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How We See It

Jacob Pepper

Jacob Pepper

Posted:
April 10, 2015

Financial Spring Cleaning with myOFM

It’s that time of year again!  Wasps buzzing, pollen falling, and everyone’s favorite…spring cleaning!

We are a few months into 2015 and I don’t know about everyone else, but I’ve had some challenges keeping my New Year’s resolutions going.  One of the resolutions my wife and I made was to reduce how much money we spend on things we do not need.  We were faced with some tough questions: How much do we have to spend? Where does our money currently go? What things can we do without? It was obvious that we needed help. Today, there is a huge industry for budgeting software. Each option serves a slightly different purpose, but which software was best for us? 

Thankfully, our question was answered when Texas Bank and Trust launched its online financial management software, myOFMmyOFM automatically links into our TBTmyWay online banking account, so all my wife and I had to do was log in and click the myOFM tab. All of the tools we could ever need to manage our finances and reach our goals this year are now at our fingertips! What is even better, it is super easy to use! 

Do you have accounts at multiple financial institutions? Credit cards? Loans? With a quick search, you can add them to myOFM, which gives you the ability to truly see your full financial picture. Say goodbye to logging into five different websites every morning to check your balances! I recently graduated college, so as you can imagine, I have several different accounts to log into. With myOFM, I can link my college loan accounts which helps me keep track of which one I should paying off first. 

Speaking of paying off debt, one effective method of paying down debt is known as “snowballing.” This means paying off the smallest loan first, then rolling that monthly amount into the next loan with the lowest balance. By the time you finish paying off your debts, the “snowball” will be huge.  You could potentially save up to thousands of dollars just by paying your loans off early from interest alone. 

Tracking all of your debt accounts may sound complicated, but it is not. myOFM has an amazing tool that organizes all your debt for you automatically. It does this regardless of the type of debt you have –  loans, credit cards, and mortgages are all included. Just click on the Debts tab and organize the priority of each debt, myOFM will then calculate how much time and money you save right before your eyes.

In addition to tracking your debt accounts, myOFM also lets you set goals and plan for how to use the money freed up by paying off debts. I plan on tracking my extra cash each month in the Goals tab to save up for an awesome family trip! We are planning a trip to Disney World! This is “spring cleaning” that the whole family can enjoy!

To learn more about myOFM, click here. 

 
 
 
 

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