MY EXPERIENCE WITH MYFINTRACK


Investing & Money
piece written on the 30th October 2014 by  

Last week I spoke about Momentum’s Financial Wellness Solution called MyFintrack, and this week I actually want to share my experience with it. You’ll recall that I didn’t want to over expose myself by sharing all my financials, but now I’ve had a chance to carefully go through it and am able to give you some real hands on feedback. I linked up my personal accounts to the solution to do my testing.

First things first, linking of accounts. When you select the “LINK ACCOUNTS” button, you’re prompted to select which account you want to link. The MyFintrack software offers a good selection of account types that it supports.

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I selected my bank, authenticated myself and proceeded to select my cheque account. My cheque account is the one I transact on the most so I felt it would offer the most insight. The system then imports your financial data, categorises it and creates your budget.

The first thing I wanted to see is where I spend all my money, so I selected Expenses and chose the “This Year” date range. I was presented with the following chart:

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This isn’t really enough insight so by clicking on each slice of the pie chart, you’re taken into a more detailed overview. For example, here’s a break down of the “Home” category:

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I can immediately see that my insurance demands 25% of the “Home” spending. That’s quite high, possibly something to investigate – perhaps a call to FNB to see if they can offer me a better rate. Another area of interest in the “Shopping & Services” category as this is usually the category in which people can find areas worth optimising. Here’s what mine reveals:

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Now, that’s not too much of a break down, but you can once again click on the pie slices and get further insight, for example, here’s what my shopping is broken down into:

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What’s interesting to note with the transactions is that you’re given the opportunity to categorise better. For example, you’ll see the ETFSA BBET40 DEPOSIT, this certainly isn’t shopping and would be much better categorised under “Investing” for example. So if you apply yourself, you’re able to refine your account and the more refined it is, the better you can look at where you’re spending your money. Once you can do that, you’re in one heck of a good position and are on your way to financial wellness.

All of this and I’ve hardly touched the surface of what MyFintrack offers, some other features include:

1. View your expenses in a line chart over time.
2. See what fast food restaurants you go to and what you spend there.
3. Understand your income streams.
4. See if you’re spending more than you are receiving*

* OK, so this isn’t ideal for me, oops:

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Although, this is rather, uhm, hmmm, interesting:

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;-)

All in all, a really fantastic free wellness solution by Momentum, I will most certainly be adding all my accounts, categorising the expenses accurately and using this to determine where I might be able to cut back on costs OR for each couple hundred I free up, open a new ETF account.

Create an account and give MyFintrack a try for yourself – Even if you just spend 15 minutes using it, you’ll learn something new and when you do, you’ll probably stick around for another 15 minutes exploring it further. If that’s not enough reason, then let me go in for the kill:

3 people will win a Momentum Retirement Annuity of R250,000 plus a Momentum Savings Portfolio of R500/month for 5 years.