Where Are You on Your Financial Health Journey?

How to Get Your Financial Health Assessment

To get your financial health assessment, log in or create your Experian account and follow these steps:

• On your browser: Mouse over the avatar icon in the top right corner of your screen to show your options; click on Financial Roadmap.
• In the Experian app: Tap the three-line menu icon in the top right corner to show your options; scroll down to tap Financial Roadmap.

You'll be asked to take a brief, eight-question survey that measures four aspects of financial health: spending, saving, borrowing and planning for the future. Based on your answers, you'll get a financial health score ranging from zero to 100, plus recommended areas to focus on and suggested actions to improve your overall financial health.

You'll also see quick steps you can take right in the Experian app, such as connecting bank accounts to see your earning and spending patterns, checking your spending breakdown to see where your money is going or turning on insurance rate monitoring to get notified of potential opportunities to save. (Some recommended actions may require upgrading to a premium Experian membership.)

Your financial health score is not a credit score, and using the financial health assessment tool does not affect your credit scores.

Resources to Boost Your Financial Health

Experian's financial health assessment is a great starting point for evaluating where you are today and getting to where you want to be tomorrow. Here are some other Experian resources that can help with the four pillars of fiscal fitness.

1. Spending

Living within your means is the foundation of financial health. If you're constantly spending more than you earn, making a budget and tracking your spending can help you identify ways to cut back and free up funds for major financial goals, such as buying a home or paying off debt.

Paying bills on time matters, too. Your debt payment history is the single most important factor in your credit scores, so even one payment 30 days late or more can significantly lower your credit score. Setting up account alerts or automatic payments can help ensure timely payments.

Learn more: How to Get Back on Track if You've Blown Your Budget

2. Saving

Saving money can help you reach short- and long-term financial goals, such as saving up for a down payment on a car or home. It's also important to build an emergency fund, ideally one that can cover three to six months' worth of essential expenses if you lose your job. If that feels out of reach, start with a smaller goal, such as $500, and build your savings gradually.

Make the most of your savings by putting it in an account that combines security with earning power. For example, a high-yield savings account (HYSA) or certificate of deposit (CD) could help your money grow faster than a traditional savings account.

Learn more: How Much Money Should You Have in Your Emergency Fund?

3. Borrowing

From credit cards and student loans to home mortgages and auto loans, debt can help you pay for major purchases or achieve life goals. However, it's critical to keep your debt manageable by borrowing only what you know you can repay and avoiding high-interest debt.

If you find yourself struggling with high-interest credit card debt, make a plan to pay down debt. Depending on your situation, the debt avalanche or debt snowball approach, a debt consolidation loan or a balance transfer credit card could be the right strategy for you.

Learn more: Good Debt vs. Bad Debt: What's the Difference?

4. Planning and Protecting

Whether your dreams include buying a home, putting your children through college or retiring in style, developing a financial plan can help them come true. Build financial security for retirement by contributing to an employer-sponsored 401(k) plan or opening an individual retirement account (IRA).

As you work to build your financial future, don't forget to protect it. Depending on your situation and needs, you may want to purchase life, health, home and car insurance. Insurance helps to cover your expenses when the unexpected happens, safeguarding the financial security you've worked so hard to build.

Learn more: How to Increase Your Net Worth

Credit Scores and More

Credit scores reflect how you manage credit, which is a key measure of your financial fitness. Although Experian's financial health assessment considers your FICO^® Score^Θ, it also measures how other financial habits impact your financial well-being. Because each of the survey's eight questions is weighted equally, your FICO^® Score only accounts for 12.5% of your financial health score.

Along with checking your financial health, be sure to keep tabs on your credit scores. You can check your FICO^® Score from Experian for free to see where you stand and what you can do to improve your scores.

Disclosures:
Results may vary. The financial health assessment is for informational purposes only and is not intended to provide financial, legal, tax, or other advice, including advice on how to improve or repair your credit history or credit rating.