Money Management

Financial Tools That Help You Manage Money Like a Pro

Jul. 06, 2022   |   Updated 5:56 PM ET

Personal and/or family financial planning is a crucial element for long term financial success. With majority of the U.S. adults living paycheck to paycheck and not having an emergency fund, any unexpected expense can be significantly impactful. Therefore, we challenge our customers to take proactive approach towards their financial success by providing digital tools that promote good financial habits. Use these resources within your online and mobile banking to review your finances and gradually improve them. To help you get started, here are the financial tools that put you in charge:

Net Worth Tool

Understanding your net worth is an important first step in personal financial management. Net worth is the value of what you own against your debts. It is important to monitor your net worth as it directly reflects your financial well-being. By spending within your means and paying down debts, you can effectively grow your net worth, leaving you closer to achieving your financial goals. To learn more about the net worth tool and how to use it, please click here to watch a helpful video.

For the most accurate calculation of your net worth, it is important to account for all of your financial accounts, investments, and loans. Luckily, Firstrust Bank makes that easy for you by allowing you to link your external accounts right inside online and mobile banking. When you link your external accounts and loans, the balances and the transactional histories will automatically import into your personal financial management tool. To learn how to link external accounts, click here.

Budget Tool

Budgeting is one of the key elements in growing your net worth and reaching your financial goals. Whether you’re looking to build up your rainy-day fund, put away money for a vacation, or save up for a big purchase like a vehicle or a home, creating and sticking to a budget will help you get there. Traditionally, budgeting is a tedious job that takes hours, but fortunately, the Firstrust budgeting tool makes that super easy for you! All your transactions on your Firstrust accounts and external linked accounts are automatically categorized, and generating a budget based on your previous spending activity is as simple as pressing a button. To learn more about the Firstrust budgeting tool and how to use it, click here.

To maintain an accurate budget, your transactions need to be categorized appropriately. Although Firstrust does a good job at categorizing your transactions automatically, there may be times when adjustments may be needed to split a transaction into multiple categories or recategorize. To learn about all the ins and outs of categorizing your transactions, click here.

Spending Tool

For those looking to take a deeper dive into their spending habits, the Firstrust spending tool is a perfect place to visit. The spending tool will make it easy for you to identify your biggest and smallest expenses by creating a categorized pie chart. You can simply select specific categories within the chart and view the transactions. With this clean breakdown of your finances, you can choose where to cut back on your expenses so funds can be put to good use elsewhere. To watch a video on the spending tool, click here.

Trends Tool

The Trends tool shows your spending habits against your income on a month-to-month basis. Using this tool, you can see how earnings and spending are fluctuating over time. You can select a specific category or see a full combined summary. It is a great tool to see how your budgeting habits are improving over time! To watch a video on the trends tool, click here.

Debts Tool

Firstrust debts tool within the personal financial management tools can be most impactful for your financial successes. If you’re like most, then you likely have some sort of loan, such as a mortgage, auto loan, credit card, student loan, etc. Having one of those, or a combination of multiple is your individual or household debt. The Firstrust debt tool is designed to help you pay down your debts in a way that saves you money that would otherwise be spent on interest. To learn more about how the debt tool will help you save money and pay down your debts quicker, click here to watch a helpful video.

With these tools, you can feel confident that you are managing your and/or your family’s finances like a pro! By offering these features right in the Firstrust online banking and the mobile app, you don’t need to download any extra money management applications. Manage your Firstrust accounts and accounts from other institutions all in one spot! Get financially fit with our personal financial management tools!
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