Royal Bank of Canada (RBC) has launched an online financial management tool that is integrated into an online banking system called myFinanceTracker.

According to RBC, myFinanceTracker will automatically categorize transactions, track expenses and provide advanced budgeting capabilities for all personal banking and credit card accounts.

myFinanceTracker can group similar transactions into main categories such as travel or grocery. Consumers can further customize transactions by defining their own categorization rules, such as adding purchases from a book store into the ‘schooling’ category.

The new tool will provide consumers the ability to clearly define their budget with a maximum spending limit on each category and sub-category for a defined period. They will also be able to establish a budget based on dollar value.

The new tool can track income and expenses. Account transactions will be displayed for each category or sub-category, along with the budget limit. Consumers will also have access to a calendar view of their past and pending transactions, printer-friendly reports and the ability to set a maximum spend for transactions and account balances.

James McGuire, vice president fro digital strategy and experience at RBC, said: “myFinanceTracker will help our clients save time and money while managing their finances. Canadians of all ages and income levels are telling us they have a desire to better understand their financial situation.

“This online tool can help clients track and manage where they are spending money, an essential first step in reaching any financial goal – whether it’s saving money for a child’s education, retirement, getting out of debt or putting money away for a big purchase.”