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How to use the custom tag function in Wellspent

Personalizing your expense management by using custom tags allows you to organize and review your spending in ways that are meaningful to you. Track everything from monthly expenses and transportation to date night and habits you want to change. We created this guide to help you get the most out of this unique function.

Think about your life as a series of containers—each one representing your core driving values, passions and choices. Now, if you were to compare your containers to your friend’s, we bet that they would all look pretty different. This is the key problem with conventional budgeting and money apps. They assume we are all the same. They try to divide our lives into predefined categories, yet your values and your spending habits are as unique as your fingerprint and we don’t believe that one category should fit all.

So, we created tags. Tags are ways for you to define what containers your spending falls into. They allow you to use your values and daily life to dictate how things piece together. Set aside some time to really look at what is important to you and tag your spending in ways that reflect your life. Use tags to keep track of habits you want to change, things you love doing, or just groups of transactions that you’re curious about reviewing as a whole. This will lead to richer and more insightful reports on your spending.

Some of our favourite tags are: #worktransport, #badhabits, #fitness, #babystuff, #familytime, #frienddate, #afterwork, #monthlyexpenses, #downtime, #bills, #datenight

The practice

To get the most out of your tags, here’s a fun little exercise for you.

Grab a piece of paper and a pen. Start writing out all the things that you value and the different areas of your life. Fill the page with all the things you love, your passions, your hobbies. Use this brainstorm as a way to guide your containers as they connect to your day to day life, your goals and passions, and the things that you value above all else. From here, distill your top containers and use these to start building your custom tag list.

Now that you have defined these main containers, take some time and think about the flip side. What are the areas in your life that are pulling you away from the things that you value most? What money leaks are eating up your hard-earned cash? What bad habits do you want to change? Where do you want to spend less? Create tags to track the habits that you want to change so you’ll be able to see your progress as you start to make shifts in your lifestyle.

Go questions or comments?
Email us at hello@wellspent.co

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