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Your Personal Financial Coach
Get your money and assets in shape with the help of a digital coach. Clear steps and real results for a healthy financial future.
So your money won’t slack off
The Coach is an instrument which allows you to pair your bank accounts and it will categorize your expenses and monitor if you are sticking to your budget. It is available for free in the Finax app.
Bank account overview
Have all your accounts neatly in one place.
Saving money
Discover practical ways to save money regularly.
Track expenses
Find out where your money is going and where you can save.
Budget
Create a realistic budget that will help you stay on track with your goals.
Financial analysis
Expert analysis of your finances plus clear recommendations.
Net wealth
Track how your wealth grows over time.
Discover where you could save more money
Link your bank accounts with the coach to get better insight into your expenses. The coach automatically categorizes payments like food, transport, and housing. With this overview, you can more easily identify where your money is lost.
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
Understand the size of your net worth, a key indicator of financial health. It is the difference of everything you own and everything you owe. Coach allows you to keep track of all your assets and depts and then monitor if your net worth is growing in time.
With the app, you have control over your budget
With the Finax app, you can manage your finances easily and clearly.
7 steps to a better financial future with the Coach
- Set up an account at Finax and automatically gain access to Financial Coach. You may use even without investing at Finax.
- Pair the Coach with your bank accounts and set up an account for cash payments as well.
- 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.
- 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.
- 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.
- 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.
- 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
Got questions?
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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.
- For example, if you make a transfer between your accounts, Coach will categorize this transaction as both an expense on one account and as an income on the other, which may distort your financial analysis. There's two ways to change this. Either you set up a rule for all internal transactions - you tap the "More" button in the main lower menu and you turn off "Include internal transactions" in the "Bank transfer" section. The second option is to change the settings for just one particular transfer - in the payment's detail, you turn off the "Include in the analysis".
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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.