Cultivating sound spending and saving habits is essential to building wealth. As your partners in your wealth-building journey, we've created a financial health score to help you build good money habits!

This score was carefully crafted based on research surrounding best practices for boosting financial health. Each of the five factors included in the score tracks a specific element of financial health, such as paying bills on time and in full and having savings set aside.

We use your transaction history and behavior in the app to calculate a score and provide you with feedback on your progress for each factor. We have weighted the factors differently based on their importance to your overall financial well-being.

People are often blindsided by financial emergencies and have to take out debt because they are not paying attention to their financial life. We think it is important that users take control of their finances and understand where their money is going and when. That's why we give users credit for logging in to their app and monitoring their spending and saving.

🌟 Log in to the app 10 times a month to get a perfect score!

The only thing better than saving money is saving money without having to think about it. Setting scheduled saves allows you to move money to and make progress on your financial goals on a regular basis.

🌟 Set up five scheduled saves to get a perfect score on this factor.

There is an often-cited statistic in financial health media that states that a majority of Americans do not have $400 in savings to use in case of an emergency. This makes it hard to weather storms like car repair and medical bills without taking on interest-bearing debt.

Financial health researchers suggest that people should have 3-6 months of their monthly expenses in savings to use in case of unexpected emergencies. At Elevault, we know that 3-6 months of expenses is a lot to ask and hard to achieve.

🌟 We will give you a perfect score on this factor is you have 1 month of expenses saved!

Putting away some of your monthly income is the best way to increase your savings and, in order to have some left over, you must try to spend less each month than you earn. If you spend less than you make each month, you will be able to build some sort of emergency cushion so that you can respond when you have an unexpected expense like a car repair or medical bill.

This factor is calculated by dividing the balance of all the money that comes in to your portfolio by the balance of all the money that comes you.

🌟 If your money in to Elevault is greater than your money out, you will receive a perfect score!

Paying your bills on time and in full is a key part of financial health. Racking up late fees and interest is an unnecessary waste of money that could be saved for things you actually want like a new car or a vacation. In order to improve this factor of your Elevault score, you should set up a VaultKey to auto-draft one of your monthly recurring expenses. You can even set up an Expense Vault to track this expense and connect the VaultKey directly to it!

🌟 Use a VaultKey to pay at least one bill per month to receive a perfect score.

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