Sick of spreadsheets? Here’s everything you need to know about personal financial management (PFM)

Following a budget is indeed part of personal financial management, but PFM has evolved into something much bigger, says Nate Gardner, chief customer officer at MX, a company that builds products for banks and credit unions such as U.S. Bank, Barclays and BBVA. “The mobile experience of using a financial tool should feel equivalent to what Tesla is in the auto industry,” Gardner says. “Instead of just driving you from point A to point B, it should also watch out for your safety and give you warnings about where to turn and how to avoid accidents.”