Score Guidance

Score Guidance helps you increase your Financial Wellness Score. Once you get your Financial Wellness Score, use Score Guidance to progress through your roadmap and increase your score.

Score Guidance is broken down into steps that correlate to different components of your Score. You will commit to spending less than you earn, save for emergencies, and pay down credit cards. We'll also help you take a look at the other pieces that make up your finances, such as health expenses and insurance.


Note: You will need to complete each step before you are able to proceed to the next. If you find that you aren’t able to complete certain steps right away that’s ok! There is no rush and you can always come back to the Review Your Financial Life step to re-evaluate your plan.

Below is a list of the possible steps you may see on your Score Guidance roadmap. Your own roadmap will be personalized to your financial life, so you may see more or less of these steps:

  • Review Your Financial Life - All HelloWallet users will begin Score Guidance on the Review your Financial Life step. You will answer questions about your current financial situation so that we can learn more about you and provide personalized recommendations.

  • Set Aside Monthly Income - All HelloWallet users will also set aside a percentage of monthly income. In this step you'll come up with a monthly plan to spend less than you earn, and save money for your long-term goals. HelloWallet will provide you with 3 options for what you can afford to save: 5, 10, or 15% of your annual income. HelloWallet will make this recommendation based on your current plan and income. The amount that you set aside in this step will be used in future steps for savings or debt pay down.

  • Start Emergency Fund - After you set aside a portion of your monthly income, we recommend that you start saving for emergencies. As you contribute to your savings, HelloWallet will keep track of your account balances to show your progress toward completing this step. If any unexpected emergency expenses arise, we encourage you to use this savings instead of using a credit card.

  • Conquer Credit Cards - HelloWallet will help you create a pay down plan to tackle your credit card debt. We will provide you an evaluation of your credit card balances against cash available to pay it off: checking account balance(s) vs. credit card account balance(s). We want to make sure that on average, your checking account balance is higher than your credit card balance. In the case that you have more on your credit cards than available cash, we’ll help you create a pay down plan.

  • Grow Emergency Fund - Continue to grow your emergency fund by adding to the amount you saved in the Start Your Emergency Fund step. HelloWallet will recommend that you save either 3 months of income if you don't have a car or house, 5 months of income if you have a car OR a house, and 6 months of income if you have a car AND a house. This Emergency Fund should be used as needed when unexpected circumstances arise.

  • Cover Health Expenses - We want to make sure that you have standard health insurance coverage for general medical needs. Tell us about your current health insurance coverage including the deductible and out of pocket max. The goal is to ensure that you always have enough savings to cover your out of pocket max and deductible. HelloWallet will provide you with recommendations based on the savings that you’re already taking advantage of. This savings will continue to build on top of your Emergency Fund to help cover your health costs.

  • Insurance Policies - Based on your Profile information, HelloWallet will evaluate the types of Insurance that you should have and keep track of.

  • Pay off your Loans - Pay off your loans one by one with the snowball method. HelloWallet will provide you a list of your current loans and offer you a plan similar to the credit card pay down process in which you can select the loan you want to pay off first and create a payment plan for the rest of your loans.

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