HelloWallet, an independent personal finance website dedicated to helping people reach their financial goals, today announced two new features that help its members better track their long-term savings and receive proactive, personalized financial advice.
The new "To-Do Calendar" automatically schedules personalized financial tips that help its members improve their financial health. The site's new "Visualize Savings" feature enables users to track savings progress in the form of graphs that automatically notify members when they need to change their monthly contributions or target dates.
"As academics, we spent years studying how workers were unnecessarily losing over $100 billion every year because they lacked access to independent financial guidance and management," said Matt Fellowes, Founder and CEO of HelloWallet and former Fellow at the Brookings Institution. "These new features bring us one step closer to helping Americans make the most out of their money and toward achieving their financial goals."
The company is building its service with a group of large employers that are providing HelloWallet as an employee benefit, along with a growing number of direct consumers and other partner institutions that are providing HelloWallet to their customers or members. In the months to come, HelloWallet will release new features and enhancements based on the feedback from its partners and members.
Scheduling To-Dos, Prospective Financial Guidance
HelloWallet now offers a customized To-Do Calendar that provides a list of savings opportunities, financial threat warnings, and tips to improve your financial health.
"Using new and innovative technology, we're able to provide customized financial to-do's such as bill payment notifications, tips about how to save money, and automatic suggestions about how to get back on track to reach your goals, all of which can help improve our members' financial health," said Fellowes. "Getting ahead is all about prioritizing what you're doing financially and this tool will help our members make the right decisions about their priorities to get ahead faster and more safely."
Savings Tracking and Advice
HelloWallet helps users determine how much they need to save in order to reach their short-term and long-term goals. With the introduction of these new features, the company will now chart for its users their monthly savings plans, progress, and forecast out projected shortfalls or potential savings. For instance, if a user wants to save for college, HelloWallet provides the tuition of every post-secondary school in the country, projects the value of the tuition in the year their child will attend, estimates the amount of student loans and financial aid they're likely to receive, and then provides a monthly contribution and target date for reaching their college savings goal.
HelloWallet's new features will also allow members to visually see their entire plan over the lifetime of the goal, track their progress over time, see their shortfalls, and most importantly, receive financial tips to get back on track to reach their goals.