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4 Simple Ways to Manage Your Holiday Spending with Wellspent

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December 9, 2019
By:
Shorey Andrews

It’s the most wonderful time of the year, and you know what that means — a stressful shopping season ahead!

The holidays are full of tasks that keep us busy up until the new year. One of the biggest holiday to-do’s is crossing things off your shopping list. Whether it be grocery shopping for a festive spread, decorations to deck the halls, or presents to bring joy to your loved ones — there’s a lot to do!

Luckily, Wellspent is here to help you tackle your holiday shopping list by suggesting you ask yourself some important questions before you decide to buy. Using Wellspent for your holiday shopping can help you organize your purchases by categories for easier searching, provide you with the option to #personalize your shopping experience — plus, so much more. 

Learn more about how Wellspent works

4 simple ways to manage your holiday shopping list with Wellspent

1. Discover how much you are spending on gift-giving by category

Each purchase you make will be automatically categorized in the app, which allows you to view what you’ve spent by category (ex: restaurants, travel) during your shopping journey. Searching (or viewing) your purchases by category will also allow you to cross-reference your gift-giving list so you can see if you are buying impulse items outside of what you planned to purchase for the people on your list. 

Photo Credit: Juliana Malta

2. Customize your shopping experience by tagging each purchase 

Taking advantage of custom tags is one of the easiest ways to get your holiday shopping list in order. We give you the freedom to create tags that are specific to you and your unique purchasing style. Using tags for specific events, such as #holidays or #giftsforfriends, will help you stay organized while you track what you’ve spent, where you spent, and who you spent it on. Reviewing your purchases by tags will allow you to see where you are overspending, while simultaneously helping you learn more about your overall spending habits so you can apply changes the next time around. 

Not sure what to tag? Here are some recommendations to get started: #giftsformom, #giftsfordad, #givingback, #giftexchange, #christmasdinner, #holidaycelebrations, etc

3. Review all of your holiday shopping in one place 

Taking inventory of your purchases by tag or category is helpful when you want to get granular with your holiday spending habits. Still, sometimes you want to see everything in front and centre. The spending overview in Wellspent will allow you to see how much you have spent throughout seven, fourteen, and thirty days. Viewing this information at a glance will allow you to identify areas you are overspending so you can adjust your holiday shopping list or budget accordingly. You can also track your current spending outside of your holiday needs, so you can ensure you are saving money during the busiest time of year. 

Photo Credit: Samuel Holt

4. Stop and take a moment to reflect on the holidays

An essential part of hustling and bustling during the holiday season is taking a moment to reflect. Taking the time to check in with yourself during the holidays is not only an important part of self-care; it’s also beneficial to managing your finances, too. Reflecting on whether a holiday purchase was well-spent or not can help you determine if what you planned for is relieving you of spending stress. 

Discover more ways Wellspent can help you organize your spending and save money after the holidays are over. 

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This article offers general information only and is not intended as legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. While information presented is believed to be factual and current, its accuracy is not guaranteed and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the author(s) as of the date of publication and are subject to change.  No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or its affiliates.