Pat yourself if you are here and reading this blog. Your commitment towards your financial health will help you achieve your 2021 goals faster :)
Now, you must be wondering what is a Wizely Financial Wellness Score? Is it the same as a credit score or different?
Let us begin by saying that your Wizely Financial Wellness Score is not the same as your credit score and here is how we define it:
“A Wizely Financial Wellness Score is a unique score that determines how healthy your current finances are based on criteria such as your monthly savings, budget, EMI repayments, and spending habits.”
If you feel an urge to check your FREE Wizely Financial Score, signup on our app now:
Or, if you want to know more about Wizely score, we have a lot of interesting things lined up!
What Are the Components That Make up Wizely Financial Wellness Score?
1. Your Savings Habit
We ask you two main questions to assess this criteria:
- Do you have an emergency fund? If yes, how much is it?
- Do you have a retirement plan?
2. Your Spending Habit
This criteria mainly has two assessment sub-criteria:
- Do you follow a monthly budget?
- Do you adhere to your budgets ?
- Are you paying back all your EMIs on time?
Based on these two criteria, you will get a Wizely score out of 1000. More about that in the section below.
However, before that would you like to see get some free recommendations from Wizely on how to improve your financial health?
How is Wizely Financial Score Calculated?
The Financial Wellness score will be:
An index out of 1000 and will update based on user behavior at regular frequencies (every day/week). There are two components to the score:
- The user’s current financial habits (as discussed above)
- Whether or not essential requirements & tasks are fulfilled across the pillars
Excited to get your free financial score?
How to Improve Your Financial Score?
Well, to know this you will need to read the next blog in our series from the link here:
Wizely is committed to helping you on your financial wellness journey and wishes you the best in your financial journey!