Financial Coach – The Key to Your Savings

Why Is It Important to Track Our Everyday Spending?

How fast we reach our financial goals is determined by two main aspects – how much we can save and how we invest the saved money.  

At Finax, we have already mastered the investment part, offering both long-term and short-term investment options. That’s why we now try to focus on the first of the two mentioned aspects – to assist our clients in optimizing their expenses and increasing their monthly savings. 

How to Set Aside More Each Month? 

First things first, you need to determine how much you spend. Financial Coach makes it easier by automatically categorizing your payments as different kinds of expenses. Afterwards, they are all added together and displayed in the Financial analysis section.

Other notable benefits for the client include the option of pairing accounts from all their banks with the Coach. You may thus create an overview of all the household expenses in one go.  

Now that you are aware of your financial situation, you may set boundaries (for instance, when shopping) with the budget-creating function.

Why Should I Track My Net Worth? 

Net worth is a simple and practical indicator of one’s or family’s financial health and success. Your net worth represents the difference between all your possessions (assets) and all your debts (liabilities). Therefore, the higher the net worth, the better your financial health.  

You may track all your assets and liabilities in Coach, thus gaining an overview of whether or not your financial habits are healthy, or in other words, if your net worth is growing in the long run.

Planned Improvements?

The first of the planned improvements on the list is to bring a clearer design for the net worth display. We believe this will make your experience with the function even more pleasant.

Financial Coach currently works with bank data (account balances, payment details) according to the PSD2 Directive. This directive doesn’t allow us to obtain payment details connected to credit cards or other credit products (mortgages, loans etc.). However, the newly planned PSD3 regulation is promising a positive change, allowing us to optimize and automate even the credit products.

We firmly believe that saving money is very important, but so is being able to enjoy it. That’s why we aim to train the Coach to be able to help the customer find places where to save without the necessity to drop the quality of their life. Examples include searching for better insurance or mortgage options. In this way, the Coach is soon going to become an automated personal advisor.

Our long-term vision includes implementing solutions using AI and machine learning into the optimization. We believe this approach will make the work with personal finance even easier for our clients.  

Is the Financial Coach a Paid Service? What Are the Terms and Conditions of Use? 

Financial Coach is available in the Finax App for free. If you are not a Finax Client and still want to use the Coach, you need to register and create an investment account upon downloading the app (all of which comes free of charge). The registration is completely non-binding, and you may use all the Coach functions without having to deposit a single cent. The App is available both in Google Play and App Store.

Financial Coach Used to Be Finbot

Back in the day, we had a separate tool for personal finance management in a separate app called Finbot. We’ve recently transferred all of its functions into the Finax App and now, you may find them only under the “Coach” label.  

We merged the apps for two main reasons – more efficient development of new functionalities, and because most Finbot clients were simultaneously Finax clients. Thanks to the merger, they may now use the perks of both apps in one.

Financial Coach marks our commitment to offer the most user-friendly personal finance management and investment tools. It is the way to save money and organize your budget. Combined with the Intelligent Investing, it will help you reach your goals faster and more easily! 

This article provides marketing information about the products of Finax, o.c.p., a.s.