My Finance is a simple and intuitive way to keep track of your finances. You can categorize expenses, budget, establish financial goals and even set up automatic alerts about your finances, regardless of whether the transactions come from your TBNA account, credit cards or accounts at other types of financial providers – all of this in one place, at no charge to you! By entering all of your financial accounts into My Finance, you will see a comprehensive picture of your financial situation.
To get started, click on My Finance (after you log in to Netteller)
There are five basic components:
Transactions: My Finance does the majority of work by understanding the transactions you do. As a result – it’s very important to categorize your transactions. When you initially start using My Finance there could be several transactions to categorize; don’t panic. My Finance is looking at your last ninety days of transactions and as you tell it what category a transaction belongs in, My Finance learns this and doesn’t ask you about future transactions from this merchant. You can categorize transactions in two ways:
- From the opening dashboard – if you have any uncategorized transactions you will see a message when you first start My Finance and you can click on the message which indicates the number of uncategorized transactions.
- Choose the “Transactions” tab and all uncategorized transactions will be displayed. You can categorize by either “dragging and dropping” a transaction into the correct category on the left hand side of the screen or double-clicking on the transaction and choosing the appropriate category from the drop down box.
Whichever method you choose for categorizing transactions My Finance will show you similar transactions to allow you to categorize multiple transactions at one time. My Finance will build rules for debit card and ACH transactions automatically; however, checks will always have to be individually categorized because My Finance can’t read the payee line of the check.
Accounts to track: These can be from TBNA, other institutions, credit cards, mortgages, retirement accounts and more. To set up an account to track, simply choose the “Accounts” tab and choose either “Add Online Account” or “Add Offline Account”. Online accounts are accounts to which you currently have online access and offline accounts are accounts where you do not have online access, but wish to manually update the balances periodically. Online account setup will ask you for the name of the institution or credit card, and your online user ID and password. My Finance will verify the connection, prompting your for any necessary security pass phrases, and then display your accounts at that institution. You’ll choose which of those accounts to track. From that point forward My Finance will automatically connect and re-update balances and transactions for each online account you have established.
Budget: Budgeting is an invaluable tool and because My Finance has your last ninety days of history already, and learns categorization of expenses dynamically, it is easier than ever before to actually see where your money goes. The simplest way to create a budget is to let My Finance do it for you automatically and then make adjustments to it afterwards. Creating your budget is simple:
- Categorize your transactions
- Choose the “Budget” tab
- Choose “create budget”
Financial Goals: My Finance allows you to set goals for yourself and will automatically keep track of those goals for you. If you want to set a goal of $2,000 for your savings account for your next vacation, simply choose the “Financial Goals” tab and then choose “Add Financial Goal”. Indicate what type of goal you’re setting, and then give it a name and an amount. From there My Finance will ask you what account to track for the goal and that’s it!
Alerts: The “Alert” tab allows you to establish email alerts to notify you in the event a specific event happens. These events can range from hitting a budget threshold to having a transaction come in from a specific merchant. To create an alert choose the “Add Alert” button under the “Alerts” tab and specify the type of alert you would like. From there, you provide an alert name and description and email address to receive the alert. My Finance will automatically send an alert to the specified email address when the alert has been triggered.
Remember – for a comprehensive view of your entire financial situation, enter not only your TBNA accounts, but all financial accounts you have, including credit cards, loans, and other deposit accounts. Once you get everything in, you’re on your way to taking control of your financial picture!