If you’ve found it a challenge to keep your budget and savings goals on track, here’s some great news: NAB’s Money Tracker tool can make it much easier to reach your goals. Available through NAB Internet Banking, it’s easy to use and it won’t cost you a cent.
Money Tracker lets you see exactly what’s going on with your money – where you’re spending it and how you’re saving it – so you’re in complete control of your finances.
Take a look at our Money Tracker demo video for an overview of how it works – it’s only a couple of minutes long, but you’ll get to see how easy it is.
Get serious about saving
It’s easy to lose track of where your money goes each month; sometimes your income and expenses don’t quite add up. Whether you want to buy a house, start a family or save up for your dream holiday, it’s important to start budgeting to make sure you’re going to reach your financial goals.
The benefits of using Money Tracker
Once you’ve worked out your budget and a savings plan, you can use Money Tracker to:
- view your income and expenses by category
- compare your income and expenses
- set up budget targets and track them easily
- set up savings goals and check their progress
- see your savings forecast so you can plan ahead.
How does Money Tracker work?
Money Tracker is automatically available when you register for NAB Internet Banking, so if you’re not already registered, now is a good time to start!
When you login to NAB Internet Banking, you’ll see Money Tracker on the right-hand side of your Account summary screen.
Money Tracker only uses information from accounts linked to your NAB Internet Banking. If you have non-NAB accounts you want to include in your budgeting or savings goals, now is a good time to simplify your banking and have your accounts all in one place.
What do the icons mean?
These icons give you a quick view of the various elements of your Money Tracker:
Income and expenses - shows you a breakdown of where your money is coming from, like salary or investments, and has gone, like on groceries and electricity.
Budget targets - lets you see how you’re tracking on your monthly targets for each of your income and expenses categories.
Savings goals - shows you any goals you have set up – like saving for a holiday, buying a new couch, or a house deposit – and it shows you how you’re progressing towards each goal.
Savings forecast - shows you where your finances are heading based on your budget targets and savings goals.You can add scenarios like taking out a home loan or getting a pay rise to see how your forecast changes.
Account balance - gives you a view of the balance in all of your accounts for the week, month or year. You can also use the drop down box to view summaries of your individual accounts.
To get a snapshot of each section, click on the relevant icon. If you click on View details, you’ll be taken through to that section for a full picture and more options.
Or, you can choose the Money Tracker tab from the main internet banking menu and enter the tool. Either way will get you there.
When you select the Money Tracker tab, you’ll see that the menu gives you links to:
- income and expenses
- budget targets
- savings goals
- savings forecast
- account balance
- budgeting accounts.
These sections are where you can tailor your income and expenses categories, get your budget going and set up your savings goals.
A step-by-step guide to setting up your Money Tracker
To get Money Tracker working for you, you’ll need to make sure your income and expense categories are set up the way you want them, then set up your budget targets and savings goals. It’s really easy and won’t take you too long.
If you’re already using NAB Internet Banking, your account information from December 2012 will be in there already. If you started using internet banking after December 2012 or opened any new accounts, your account information will start from then. Over time you’ll see up to two years data.
The tool automatically categorises most of your transactions, but you might need to make a few tweaks to your income and expense categories to suit your needs and the way you like to organise your budget.
Money Tracker learns your preferences and will automatically start updating your information the way you want it. So the sooner you get started, the more accurate your budget will be (and the less tweaking you’ll need to do later on).
But keep in mind – however long (or little) time it takes, it’s well worth it because you’ll have a fantastic budgeting tool at your disposal, which can only help you reach your financial goals sooner.
These articles take you through Money Tracker’s sections step-by-step:
- Check your income and expenses categories.
- Tips with income and expenses.
- Set your budget targets.
- Review and update your budget targets.
- Get some savings goals set up.
- Link and edit your savings goal.
- Forecast your savings.
- Your account balances.
- Budgeting accounts..
Start with Check your income and expenses categories in NAB Money Tracker – you’ll need to make sure this information is organised the way you want it before you can set up your budget targets and savings goals. The articles are easy to follow, with screen grabs to show you exactly what to do. There are more helpful videos, too.
How is NAB Money Tracker for you? Leave a comment or tip below.
If you have a question about a product or service, please contact us. This includes enquiries you might have about your current NAB products.
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