Search for a financial institution by its name or URL.
- Select the institution from the list and enter the requested login credentials.
Simply click the “Transactions” tab on the top left of the tool. The Transactions tab provides a consolidated list of your recent transactions from all accounts. Transactions will be automatically categorized to make it easy to see where your money is going. However, not all transactions can be automatically categorized, so it’s important to review your transactions regularly. For example, checks and ATM withdrawals will be left “Uncategorized,” and you will be prompted to assign a category for such transactions. Make any changes necessary to ensure your spending data is complete and accurate.
It can be helpful to review your spending chart after reviewing your transactions. You will better understand how your transaction categories influence your financial reports, and the chart can often reveal spending details that need to be re-categorized.
A budget makes it easy to visualize how much you’ve spent and how much money you have left for the month. Select “Auto Generate Budget” to let Money Management calculate your average monthly spending in each category for the last two months with complete data. This gives you a realistic starting point for your budget.