Monday, January 9, 2017

How PFM can Help Your Budgeting

Is one of your goals for 2017 to start living off a budget? That is a great way to see where your money is going, stay on top of your finances, and be in control. 

But, where do you start? It can be overwhelming to just sit down and try to guess how much you spend in different categories each month. Plus, if your guess is off, you'll have a hard time sticking to the budget because it's just not realistic. 

In your Peoples State Bank Online Banking, there is a featured called 'Personal Finance Manager' (or PFM). You will see the PFM is the last tab on the green menu bar.

In your PFM, you can add ALL your accounts (even from other banks), investments, loans, credit cards, etc. Then, you can really see the big picture of what goes on with your finances. 

PFM will automatically categorize your transactions and give you an estimated budget based on your current spending habits. By looking at it, you can make an educated decision on what your future budget should be. 

Now, obviously you may need to adjust and customize some of the categories to fit your exact spending habits and make a more accurate picture.

Once you've looked at your current spending, it's time to set some goals for how you want your spending to change. Under 'Budgets', there are automatic amounts set to different categories for a premade budget. You can adjust those as you see fit. 

Adjust whatever needed to make your financial picture as accurate as possible. Having and sticking to a budget is beneficial in so many ways. It's a New Year's Resolution you should stick to!! 

So there is your quick review of setting up budgets in our Online Banking Personal Finance Manager. You can also use PFM to see how your finances have trended over time with different charts, set goals, and more! We would encourage you to log into your online banking and take a look.

When you have an accurate view of your current and previous spending, it will help you create a budget you can stick to. Now, you won't have to start from scratch and play the guessing game.

*please note if you manually categorize your transactions in online banking, the categories will be lost when you begin using PFM.

No comments:

Post a Comment