Your Go-To Financial Tracker: HelloWallet
When it comes to New Year's resolutions, "save more money" is often on the list. As you make your list of New Year's resolutions for 2018, be sure to add "use a financial tracker." Why? Because when it comes to your financial security, what you don't know could hurt you.
Only 41 percent of U.S. households have enough in liquid savings to pay for an unexpected expense, according to a 2017 survey by Bankrate .
Fortunately, with the free HelloWallet Program — KeyBank's easy-to-use financial tracker — this is one resolution you'll find easy to keep. HelloWallet helps keep your household in financial health by putting you on a path to financial wellness by using various tools and resources.
Looking at the Big Picture
A movie without an ending. A book with a chapter torn out. When you only see part of the whole, the result isn't very satisfying. The same goes for your financial picture. And getting only part of the picture can also be misleading, giving you a false sense of financial security. You may have roadblocks to financial wellness that you need to address before you can get on the path to financial wellness.
With HelloWallet, you can see your entire financial picture in one place, across all of your financial accounts — even non-KeyBank accounts. Adding accounts is easy. More importantly, it means you'll get more accurate guidance on how to proceed along your journey to thriving financially. Plus, with the time you save not having to log onto several different accounts, you may be able to accomplish some of the other items on your resolutions list.
Scoring Your Financial Wellness
Similar to your physical health, your financial health is made up of multiple factors. HelloWallet gives you a Financial Wellness Score based on your current financial situation — this includes your account balances, income, spending and demographics. The more accounts you add, the more information about your financial life you provide, the more accurate your Financial Wellness Score will be. You'll even get a "Peer Score" to see how you stack up against other people your age with similar incomes.
And just as your physical health changes based on what changes you make or situations you face, your score will change as your financial situation changes. Each time you sign on to KeyBank Digital Banking you'll see your Financial Wellness Score. Based on your score, you will receive easy, actionable items you can take to improve your financial wellness — sort of like a prescription for better financial health.
Getting on Track With Tools and Resources
The first step on the road to financial wellness is to create a yearly budget. Unfortunately, many of us may still be winging it. Remember from that Bankrate survey that most of us don't have enough liquid savings to handle an unexpected event. It's important to know where your money goes, and that's where the program's Financial Wellness Tool comes in. It helps you prepare a detailed budget so you know exactly what's coming in and what's going out, and when, so you are never caught off guard. It's an easy way to track where your paycheck goes every month, so you can create a budget that fits your life — and helps you reach your financial goals.
So say goodbye to the financial chaos of the past. Say hello to financial wellness in 2018 by getting started in HelloWallet today.