Financial Coach
Money and wealth in good condition
So your money won’t slack off
Financial Coach is a tool which will make sure you spend your money according to your plan and if your wealth distribution is correct. It is available free of charge directly in Finax App.
Bank account overview
Track expenses
Saving money
Budget
Financial analysis
Net wealth
Discover where you could save more money
Pair Coach with your bank accounts and track your expenses. Coach will automatically categorize your payments as food, transport or accommodation. With such an overview, you will be able to identify where your money may be disappearing.
Think your purchases through
Plan purchases beforehand in a monthly budget. With a budget, you will be able to cover all the expenses, while saving money for your bigger goals.
Gain overview of your entire wealth
Get to know your net worth, which is a key financial health indicator. It is a difference between your assets and liabilities. By monitoring its development, you will know whether your long-term financial health is right.
7 steps for using the Coach
Download the Finax app
Set up a Finax account and you will automatically gain access to the Financial Coach as well. You don’t have to actively invest with Finax in order to be able to use the Coach.
Pair the banks
Pair the Coach with your bank accounts and set up an account for cash payments as well.
Categorize your last payments
The Coach will automatically categorize your expenses. However, certain payments will have to be categorized manually. If they are recurring payments, then you can set up a rule, so the Coach will automatically categorize them in the future.
Reconsider your consumer habits
Observe your monthly spending according to the categories and consider if you spend your money according to your values and goals. Look for areas where there’s room for improvement and save money.
Draw a budget
Allocate your monthly earnings so that it covers all your planned expenses as well as allowing you to save some of it. Definitely create a budget for frequent purchases such as grocery shopping.
Know your net worth
Net worth is an important indicator of financial health. Create a list of your assets and liabilities with Coach. You will thus get a better track of your net worth’s growth.
Adjust, check and improve
Spend few minutes a week to take care of your money and you will acquire habits allowing you to reach your goals faster and sooner
How to create a budget
Coach FAQ
Upon finishing the registration, you click on the “plus” button in the Coach section and hit “Add a bank account”. Follow the instructions, and after a few minutes, your last payments will appear.
Your consent with loading the data will be valid for a 180 days. It will then be necessary to renew it. Don’t worry, it will only take a few seconds.
Upon connecting your bank, it may take a few minutes for the transactions to appear in Coach. Registering the payments from the current day may take more than 24 hours to complete. If the payment has not appeared yet for a longer period of time, it is most likely a failure from the side of your bank.
If your payment has not been assigned a category, you may do so yourself, manually. If the payment recurs, e.g. grocery shopping at your local grocery store, you may set up a rule, for it to always appear in that category. All you need to do is to write the word base from the payment’s description, save it and you won’t have to repeat yourself ever again. The already set-up rules can be changed in the settings section.
E.g. if you transfer money between your accounts the Coach will automatically recognize this simultaneously as an expense on one account and income on the other, which may distort the financial analysis. You may change this in two ways. Either you will change this rule for all the internal transactions – you will click in the lower main panel on “More” and turn off “Including the internal transactions” in the Bank transfers section. The other options is to change the settings for that particular transfer only – you turn off Include in the analysis in the detail of the payment.
If you withdraw cash, and you use it for one transaction, you just need to assign one category to the entire expense. If you use the cash for more transactions, you may click on Split the payment and assign two or more categories.
If you are not sure what to do with the withdrawn cash yet, label the payment as “ATM withdrawal” and the Coach will automatically increase the cash in your digital wallet by that amount. Don’t forget to add the cash payments by the + sign afterwards.
Currently the directive (PSD2) doesn’t allow us to access the information on credit card payments or any other credit products for that matter (mortgage, consumer credit etc.). However, this may change with the new directive (PSD3).
For now, it would be the best to create a separate cash account for your credit card, and write down the expenses manually, just like with cash payments.
Client data safety is our top priority. The data transfer from your bank to Finax is handled through the https protocol and through so called your bank’s AISP certificate verification. The data storage is located on our own servers.
The access to your data is generated by your bank, upon the token’s expiration or manual Data processing consent withdrawal, we are unable to further load new transactions.
Payment account data and transaction history is loaded from your bank. However, it’s impossible to use the Coach for the payment initialization or changing your bank account settings. The data flow is one-way only, from your bank to Finax.
Personal data access is strictly limited to an absolutely necessary amount of people, and we work primarily with their anonymized version.
We can’t see or save your internet banking login credentials when connecting your bank accounts. In the background, you login directly through your bank, and we obtain an authorization token with a limited validity.
