Money manager tip: Goals Sep 06, 2016, 8:15 am By Heidi Carmack Pfaffroth

In online banking, using money manager, you can set financial goals and use our tools to help you keep track of how you’re doing.

The goals tool under money manager in online banking is a tool that enables users to manage and visualize goals on a timeline. You can create a goal, name it, and associate it with an internal or external account. For example, if you’re saving up for a special family vacation, you can set a goal so you can track your progress toward saving for your goal. You can also change the amount and priority of each goal, as well as the total amount available overall.

Goals

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Money manager tip: Alerts Aug 29, 2016, 8:15 am By Heidi Carmack Pfaffroth

You can use alerts to help you keep track of your goals, budgets and more.

Our online money manager includes a notification system that can send SMS and/or email messages to users, based on preferences. Alerts include: Exceeded Budgets, Debt Payment Reminder, Low Account Balance, Large Deposit, Large Expense/Withdrawal and Fee Charged. You can define alert thresholds on a per-account and a per-alert basis.

Alerts&Messages2 Alerts&Messages

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Money manager tip: Net Worth Aug 22, 2016, 8:14 am By Heidi Carmack Pfaffroth

One of the most valuable tools you’ll find in Bank of American Fork’s online banking is the net worth category in money manager, which is powered by MX.

Once you aggregate all of your accounts, you can track and see a visualization of your net worth over time. Net worth is a measure that is most valuable to track if you look at how it changes over time. It’s helpful to work towards having a steadily-growing net worth. If it isn’t, you can try drilling into each month to see how certain transactions affect overall net worth. You can also define the date range over 3, 6, 9 or 12 months. The net worth category can be one of our money manager’s most valuable tools in helping you to improve your financial habits.Net Worth

 

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Money manager tip: Debts Aug 15, 2016, 10:11 am By Heidi Carmack Pfaffroth

Are you paying off debts but need help in seeing your debt plan and the progress you’re making over time?

In Bank of American Fork’s online banking, our money manager has a debts tool that enables users to manage a debt plan from their aggregated liability accounts. You can view balances, APR, last payment date and minimum payment. The tool can also project debt payoff dates and prioritize the payoff of certain debts. Seeing your projected payoff date and the progress you’re making might be one of the biggest motivators for continuing to make payments.MMDemo-15

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Money manager tip: Trends Aug 08, 2016, 9:00 am By Heidi Carmack Pfaffroth

Using our money manager tool in online banking you can see trends in your money habits:

In the trends category, you’ll see a visualization of spending over time divided into categories. You can drill into subcategory views and see transaction details. You can also track income and define the date range over 3, 6, 9 or 12 months.MMDemo-14

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Money manager tip: Budgeting Aug 02, 2016, 8:43 am By Heidi Carmack Pfaffroth

Every good financial advisor suggests budgeting as a way to manage your money. In our online money manager, it becomes easier to do.

The budgets category will offer you a visualization of your data on a monthly basis. One way to improve your spending habits is to create custom budget categories to help you get a real picture of how much you’re spending on entertainment, for example. Or perhaps you’re not putting as much into your car maintenance category as you’re spending from it. You can change the amount of money allocated to the monthly budget, view historical monthly budgets and change the projected income amount. Budgets can be viewed as bubbles or traditional bars.

The bubble view might be an easier way for you to view your spending, as compared to a traditional view. Here’s what it might look like.MMDemo-12

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Money manager tip: Spending Jul 26, 2016, 8:57 am By Heidi Carmack Pfaffroth

Do you struggle to see where you’re spending your money?

In money manager, you can view a visualization of spending categories over a defined date range. You can change the date range, view a visualization of income sources and drill down to subcategories and transactions (which money manager has categorized to help you see where you’re spending).MMDemo-13MMDemo-11

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Home Sweet Home: The Kitchen Jul 14, 2016, 8:01 am By Heidi Carmack Pfaffroth

Use our handy guide to figure out how much you need to set aside each month for an eventual kitchen appliance replacement.

Is your refrigerator running? Just kidding. What we really want to help you think about is whether you know how old your fridge is. What about your garbage disposal or hardwood flooring?

If you don’t know the age of your kitchen appliances or how many years down the line you’ll need to replace them, it’s hard to save up for that cost. On average, a garbage disposal lasts 12 years, but could cost you $400 to replace. If yours breaks next week, do you have the money set aside to replace it, without displacing any funds you need elsewhere in your budget?

One way to make sure you’re ready for repairs is to divide the amount you think you will need (use our guide for an estimate—using the higher number in the range is one way to avoid unexpected costs) by the number of years until you will need to repair or replace. Then, make sure you set aside that amount each year until the time comes for repair or replacement. You can try setting up automatic transfers if you aren’t sure whether you’ll be able to set the money aside instead of spending it.

House-Costs-Infographic-Kitchen

Find our handy guide for your home’s exterior here and watch for guides coming up for bathroom, living room and basement repairs and replacements!

Money manager tip: Transactions Jul 12, 2016, 9:25 am By Heidi Carmack Pfaffroth

With money manager, you can view transactions across multiple accounts in one place:

In money manager, you’ll see an aggregate view of all transactions from internal and external accounts. Transactions will be automatically categorized, and you can adjust categorizations as needed. Money manager will learn your patterns as you re-categorize transactions and keep up. Then, you can filter the view by account or date, as well as search the dataset for any keyword or amount. Other functions include the ability to add manual transactions and to export the list to a .csv file.

Transactions

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Money manager tip: Accounts Jul 05, 2016, 8:51 am By Heidi Carmack Pfaffroth

Have you tried Bank of American Fork’s new money manager in online banking? It’s powered by MX and has some neat features to help you manage your income, spending, budgeting and even see your net worth.

To use the money manager, just log in to online banking and click the money manager tab. From there, we’ll walk you through some of the steps to aggregate your accounts and begin to set up budgets. If you don’t have online banking, call us at 800-815-BANK and a real, live person will help you get set up.

One of the awesome features of money manager is that you can see all of your accounts in a single place:

Connect your Bank of American Fork accounts and accounts at other financial institutions for a single view of your internal accounts (“held”) and external accounts (“held away”). You can see your life insurance policy, 401(k) accounts, savings accounts and checking accounts. You can change the account name, account type, interest rate, credit limit, original balance and account purpose (business or personal). Once you add each account, you can also manage alerts, exclude the account, mark the account as duplicate and see the historical balance.

Accounts

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This blog includes articles, information, tips and advice on all things money by the financial experts at Bank of American Fork. But this blog is not one-sided; we want to hear what you think. Share your ideas, experiences and comments to get the dialogue going.

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