What does PowerWallet do?

PowerWallet is a free Personal Financial Management (PFM) platform that makes it easy to manage your money, monitor your accounts, and control your spending. It brings your financial life together in one convenient place, so you don’t have to waste time while you control your finances.

Even better, since the platform is online, you can access it from any device no matter where you are. So whether you’re at home, at work or even travelling internationally, you can maintain control of your money and avoid cash flow problems that can lead to financial distress.

How does a PFM work?

PFM platforms like PowerWallet work by bringing all of your online financial accounts together in one convenient place. Once that’s done, it’s easier to get a big picture budgeting strategy in place so bills get paid on time, debts are properly prioritized and savings goals can be met.

  1. Sign up for PowerWallet for free.
  2. Enter all of your financial accounts, from your basic checking and savings to credit cards and investment accounts.
  3. PowerWallet automatically categorizes expenses or you can create custom categories so you can budget in a way that fits your lifestyle and goals.
  4. Once your transactions are categorized, PowerWallet helps you set practical monthly spending limits to create your household budget.
  5. You can also monitor bill payments from the all-in-one bill pay calendar, so payments never get missed.
  6. Check your cash flow and spending targets each day to make sure you stay on the right path to achieve financial success.

How does a PFM help me budget?

One stop for a full view of your financial life.

Most people have online accounts spread out over an array of providers. So you have to check multiple accounts and use paper statements or emails to maintain a bill payment schedule.

Personal Financial Management platforms like PowerWallet are designed to bring all of your financial accounts together in one convenient and secure location. So you aren’t wasting time hitting multiple websites or applications to manage your money, debt and credit.

Automatic categorization for easy spending limits.

Categorizing transactions so you can set accurate spending is usually the most labor-intensive parts of budgeting. You have to assign categories to each transaction you make, then take a 3-month average to set reasonable spending limits for a budget.

PowerWallet does all or most of that work for you. It assigns spending categories automatically as soon as your transactions are imported each day when you log in. Then it shows you average spending over time, so you can set limits without worrying if you have the math right. And if you want different categories, you can always customize categories and PowerWallet will learn how you want things organized for future transactions.

At-a-glance bill pay calendar helps avoid late payments.

Even the most organized people can let a bill payment slip through the cracks without a single, consolidated bill payment calendar. PowerWallet pulls bill payment due dates directly from your online accounts, so you get a full view of your upcoming obligations all in one place. This can help you manage cash flow effectively, to avoid challenges like missed payments and overdrafts.

Are PFMs secure?

A Personal Financial Management (PFM) platform isn’t any good if you have to trade off money management convenience for data security. Most PFMs, including PowerWallet, feature bank-level security protections. In other words, your account information and personal data are just as protected on PowerWallet as they are in your online banking system. That way, you can manage your money with confidence.