Learning how to successfully manage your money is not a simple task. It takes patience and perseverance to keep yourself motivated to do better when it comes to altering your financial behaviour and habits. These days, there is a multitude of apps that claim to help you save more and improve your spending within a few simple taps. But with so many options available in the market it can be difficult to find a money management app that is properly aligned with your personality and value system.
Many of the money management apps currently in the market focus on elaborate budgeting and tracking features that allow users to separate their money in a number of formatted ways. Doing this allows users to see exactly where their money is going and provides them with the data they need to make strategic changes in the ways they spend their money.
But there’s still something missing.
If we look at popular budgeting and finance tracking apps like Mint, YNAB, and Dollarbird the similarities will hit you almost immediately. These apps are designed to help you create a budget with the intention of sticking to it, and they do a great job of doing just that. What’s missing is the human element; something that helps connect users to their finances outside of investing, saving, and budgeting. At Wellspent, we empower our users to track what they are spending on a day-to-day basis, while also encouraging the act of reflection. We believe that reflecting on the choices we make when spending money can ultimately lead to more mindful spending in the future—ultimately allowing us to budget better and live happier.
Asking you to put your feelings first when it comes to spending your money is a key point of difference for us. The truth is: money is emotional. We buy things when we are happy and we buy even more things when we are upset. Regardless of the nature of our actions, it’s true that every action we take in life stems from an emotional experience one way or another. We ask you to lean into your emotions and to trust what your feelings are trying to teach you in everything you do moving forward.
One of the many ways we bring feelings to the forefront of money management is with our reflection feature. Asking you to reflect on the money you’ve spent is the heartbeat of Wellspent. After all, you won’t be able to address problems and make changes if you aren’t reflecting back on how you felt in the first place. For each transaction you make, we will ask you to specify if that purchase is something that brought you value, if it is associated with feelings of regret, or if you feel indifferent about it. The best way to practice reflection is to ensure you are reviewing your transactions daily so you can reflect on how you felt in the moment, instead of waiting too long when your feelings on the matter will have ultimately changed or are difficult to remember.
We like to think of Wellspent as a form of meditation for your finances, and that’s where mindfulness and spending with intention truly begin to form. The more you reflect with Wellspent; the more data we can present to you in an effort to help you break down where you are succeeding and where there’s room for improvement. The areas where you could improve may require you to be more mindful with your spending, which will lead to better intentions each time you reach for your card or cash. Spending with intention and practicing mindfulness is not something we expect our community to achieve overnight. It’s a skill that requires patience and understanding, which is exactly why we are here to help you navigate your way to a peaceful state of money management.
Our main goal is to help you change your habits. Tracking what you spend and reflecting on how you felt about it at the time will help you identify habits that you need to improve. The objective is to change your actions and feelings towards managing your personal finances. We break out your transactions by category and the custom tags you create to present detailed data in your feed, helping you narrow down where you are doing well and where you could do better.
At the end of the day, we want you to change the way you think and feel about your money. If you’re someone who feels uneasy about money and personal finance then this app is for you. If you’re feeling confused about your feelings towards money management — we’re here to help you figure it out. And finally, if you already feel happy about the way you spend your money, we still encourage you to try us out. Who knows, you may learn something entirely new about yourself and that’s exactly what we would consider time well spent.
Learn more about money management with Wellspent
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.