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Mason City (641)423-1600 Change Location

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Mason City Change Location

2601 4th Street SW
Mason City, IA 50401

Tel.(641)423-1600

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Friday: 9:00am - 5:00pm
Sat: 9:00am - 12:00pm
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    300 North Main Street - Charles City

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    119 North Akir Street - Latimer

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Home Blog Take Control of Your Finances with Money Management

Take Control of Your Finances with Money Management

First Citizens Bank is committed to bringing you the most up-to-date products and services. As we dive into the new year, this is a perfect time to take control of your finances and set some savings and budgeting goals for 2019. Do you really know how much you spend on gas, groceries, shopping and eating out each month? Have all that information and more right at your fingertips with Money Management located within Online Banking!
 
Money Management is FREE and allows you to see all your accounts, including those with other financial institutions, all in one place! By bringing those outside accounts into Money Management, you will be able to get a more accurate picture of your entire financial life. You’ll be able to see your net worth, see where you spend your money, and discover your cash flow. You can even set savings goals and calculate the best way to pay off any debts.

Click below to watch a quick overview of the Money Management features.


 
To get started, simply login to your online banking, navigate to the “Manage Money” tab in the bar, then click on “Money Management” in the drop-down menu. Follow the steps presented on the screen. For any outside accounts, you’ll either need to sync them online with your login credentials on those sites (i.e. Wells Fargo, Capital One, etc) or you will need to manually update them using your paper statement as a guide. Keep in mind, if you manually log items that are used often (like a credit card or a checking account) you’ll need to regularly update them in Money Management in order for your information to be accurate. 

After all of your accounts have been added, open the Transactions. View and review your transactions for accuracy. Transactions are automatically categorized for you, but they are not always accurate and may need to be re-categorized. For example, checks and ATM withdrawals will be left "Uncategorized" and you will be prompted to assign a category for such transactions. Your changes will be applied to future transactions. With your transactions correctly categorized, you can easily create budgets based on your actual spending history.

Open Budgets and follow the instructions to generate a budget. You can also create a budget manually. When you make budgets, they are easily seen and understood with Budget Bubbles! The bigger the bubble, the more of your budget that category eats up. Is it green? You’re good to go. Is it red? Stop spending money in that category. Budgets are refreshed each month, giving you an opportunity to modify them if necessary.

To set a savings goal, first select the type of goal you want to set, or create a custom goal. Fill in the amount you want to save, by when, and designate an account where you would like to keep the savings. Click next, and you will see how much you will need to save monthly in order to meet the goal. You can use the slider to calculate how the end date moves should you decide to save more or less. The summary page shows your progress on each of your goals.
 
Alerts are a great way to keep you notified of important things happening with your accounts, like a low balance or upcoming debt payment. By default, “simple alerts” are enabled, which means you’ll receive the following alerts on the Notifications tab, via email and mobile: large deposit (over $500), large expense (over $100), balance falls below $100, you get charged a fee, you have a debt payment coming up, or you have exceeded a budget. You can modify these alerts by clicking on the gear icon in the top right-hand part of the Money Management screen.

We hope you find Money Management a useful tool in managing your finances in 2019! This is a lot of information to take in, so naturally you may have some questions. For help, hit the "? in a circle" icon or click the blue "Request Support" button within Money Management, visit our Money Management FAQ, or call us toll free during normal business hours at 800-423-1602.

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