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MyFiMan is a new way of thinking about your finances.
Understand your Cash Flow - (Are you slowly losing money? Or are you making money? How can I improve this?) - click to expand
MiFiMan's core message is "Good Information breeds Good Decisions". Our system interfaces with your existing accounts and current budget data to help you understand your cash flow.
Are you making money?
Are you slowly losing money?
Armed with this information you can then tackle then next step on the journey towards financial security – organizing a budget.
Make and Monitor your Budget - (Understand what you're spending your money on by labeling it, and seeing it change over time) - click to expand
Budgeting is understanding what your current costs are and adjusting your behaviour and future spending accordingly. By labeling your income sources and expenditures you can gain a better understanding of what you need to do to maintain balanced finances.
For example: You have established your budget, and you are fully aware of your financial situation. Thanks to some clever investments, and some wise spending decisions you find that you have some money to spare and you're keen to spend it. This brings us to MiFiMan’s "What-if" simulator.
Run your What-if's - (Run scenarios about taking out a loan, saving more money, or selling something) - click to expand
The What-if simulator allows you to input hypothetical data. Maybe you want to take out a loan, or buy a new guitar. You might want to save some more money, or maybe you’re considering selling something. Do you know how this will impact on your finances? Simply input the new data into the What-If simulator and you can gain an immediate understanding of how your decision will affect you in both the long and short terms.
Compare your accounts - (Compare your loan to another loan, search our databases to find what's best for you) - click to expand
You might be thinking about transferring your savings to a different account type or bank to maximize your wealth and you’re looking for an easy way to compare your present situation with a future one.
You have two options:
The first option is to manually select both your current account/loan and the proposed account/loan and compare them that way. As our databases are connected with all the major lenders you will have all the necessary data at your fingertips.
Your second option is to select your current account and let our databases pick a selection of accounts or loans which are best suited to your needs. From there you can make an informed decision with the assistance of an automated database. The computer will never tell you what you should choose – it will only offer up solutions based upon the data you have entered.
Every investment has an element of risk involved, but the question is, "How much risk?" This brings us to our Risk Management section.
Know your Risk - (If interest rates change, what position does this put me in?) - click to expand
If you have a loan, you are more than familiar with the distress rising interest rates can bring. Conversely, if you do not have a loan, but have a considerable amount of money in a savings account, then you know the joy that rising interest rates can bring you.
What the Risk Management application does is inform you of how changing interest rates and stock prices will affect your budget. It can also provide you with an action plan that can be implemented if and when your situation changes. It takes most of the worry away by preparing you for changes in the financial climate. Instead of suddenly realising that you need to cut corners in the event of a downturn or interest rate rise, you can be content in the knowledge that you have prepared yourself for this eventuality.
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