You're busy. You have big plans for the future, places to go, friends to meet. Does it really make sense to spend time bouncing from one website to another to check out your car loan, another to pay your mortgage, and yet another to look at your checking account balance? That’s so 2008!
An online money manager brings all your accounts together in one place and gives you the insight you need to improve your financial life – think of it as your personal wealth advisor.
Here are five benefits a tool like this offers. It'll save you time and money this summer...and beyond:
- You can view your savings, checking, 401K, IRA, credit card, and brokerage accounts in one place. This eliminates the time you’ll spend logging into individual sites, plus lets you view your entire financial life in one fell swoop. If your online money manager has a mobile app (like My Money Manager does!), you can log in at home, in the office, or during your travels.
- A online money manager delivers powerful data and information you can use to improve your finances. Want to know how much you’re spending on coffee, concert tickets, or cable each year? You can track that with an online money manager across all your accounts. Are you continually overspending on clothes or dinners out every month? You'll be able to see when it's time to tighten the wallet. Are you a more visual person than a numbers person? No problem. You can graph your income, expenses, savings, and investments so you can view your financial life in a pie chart or bar graph.
- An online money manager promotes awareness so it’s harder to forget or ignore your finances. It’s easy to put off IRA contributions or forget a bill. Some online money managers will send you alerts when it’s time to add some money to your retirement savings or remind you that your insurance bill is due. Others include a calendar that automatically adds due dates based on account information, or lets you manually enter important dates. You’ll save money on annoyances like late fees, penalties, and higher interest rates and get peace of mind that your financial house is in perfect order.
- You can budget without breaking a sweat. Whether you're saving for a down payment on your first home or merely putting the kibosh on overspending, a budget's a must. Hardly anyone likes budgeting, which is where online money managers shine. All you do is let your online money manager know what you want to spend (or save) each month in each category of your choosing, and it does the rest using tags you assign to your transactions. In moments you can see whether or not you're on track to meet your budgeting goals.
- Keeping up with cash flow is easy-peasy. Sometimes we just don't have the mental bandwidth to juggle expenses between paydays. If you know your rent is due on the 1st, the cell phone bill on the 15th, and your car payment on the 21st, an online money manager can show you how much money you'll have in your account on those days based on your paydays and let you plan accordingly.
Hanscom FCU members have free access to My Money Manager. We make it easy for you to take advantage of its powerful tools right away by pre-populating it with balances from your Hanscom FCU accounts. It’s a breeze to add additional accounts from other financial institutions. Here’s how:
- Make sure you’re enrolled in Online Access HD .
- Once enrolled, log into your account with your login and password. On your Dashboard, click the “Services” button, then click “My Money Manager” in the dropdown menu.
- On the My Money Dashboard, click on the small “Add” button in the left-hand column. Select your account from the available institutions OR use the search feature to find your account.
- Complete the required account information, and select "Connect." That’s it. Want to add more? Just repeat step 3 with all your other accounts and you’re done. My Money Manager will handle the rest.
Once you’ve set up My Money Manager, it’ll do the heavy lifting of keeping your finances organized, freeing up your time to focus on what’s really important to you.
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