Money Management FAQ

Money Management is a personal finance tool that helps save you time. Once your accounts are added, you’ll be able to quickly and easily see all the detail you need about your finances, whenever and wherever you need it.

You must be enrolled in Great Western ebanking to access Money Management. When you access your account online, Money Management can be found in the Navigation bar at the top. When accessing your account on the mobile app, Money Management can be found in Menu (Android) or More (iOS).

There are no fees associated with Money Management.

You can link checking and savings accounts, investments, credit cards, loans, or other lines of credit from almost any financial institution, simplifying the way you track your finances. These accounts will automatically update every time you visit the feature in online banking. You can also manually add Cash or Property value accounts.

The Transactions feature gives you an overview of your recent spending across all accounts and the ability to search or filter for something specific. You can adjust the view for more or less history, include or exclude transactions from specific accounts, or reorder the transactions listed – for instance, by payee. You can also search for specific transactions.

When your transactions are pulled into Money Management, they will be automatically categorized. We encourage you to go through your transactions history and check that each transaction is categorized correctly. If you re-categorize a transaction, Money Management will attempt to remember your preference the next time you post a similar transaction. Customizing your transactions will make Money Management more accurate in the future.

To change a category, click on the category you wish to edit and select the correct transaction category from the list. Your change will be reflected across all reports in Money Management.

How much do you spend on groceries each month, or eating out? What about shopping, or entertainment? The spending wheel makes it easy for you to quickly identify your biggest expenses, as well as dive into the smallest details. Select a piece of the wheel to see how much you spent in each category. Select again to see the sub-categories listed on the right. 

Add your accounts from other institutions to Money Management and chose the option to auto generate a budget, based on your past spending. Nearly any financial account can be linked. The more complete your spending history, the more accurate and helpful your initial budget will be. Big bubbles represent a larger portion of your monthly budget, and red bubbles have exceeded their monthly allowance. Budgets will calculate your average monthly spending in each category from the previous 90 days. If you prefer a list view, select the small icon in the top left corner of Budgets to toggle between the views.

Screenshot of a budget bubble chart

 

The Trends chart tracks your spending in each category over time in order to give you real insights into your spending habits. Ideally, your spending should stay below your income line, indicating that you are living within your means. 

Example of a trends chart

The Debts tool will help you prioritize your debt and pay it down faster, so you can save big on the money you would otherwise spend on interest. With this information, Debts can calculate when each debt will be paid off. The dotted line shows how long it will take to be completely out of debt if you simply keep making minimum payments on each account. Debts also applies what is called the Debt Snowball Strategy to show you an accelerated payoff timeline. This works by taking the amount you were paying towards your first priority debt and rolling it over onto the next debt as an extra payment. 

Screenshot of an example Debt tool

Net worth is perhaps the most important number in personal finance, because it takes everything into account – what you have and what you owe, as well as what you earn, save, spend and pay towards debt. The good news is that if you consistently spend within your means and make reasonable payments towards your debt, your net worth will continue to grow, leading you closer to your financial goals! 

Example net worth plotted on a line chart

You can set savings, debt payoff and retirement goals. What are your financial goals? Are you saving for a house, a vacation, or perhaps building up your emergency savings? Goals can help you plan for short and long-term financial ambitions and can help you estimate how long it will take for you to reach them. To get started, add your first goal. Goals will help you easily track how much you’ve saved or paid off towards each goal. 

Example goals which could be debt payoff, automobile, or house

Cash Flow searches a user’s transactions to identify recurring deposits and payments in order to show your historical spending and planned future spending. This can help you see the impact of upcoming payments and plan ahead for future expenses. Both a line graph and a list display. 

Screenshot of example cash flow forecast chart

Alerts can help you stay in touch with your finances by notifying you of important updates like a low balance or upcoming debt payment. You receive all alerts in the Notifications tool. You may also receive alerts by email if you have email enabled and by text if you have a mobile phone number enabled.

Detailed alerts provide greater control and flexibility. You can select not only which alerts you want, but on individual accounts, and specific amounts.

To Disable Alerts, go to Money Management > Settings and click on any alert to disable it. The alert will be grayed out to show that it has been disabled. You can also click on Edit to change amounts or how you would like to receive the alert.

You can find more detailed information on Money Management within the Help section both online and through the mobile app. The Help section includes frequently asked questions, and within online banking, there is an overview of the different features of Money Management. The Help button is on the far right of the Money Management navigation bar.  

If you can’t find what you’re looking for, please contact our Money Management support team by clicking on “Request Support” within the Help section.

If you have a problem or question about Money Management, we encourage you to contact our Money Management support team.

To submit a support request:

  1. Click on the Help icon.
  2. Click on “Request Support”
  3. Provide a detailed description of your question, problem, or another request.
  4. Submit.

Upon submitting your request, you will receive an email from Guru (Software Support) verifying receipt of your ticket. An agent will respond to you via email within one business day. If you have not seen the response within one business day, check your junk or spam folder.