Personal Financial Management

24 CONTROL YOUR MONEY Control Your Life Personal Financial Management (PFM) tools make life better. Bank accounts and balance ledgers can be scary, but they don't have to be. PFM takes multiple accounts and makes them accessible in one central location and provides easy-to-use tools like budgeting, expense tracking and debt management. PFM makes it easier for consumers to take control of their finances – and their lives. SEE HOW PFM IS CHANGING ANNA'S LIFE: WITH WITHOUT PFM MD PFM DAM IN THE MORNING SEPARATE ACCOUNTS, Anna opens her laptop, pulls up her PFM and quickly sees all her financial accounts in one easy to read place. Anna signs into her bank's website, which appears to have been built in 1999, and gazes at a confusing online spreadsheet showing just one of her many bank accounts. AVAILABLE IN ONE PLACE of mobile users have checked an account 90% balance on their device in the last 12 months. OTICE O-DDAM AT THE MAILBOX MANAGE DEBT, DON'T GET SURPRISED Anna finally gets her tax return and uses PFM to decide if it's better for her to pay Anna is surprised to get a past-due notice on her credit card. This isn't the first time this has happened this year and she can feel her stress level rising. off her student loans or her credit card debt. $11.3 trillion = Total debt for all U.S. households at the end of 2013. İC·UUPM LUNCHTIME CATEGORIZE & TRACK SPENDING BEHAVIOR Anna pulls out the lunch she packed this morning after checking her PFM and seeing how much she's been spending on fast food recently. Anna stops by the burger joint for the third time this week and mindlessly empties her wallet for some cold fries and a greasy beef patty. Think again! Being in control of your finances means a healthier mind & body. Think financial management is not important? TRAIN HOME SET REALISTIC GOALS On the train ride home, Anna uses the PFM financial goals and planning tool on her tablet to make sure she's saving enough for that trip to Paris. AND ACHIEVE THEM Anna used to dream about a trip to Paris, but doesn't think she can save that kind of money. Maybe a vacation to her in-laws won't be so bad after all? 51% 30% Who likes a trip to the in-laws? would prefer to stay home and clean would prefer jury duty RELAXA WATCH THAT FILM! EVENING PEACE OF MIND IS With all this empowering financial information at her fingertips thanks to PFM, Anna knows exactly where her money is going. She quickly takes care of some bills and spends the rest of the evening relaxing. Anna was unable to log-in to her credit card account – again – to get more info about her past due balance. She spends an hour of her precious time at home on hold waiting for a customer service representative. A WONDERFUL THING SIMPLIFY YOUR LIFE - ASK YOUR BANK OR CREDIT UNION IF THEY OFFER PFM MD SOURCES www.federalreserve.gov/econresdata/mobile-devices/2012-current-use-mobile-banking-payments.htm www.gallup.com/poll/162872/one-three-americans-prepare-detailed-household-budget.aspx www.newyorkfed.org/householdcredit/2013-Q3/data/xls/HHD_C_Report_2013Q3.xlsx www.sciencedirect.com/science/article/pii/S0277953613002384 THIS INFOGRAPHIC WAS BROUGHT TO YOU BY moneydesktop