Savings & Debt Guidance

HelloWallet’s Savings and Debt Guidance is a projection tool that allows you to see how much you are saving over time and helps you make your own decisions about how this will affect your financial goals.

The Projected Savings & Debt graph allows you to visualize how your goals affect your savings and debt levels over time.  You can view your savings and debt levels at a 6-month, 1-year, 5-year, or 30-year outlook in relation to your planned goals as well as emergency savings levels.

HelloWallet provides guidance for how much you should have in emergency savings by recommending emergency savings levels. You will also receive guidance related to each of your spending and debt goals based on factors such as your emergency savings levels or interest rates.

Below we cover some of the highlights of Savings & Debt Guidance:

  • Emergency Savings - HelloWallet’s Savings & Debt Guidance incorporates an emergency savings calculator to help you determine how much you need saved in event of an emergency. The emergency savings calculator evaluates different factors of your financial life to provide recommendations for how much you need to have saved in the event of a minor emergency, major emergency, or job loss. You can also set your own levels of emergency savings. HelloWallet provides guidance around how these levels of emergency savings affect your goals.

  • Spending Goals -  Create spending goals for large purchases that you are saving for. You can visualize how spending on your goal impacts your savings levels. HelloWallet will let you know when you cannot afford a goal and allow you to decide what changes to make to pursue this goal, while remaining financially secure. You may choose to contribute more to reach the goal, delay your timeline, or spend less.

  • Debt Goals - Create a debt goal for any of your debt accounts in HelloWallet. HelloWallet provides guidance on paying down debt with the highest interest first to avoid paying more in interest over time. You will be able to visualize how making additional payments towards your debt allows you to pay off debt faster and save money in the long run.

  • Wishlist - The wishlist allows you to set aside any of your savings or debt goals to pursue at a later date, if you are not ready to commit to a date.
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