With Auto-Categorization, PFM just grew a mind of its own...
Not familiar with PFM, our online spending habits tool? Click here
One of the reasons people sometimes hesitate to start categorizing their transactions
is because of the time investment. If you use your checking account for everything (and who doesn't?), it
can take a lot of time to go through all of your transactions and drop each one of them into the right category.
Starting today, PFM just grew a mind of its own. Next time you log in to your account, look for the "Automatic Categorization"
button. It's right up top of your transaction screen next to the "Categories" link. When you click that link, PFM will now
analyze your previous transactions and, based on where you put them in the past, it will automatically choose the best
category for your newest transactions!
How does it work? Okay so it's not really alive, but we think it's still pretty smart! If you have regularly visited your favorite
fast food joint and dropped that transaction into the "Restaurants" subcategory under "Food", then PFM learns that other transactions with
the same description belong in that same category.
However, there are some situations where you will want to keep an eye on your transactions. If you frequently shop at your local huge-mart department store
and split your purchase among multiple categories, such as Shopping > Clothes, Food > Groceries or Auto > Parts, PFM unfortunately won't attempt
to read your mind. You will still have to categorize those transactions.
You will also have to categorize transactions yourself if the transaction is a paper check and the merchant can not be determined. Finally, if you're a
brand new user, PFM won't have any history to go by. The first time you spend money with any merchant, you will have to drag and drop your transaction
into the right category, just like the good ole' days.
|PFM is your one-stop tool for all things budget-related. Just log in, click on your account in Account Center, and click
the Categories link to get started. Track where your paycheck goes and learn where adjustments can be made to save
you money in the long run!
Still have questions? Check out our
Frequently Asked Questions about PFM