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Mindful spending

How Tagging Your Purchases in Wellspent Could Improve Your Spending

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July 15, 2019
By:
Shorey Andrews

Customizing your purchases in the Wellspent app is incredibly easy with our tag function. Choosing to tag your purchases will allow you to personalize the way you are tracking the money you spend. We start by auto-categorizing your transactions but leave the option open for you to label purchases according to your lifestyle, habits, special events or anything else that feels meaningful to you through custom tags. You can add multiple tags to any transaction, which will allow you to add more context to your purchases and easily find groups of purchases at a later time.

Custom tagging exists to help you learn more specifics around your spending. The more purchases you tag; the more data Wellspent can share with you to help you find areas of improvement and highlight areas where you are excelling. By separating your purchases by custom tags you will begin to better understand exactly where your money is going and how often it’s going towards one specific item, action, event, or feeling. 

In order to help you navigate our custom tag function, we’ve put together this mini-guide with tips to help you get started. 




Categories Vs. Tags

Let’s start off by addressing the difference between categories and tags. When you begin tracking purchases in Wellspent, we will auto-categorize them for you. The goal with auto-categorizing is to help you determine exactly how much you’ve spent on any given item or experience. We will also generate what percentage of it made you happy, or sad based on your reflection. Our tagging function allows you to dive deeper by creating tags that are relative to your purchase. The data we present from those tags will help you understand just how much money you are spending on specific items or places. For example, let’s say you go out to lunch multiple times a week. Our auto-category function may place these purchases under restaurants/dining, but you may choose to tag it as #worklunch #takeout or #treatyourself. The selected categories will determine what percentage of spend you are putting towards this specific area. The tag you create will help you narrow down what type of spending ultimately makes you happy or unhappy, depending on how you decide to tag transactions. 

Create your tags 

In order to create your tags you will need to think about how exactly you want to organize all of your spending. Begin by reviewing your purchases and try to determine the themes, habits and unique categories that matter to you. For example, if you find yourself buying take out for dinner a couple of times a week, you can tag those specific purchases as #takeoutdinner or #eatingout. However, if you are frustrated by the fact that you are ordering take out for dinner more than once a week, you may consider adding additional tags like #badhabit or #nogroceries. You may also find tags useful when it comes to gift giving, major life events, vacations and more. This is the perfect example of how you can track your spending based on a specific event or period of time. Some examples of these tags include: #giftgiving #christmas #dadsbirthday #newhome #musicfestival #babyshower #girlsweekend #NYE2019 #beachvacay … you get the idea! Making the most of our reflection function will help you determine your feelings towards your purchases, and you can easily draw from those insights to help you create even more custom tags.


Image of shopping bag being tagged in various ways.


Embrace your spending habit insights 

It’s important to remain open-minded about the results of your tags. You may learn along the way that some of the things you purchase most often are not the things that are bringing you joy — and that’s okay. The point of selecting your tags in the first place is to determine spending behaviours and that means embracing both the good and the bad of those behaviours. Pay close attention to where the bulk of your spending is going and begin asking yourself questions like “was this purchase meaningful to me?” or “would I make this purchase again?”. Of course, it’s not always about the negative feelings we have towards our transactions. As much as we want you to learn from your bad habits, we also want you to congratulate yourself on your good behaviours as well. Lean into the purchases you make that bring you happiness and make you feel good about your decision-making skills. These situations are the best examples of the direction you will want to steer your future transactions in. 

Start a spending plan

The best way to move forward in the right direction is to make a plan for yourself. Once you identify your patterns through the tag function, you can begin to build a plan to improve your spending overall. Your plan may include spending with more intention, changing part of your routine, or perhaps shifting your priorities entirely. Just remember that change takes time and will require you to be both kind and patient with yourself. If you have any questions or want to know more about how to track your progress we’re always here to help.

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