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Master Your Finances with Our Personal Financial Management Tool

Like many individuals, managing your finances can often feel like navigating a complex maze with accounts scattered across various providers. Our Personal Financial Management (PFM) tool is designed to simplify this process, allowing you to consolidate all your financial information into one central hub—your own financial headquarters.

As you move closer to your objectives, our Personal Financial Management service not only serves as a rearview mirror to see how far you have come, but also as a map, so you can see how much farther you need to go. The path toward funding expenses such as a home, vacation or even the tuition for a new career becomes clearer and easier to manage.

In this blog post, we’ll explore how our PFM tool can help you gain control over your finances, set and achieve financial goals, and pave the way for a successful financial future.

Consolidation of Financial Accounts: One of the key features of our PFM tool is its ability to bring together all your financial accounts, even those outside BankWest, into a single, easily accessible platform. This consolidation provides you with a comprehensive view of your financial landscape, making it simpler to manage and monitor your complete financial picture.

“Smart banking is about simplicity and control,” said Linsey Eckhart, Universal Banker in Spearfish. “Using BankWest’s Personal Financial Management tool to see your financial landscape in one place isn’t just convenient; it’s a strategic move. It puts you in the driver’s seat, giving you the clarity and command you need to navigate your full financial picture effortlessly.”

Setting and Achieving Financial Goals: Setting financial goals is crucial for long-term financial success. Our PFM service acts not only as a rearview mirror, reflecting your progress, but also as a map, guiding you towards your objectives. Whether it’s saving for a home, planning a vacation, or investing in education, our tool helps you visualize your path and manage your finances accordingly.

Budgeting Made Easy: Effective budgeting is fundamental to financial stability. Our PFM tool includes a budgeting feature that eliminates guesswork, allowing you to set realistic targets based on your income and expenses. Before creating a budget, ensure your transactions are correctly categorized, and let the tool streamline the process for you.

“Budgeting is the financial compass that keeps you on course,” notes Brice Caery, Branch Retail Supervisor in Mitchell. “It’s not just about limits; it’s about empowerment. A well-crafted budget is your tool for financial control, helping you allocate resources purposefully and steer towards your financial goals with confidence.”

Analyzing Spending Trends Over Time: The trends tool within our PFM tool allows you to track your spending habits over time. By comparing your spending in each category to your income, you gain valuable insights into your financial behavior. This information helps you make adjustments and ensures your financial goals remain on track.

Monitoring Spending Habits: Understanding your spending habits is essential for financial control. Our PFM tool provides a visual representation of your spending through a pie chart, making it easy to identify both your smallest and largest expenses. This insight empowers you to make informed decisions on where to cut back, redirecting funds towards your financial goals.

“Analyzing spending trends is the financial radar that helps you navigate wisely, stated Peggy Hanson Universal Banker in Pierre. “Monitoring personal spending habits isn’t about restriction; it’s about strategic awareness. Tracking trends over time empowers you to make informed choices, ensuring your money aligns with your goals and aspirations.”

Cash Flow Management and Future Predictions: The cash flow tool enables you to visualize your income and expenses on a given day, including future predictions. By utilizing the calendar feature to track recurring bills and deposits, you can plan ahead and make informed decisions about major purchases. This proactive approach to cash flow management is key to financial stability.

Tracking Net Worth: Understanding your net worth is crucial for assessing your financial progress. Our PFM tool calculates your net worth by subtracting your debts from your checking, savings, and investment accounts. With a monthly view of your net worth, you can monitor changes and adjust your financial strategies accordingly.

“Monitoring your net worth is financial vigilance,” remarked Larry O’Neill, Universal Banker in Rapid City.It’s not just about numbers; it’s a clear view of your financial landscape. Keeping tabs on your net worth empowers smart decision-making, steering you toward lasting financial stability.”

Debt Repayment Plans: Our PFM tool includes a debt management feature that helps you pay down debts efficiently. By viewing all your debts and payment plans, you can work towards becoming debt-free without making significant budget cuts. Ensure accurate input of annual percentage rates (APR) and minimum payments for optimal debt repayment planning.

Getting Started:  The Personal Financial Management tool is available online and in our mobile app.

1.Log in to BankWest online/mobile banking.
2. Select Get Started which appears in the Financial Tools bar above your account information.
3. Follow the on-screen prompts and accept the Terms and Conditions.

Your BankWest accounts will automatically load into the Personal Financial Management system. Use the LINK ACCOUNT feature to pull in your other accounts for a single view of your entire financial picture.

With our Personal Financial Management tool, you gain a clear view of your current financial standing and a roadmap for future success. From consolidating accounts to setting goals, budgeting, and managing debt, our tool empowers you to take control of your finances and embark on a journey towards financial well-being. Start managing your finances with confidence and clarity today.

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