Use this tool to transform your money management

When you have multiple accounts and varied financial goals, trying to get a firm grip on your financial situation can be a bit like playing whack-a-mole — just when you balance one goal, it's time to check in on another.

To effectively manage your assets, you need to have a clear understanding of where you stand. That’s where aggregation comes in.

Let's say you have a mortgage with one bank, and your car loan is with a different bank. Then, you have a checking and savings with another bank, and your student loans are funded elsewhere. Perhaps you share an investment account with your spouse, and you also have a retirement account through your employer. All that can be a lot to keep track of.

Read more: Beyond using aggregation, a financial advisor can help you keep an eye on multiple goals and accounts.

Ultimately, aggregation helps you gain a wide lens view of your financial picture, so you can take everything into account when managing your money. Rather than checking on multiple accounts through numerous websites or apps, using an aggregation tool allows you to see everything in one place, saving you time and aggravation. Note that aggregation is not the same as consolidating your accounts, which is when you keep all your accounts with one institution. Aggregation tools allow you to look across your accounts and multiple institutions in one place. 

As you amass  savings, debts , property and so many other pieces of your complex financial puzzle, it can be easy to forget about the little things. But when it comes to developing a financial strategy, the details matter. If you’re working with a financial advisor , having the ability to see how your various accounts are allocated can help them work with you on making informed decisions, especially when emergencies pop up. 

Saving for the future means straddling long-term and short-term goals, which can feel overwhelming. Having an organized, wide lens view can help you feel confident as you work through different challenges and objectives.

Aggregation can also assist you in balancing investment risk  
by helping you find potential gaps in one particular strategy, so you can strike a better balance. For example, if you’re taking a conservative approach in your 401(k), you may be able to take on more risk in your other investment accounts. 

Aggregation is also a great tool for multiple people to work together toward financial goals.  Partners or spouses  can use aggregation to control their shared accounts, or it can be a helpful place to begin when couples have “the money talk.” It can also be an instructive tool for teaching kids finances . If you share accounts with your teenage children, for example, you can use aggregation as a platform to talk about money management goals and strategy. 

Aggregation will help you gain a more realistic understanding of your entire financial situation, enabling you to set feasible goals and assess your needs holistically.