- June 29, 2022
- Posted by General Electric Credit Union
The Top Ways Money Management Will Enhance Your Financial Life
From online bills to spending habits and everything in between, you have a lot of things to keep track of. If you don’t stay on top of these and other money needs, your financial well-being could take a hit. That’s where Money Management comes in. This complimentary tool, available to General Electric Credit Union (GECU) Online Banking and mobile app users, helps you simplify your money management strategy. From debt payoff tips to autogenerated budgets, you’ll find everything you need to Improve the Quality of Your Financial Life.
- Tip: Are you a visual learner? Use our online demo to learn how to use Money Management.
How Money Management transforms your financial life
Simplified goal tracking
You likely have at least one financial goal you’d like to reach. Whether it’s saving up enough money for a car, paying off debt, or preparing for retirement, it pays to have a strategy. Without one, the journey to success may feel overwhelming. A tool like Money Management helps you visualize a path forward. You can assign a monthly contribution for a goal so you always know how much is going toward it and how long it’ll take to reach. Plus, a progress meter helps you gauge whether you’re on track.
Your chances of successfully reaching short- and long-term goals hinge on knowledge of where your money is going. Without it, you may be overspending in certain categories and have very little leftover to contribute toward a target. That’s where a budget comes in.
Use Money Management to autogenerate a budget or make your own. With your internal and external accounts linked, the tool will show you exactly how much you’re spending in certain categories. From there, you can assign a monthly maximum for each category. This will help you reel in spending, as the tool keeps category bubbles green if you haven’t exceeded their limit or turns them red if you have. Instead of haphazardly spending and getting confused at the end of the month when nothing is leftover, you’ll know exactly how much you’re spending and where you need to cut back to make room for goals.
You can even break down categories into sub-categories. For example, a “food and dining” category can be broken down into “groceries” and “eating out.” This can help you pinpoint whether eating out is putting a damper on your financial plans.
Helpful debt payoff tips
While goal tracking can aid you in your debt payoff strategy, access to additional guidance can help you steer clear of pitfalls along the way. Within Money Management, you can select the debt tab to see all your loans and debt in one hub. Debt payoff techniques are provided to help you get out of debt faster. For example, the snowballing debt window helps you see how high-interest debt can snowball. As a result, you may be inclined to pay down high-interest debt first, even if it's not your largest debt. This may help you avoid higher interest payments that don’t count toward your principal.
Holistic investment profiles
Your net worth includes: what you have and owe, what you earn and spend, and what you pay toward debt. This number can be valuable because it’s a good indication of your financial stability. With Money Management, you can drill down to see your gains and losses and potentially spot areas of improvement.
Ready to discover the perks of Money Management for yourself? Enroll in Online Banking or download our mobile app to start enjoying it today! You can link all your GECU accounts in additional to any accounts outside the Credit Union. Once enrolled, set up alerts for account balances, deposit updates, budget alerts, and much more. With Money Management, Improving the Quality of Your Financial Life has never been easier.