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The Financial Health feature provides a comprehensive assessment of your overall financial wellbeing, helping you identify strengths, weaknesses, and opportunities for improvement.
Financial health refers to the overall condition of your financial situation, including:
Tracking your financial health is important because:
Cognito Money evaluates your financial health across multiple dimensions:
Access your Financial Health assessment:
The Financial Health Score is a numeric rating from 0-100 that represents your overall financial wellbeing:
Your Financial Health Score is derived from four key dimensions, each contributing up to 25 points to your total score:
| Dimension | Weight | What It Measures | Target |
|---|---|---|---|
| Savings Rate | 25% | How much of your income you save each month | 20% or higher |
| Debt-to-Income Ratio | 25% | The proportion of monthly income going toward debt payments | Below 36% |
| Emergency Fund | 25% | How many months of expenses your emergency fund covers | 3-6 months |
| Expense-to-Income Ratio | 25% | The proportion of your income that goes to regular expenses | Below 50% |
Your score is displayed prominently in the Financial Health Dashboard:
Don't be discouraged by a lower initial score. The Financial Health Score is designed to help you identify opportunities for improvement. Focus on improving one dimension at a time, starting with your lowest-scoring dimension for maximum impact.
Each dimension of your financial health provides specific insights and contributes equally to your overall score:
This crucial metric shows how much of your income you're preserving for the future:
This measures the burden of debt payments relative to your income:
This assesses your preparedness for unexpected financial challenges:
This measures how much of your income is consumed by regular expenses:
For accurate dimension calculations, ensure all your income sources are properly configured, your Emergency Fund goal is set up, and your monthly subscriptions are correctly entered and categorized in the system.
Cognito Money's Financial Health feature provides targeted recommendations based on your metrics:
Specific recommendations appear when your metrics fall below these thresholds:
Follow this systematic approach to enhance your financial health:
Small, consistent improvements are more effective than dramatic changes that are difficult to maintain. Look for the "quick wins" first - actions that are relatively easy to implement but will have a meaningful impact on your score.
Cognito Money presents your financial health information in a dashboard format with several key components:
A visual representation of your overall financial health:
Visual progress bars for each of the four core financial dimensions:
Quick reference panels showing key financial figures:
Interactive chart showing your financial trends over the past 6 months:
The dashboard provides tailored recommendations based on your current financial metrics:
Check your Financial Health Dashboard monthly to track your progress and identify which areas need attention. Pay special attention to the trend chart to spot patterns in your financial behavior over time.
Cognito Money calculates your financial health score using a weighted formula based on four key dimensions:
Measures how much of your income you're saving:
Evaluates your debt burden relative to income:
Assesses your readiness for unexpected expenses:
Measures how much of your income goes to expenses:
Based on your total score (0-100), your financial health status is categorized as:
Focus on improving your lowest-scoring dimension first. For example, if your emergency fund score is low, prioritize building that fund before focusing on other dimensions. This targeted approach will maximize your overall score improvement.
Establish a routine to maintain and improve your financial health:
The most financially healthy users combine numerical tracking with mindful decision-making. They regularly review their financial health dashboard but also practice conscious spending by pausing before purchases to consider alignment with their values and goals.