Online Banking has just become even more convenient with the introduction of Money Management!
What is Money Management?
Money Management is a user-friendly budgeting tool that puts your finances on center stage! It categorizes your transactions, helps you create budgets, view spending trends, and manage your debts.
Money Management seamlessly integrates into Online Banking with a widget-like implementation and functionality. Now you can have an engaging money management experience securely within online banking. These features include Bubble Budgets, Expense Tracking, Debt Management, and more. Not only will you be able to see all your financial accounts, balances, and transactions in one place - you will be able to visualize and interact with that data in new and meaningful ways.
Since not all budgets are created equal, using circles or "bubbles" to represent budgets allows you to quickly identify budgets that need the most attention.
At a glance, you will be able to determine a budget's:
- State/Status (color): over, under, or near budget
- Relative Value (size)
- Spending Progress (meter)
- Relationship to other budgets
Don't just track spending, know your spending! Get powerful insights on where, when, and how you spend.
Money Management automatically categorizes and tracks spending from all your accounts, so you can see where your money is really going. Unlike other spending pies, Money Management reinforces the parent-child relationship of categories, giving you in-depth insights into your spending habits.
Money Management allows you to create a customized financial plan that fits your lifestyle. It also helps you stay on track with a financial GPS that keeps you on the path to financial freedom and well-being.
The data visualization reflects debt details allowing a user to quickly see which debts are being paid down and for how long.
At some point in our lives, most of us have borrowed beyond our means. If you're in over your head, Money Management is designed to give you step-by-step instructions on how to get out of debt, and stay out for good.
The updated Net Worth app displays data that can be immediately actionable and motivating.
For those users that have a lot of debt and slow changes each month, net worth can be a daunting report. The new Net Worth app shows you a contextually accurate data visualization of your assets vs. liabilities.
Quickly determine if you are moving in the right direction - and to what degree. Even the smallest changes are easy to see and place in context.
- Check all the available account types listed under an institution when you search. Sometimes mortgage, savings, credit card, etc. accounts are listed separately. You might also have to search for the specific account (i.e., "Bank of America mortgage," as opposed to just "Bank of America").
- Verify your username and password with your institution to ensure your credentials haven't expired. Sometimes signing in can unlock a frozen account connection.
- Turn off complicated security preferences (such as CAPTCHA and picture passwords) on your institution's site.
- Allow your institution to accept third-party access by changing the preferences on their site.
- Make sure you aren't simultaneously logged in to your institution's site on another tab or browser.
- Make sure the software isn't waiting for your response to a security question.
- If a connection breaks, you may have to enter your credentials again.
- If these suggestions don't apply to your situation, please use the "Submit a Support Request" within Money Management.
- Set up your account - Log in to your Online Banking and find the link for “Money Management”. 1st Source accounts will automatically begin syncing to Money Management.
- Add all accounts - Add additional accounts with other financial institutions to see your full financial picture. Add manual accounts for property, like homes or vehicles. You can also create manual accounts for accounts that are not supported or are broken.
- Categorize transactions - After all of your accounts have been added, open the Transactions View and review your transactions for accuracy. Transactions are automatically categorized for you, but they are not always accurate and may need to be re-categorized. Your changes will be applied to future transactions. You may want to enter additional details about your transactions; see “How do I manage my transactions?”
- Create budgets - With your transactions correctly categorized, you can easily create budgets based on your actual spending history. Open Budgets and follow the instructions to generate a budget. You can also create a budget manually. See “How do I create a budget?”
Open the Accounts View and click on the account you wish to delete. Click on the trash can icon and confirm your decision to delete the account. You cannot delete an account from your primary institution, so the trash can icon will not be present. You can, however, exclude a primary account by clicking on [Exclude from App] in the transaction detail view. This will exclude the account and its transactions from being calculated into your budgets, spending etc.
Money Management will import 90 days of transaction history from 1st Source Bank. The amount of data that will be imported from other institutions depends on the institution.
After the initial account setup, Money Management will pull new transactions from the last 30 days, so you must sign in at least once every 30 days to avoid creating a gap in your data.