Managing your money isn’t just about setting a budget and sticking to it. Money is emotional, and that’s why we have to train ourselves to approach how we are managing our money a bit differently. At Wellspent, we focus on reflection as the first step towards changing the way you spend and manage your money—but that’s just the beginning. After several cycles of reflection, enough data will have accumulated to help us determine where exactly you can improve your spending behaviours and habits. The Do Betters feature can help you identify where you can take steps towards change and begin to find value again in your spending.
Every transaction in Wellspent begins with reflection. As you reflect, we will identify areas of your spending where you can “do better.” The more you reflect, the more insight about your spending Wellspent will be able to offer you. Continue to reflect on a consistent basis to get the most out of the goals you set in Do Betters.
As you review your results in the feed, you will notice areas where Wellspent has pointed out that you can “do better.” We help you recognize where regretful spending has occurred in the last seven or thirty days and prompt you to take action to do better.
Clicking on the Do Better feature requires you to reduce the amount of regretful spending on that specific category, merchant, or tag in the next seven or thirty days.
Your next step is to track your goal to “do better”. You can track the progress of your Do Better goal directly in the app. Wellspent will flag to you when you’ve cut down wasteful spending, and whether or not you have reduced the regret, you felt in the beginning.
Each time you reflect in Wellspent, you have the option to create personalized tags as they relate to your transactions. Creating tags that speak to your specific spending behaviour will help you identify where you may need to cut down on your spending. Even more so if you are consistently using that tag to fit the behaviour you are trying to improve. Then, use the Do Betters feature to start reducing your spend in that area.
Take a moment to appreciate the effort you made to create this change in your spending habits, not to mention, your feelings toward money. Did you have to sacrifice anything to reach your goal? Did you notice a change in your behaviour or the way you were feeling along the way? Be sure to check in with yourself based on the results and don’t forget to congratulate yourself on ok a job well down. We are all experiencing some type of emotional journey when it comes to money management. We must take the time to recognize when we are succeeding and where we may need to do better in the future.
Discover all the ways Wellspent can help you improve your spending habits and behaviours.
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.