Overseeing money and adhering to a financial plan may not be a simple procedure. It depends upon an efficient expense management and tracking tool which can allow you to budget your expenses and guide you through the insights of your expense habits.
Considering the importance and necessity of an effective online Personal finance management tool in today’s digital banking environment, myABL Digital Banking platform provides set of following useful features:
1. My Spendings (Hamburger Menu > PFM > My Spendings)
Helps myABL customers by providing an insight on the pattern or areas of expenditures. It provides users with twelve (12) default spending categories and four (4) sub-categories under each spending category which users can use to tag their transactions appearing against their ABL account(s). In addition to 12 default categories, myABL customers also have flexibility to create ten (10) additional personalized categories.
a) Transactions View (Hamburger Menu > PFM > My Spendings)
In view transactions, system defined categories and sub categories which customer assigns or already assigned to transactions are shown. By default, all the transactions would be shown as “Uncategorized”.
- Assign/Change Transaction Category:
Hamburger Menu > PFM > My Spendings > Action: Edit
Customer can use this option to assign or change category type assigned to a transaction anytime, as per the need and choice.
- Split Transactions:
Hamburger Menu > PFM > My Spendings > Action: Split
This option lets customer split an expense into two or more categories.
b) Manage my Category:
This option enables customers to view and manage all the categories and sub categories created by them.
- Add Category:
Hamburger Menu > PFM > My Spendings > Manage My Categories > Add
Using this option, customers can create new categories and sub categories.
- Edit Category:
Hamburger Menu > PFM > My Spendings > Manage My Categories > Action: Edit
Using this option, customers can modify existing categories and sub categories.
2. My Budgets (Hamburger Menu > PFM > My Budgets):
By using this feature, myABL customers can specify monthly budget against any specific or all expense categories. It empowers customers to keep a check on their budgeted amount.
- Set My Budget:
Hamburger Menu > PFM > My Budgets > Set My Budget
This function enables the customer to set a budget for a particular period with a monthly frequency. User can create a budget for the set category.
- Modify My Budget:
Hamburger Menu > PFM > My Budgets > Click 3-dots: View/Modify
Customer can view the progress of the budgets set by him and also can modify an existing budget by changing the budget amount already set.
- Delete My Budget:
Hamburger Menu > PFM > My Budgets > Click 3-dots: Delete
Customer can delete an existing budget using this option.
3. My Spending Trends (Hamburger Menu > PFM > My Spending Trends)
This feature provides graphical representation of expenses incurred in different expenses categories, high expense categories and budget v/s expense tracking.
My Spendings displays the spending analysis of the customer in the form of a donut chart. The customer can customize the way the spending analysis is displayed on the basis of the following filters:
- Filter 1: This option enables the customers to view the spending analysis based on categories.
- Filter 2: Periodic search options are also available to the customers. Customers can view the spending patterns based on certain options available like this month, last month, last 60 days, last 90 days or so until last year.
Budget vs Spending:
This graphical representation shows a diagram differentiating between Budget and Spending of the customer for certain period. It is the insight of how much a customer has spent against a set budget for specific time period. Customers can view graphical data based on certain time period options available like this month, last month, last 60 days, last 90 days or so until last year.
For more details about PFM, please refer https://www.abl.com/myabluserguidenew for myABL User Guide.