This year UW Credit Union is giving its members the gift of better understanding their spending.

The Madison, Wisconsin-based credit union has unveiled Money Management Tools, a free customized online expense tracking and reporting tool.

Members can assign categories to transactions and make notes on each transactions. In addition to categories like home, groceries, utilities etc., members can also assign labels for example for different family members or particular events, to further track spending. The tool also provides transaction-based alerts that can be set to alert users to everything from when a particular check clears to when a transaction posts from a certain store. Members will also be able to view a chart or graph of transaction histories by any field such as category, label, description, date or dollar amount.

The move is designed to help members find additional ways to save and budget by providing an easy to use online tracking tool.