We are excited to announce that we will be upgrading FinanceWorks to Money Management.  This upgraded Personal Financial Management (PFM) tool goes well beyond historical PFM offerings, leveraging your transactional data to drive a more personalized experience at the same time giving you the tools to improve, manage, and achieve your financial goals.

Many of the existing FinanceWorks experiences you have become used to will continue to be available in Money Management, but with a completely redesigned look and feel. Money Management will give you:

  • Easy access to your account information through Online Banking
  • Pull in your outside account information
  • A significantly improved auto-categorization of transactions, including:
    • The ability to split categories
    • Add sub-categories
    • Flag a transaction as personal or business
  • Access to a Spending Chart
  • Access to Budgets, including smart auto-creation of Budgets based on your spending history
  • Account Details, which will refresh just as it does within FinanceWorks, as well as in real-time whenever you sign into Money Management
  • Access to Email Alerts

There are a variety of enhancements, including:

  • The Spending Widget on the home page is being replaced with an Interactive Budgets Widget
  • Tax Watch is being replaced with broader categorization reporting that includes not only charitable donations and child care expenses, but every other category as well
  • Auto-categorization significantly improved from 65% in FinanceWorks to 90% within Money Management

New Features
In addition to the award-winning user interface, there are a variety of new features, including:

  • Improved category-level trends
  • Debt payoff forecasting
  • Detailed Net Worth analysis and tracking
  • Expanded goal options to include not only Debt Payoff, but Savings and Retirement goals as well
  • A Cash Flow Calendar
  • Text Alerts in addition to Email Alerts

Information Migrating From FinanceWorks
While information for both your State Department Federal Credit Union (SDFCU) and outside accounts will be migrated from FinanceWorks to Money Management, including names, account types, and balances, there are some limitations. You should be aware that we will:

  • Migrate the past 18 months of your transaction history
  • Not be migrating your outside sign in credentials. You will see an error message in Money Management, which will walk you through providing your other financial institution’s sign in credentials so your other accounts will aggregate correctly
  • Not migrate your transaction categories, instead Money Management will be using its auto-categorization process to correctly categorize transactions
  • Not migrate your Budgets, instead allow you to use the one-click automatic generation of a new budget based on the improved transaction categorization
  • Not migrate your Alert settings, but you can easily setup both Email and SMS Text Alerts within Money Management
  • Not migrate your Goals, instead we encourage you to set up not only Debt Payoff Goals but Savings and Retirement Goals as well

By Donovan B. Fox, © Copyright 2018 SDFCU.org