HelloWallet, which had its debut in March 2010, offers independent financial advice online to help users take control of their finances and achieve their financial goals.
One impact of the Great Recession is that consumers are now more aware that they need to closely monitor their personal finances to avoid getting into difficulty. That’s where HelloWallet comes in. It’s aimed at the estimated 80% of low to middle income American consumers who do not currently have access to financial advice resources.
HelloWallet performs budgeting and money management functions such as offered by free online personal finance sites, but more importantly it provides independent and personalized financial advice. HelloWallet is independent from financial institutions and does not receive any advertising revenue from them and so is in a better position to recommend savings products which may actually best benefits each individual user.
Key benefits include:
- Keeps track of all your finances in one place
- Monitors rates on credit cards, mortgages, loans and other products, and alerts you if they increase
- Searches over 130,000 different financial products (checking accounts, savings accounts, money market funds) and from a broader range of institutions compared to free sites, such as credit unions, community banks and national banks
- Creates personalized savings plans for important milestones such as tuition fees, buying a home, saving for retirement and reducing debt
- Identifies unproductive savings you may have – according to research, American families lose approximately $100 billion each year in preventable financial mistakes
- Helps estimate how much to save to buy a home using local home prices; forecasts your home’s potential worth in the future
- Gathers tuition information for most colleges and universities and helps estimate how much to save in time for enrollment
- Provides recommendations about financial gaps, such as missing emergency savings plans
- Proactively identifies financial health threats and savings opportunities
HelloWallet works with charitable foundations and was endorsed by the Clinton Global Initiative. It donates one free membership to a family in need for every five paying subscriptions, providing a free service to at least 300,000 low-income families over the next five years.
A HelloWallet subscription costs around $4 per month, with a 60 day free trial offered. We’d love to hear from users as to how helpful they find the service.
