1. Create a customized budget
Everyone spends differently. That's why My Portfolio lets you create custom spending categories — in addition to typical ones like home improvement, health or groceries — so you can keep an eye on budget areas relevant to you. You decide how much you want to spend on a particular category every month. Then, by periodically reviewing your spending, you can see where you've made your targets — and where you might need to make adjustments.
2. Search and track specific spending habits
Bank of America stores your detailed transaction data in My Portfolio for 12 months. That means if you want to know how much you’ve spent at your neighborhood coffee shop over the past year, you can perform a simple search that will show you every time you used your card there and how much you spent overall.
3. Keep tabs on spending and saving goals
Imagine you’ve given yourself a monthly lunch budget of $75. Throughout the month, check in on your budget to see how much you’ve already spent in that category and adjust your future purchases accordingly.
Once you get your budget is on track, it’s a good time to manage your savings. My Portfolio can help by allowing you to set a goal to save a certain amount. Tracking your progress towards that goal can help motivate you to keep your savings on course.
4. Link accounts and see the big picture
Managing your budget is easier when you have a full picture of your spending and saving across many accounts all in one place. My Portfolio can import data from linked accounts at other financial institutions — including banks, credit card companies and investment institutions. Simply enter your login information from other accounts and you can sync your financial information with My Portfolio.
This gives you a convenient view of your full financial picture. Visit https://www.bankofamerica.com/onlinebanking/financial-management-tools.go and see how this tool can help you.