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What You Can Learn From Reflection with Wellspent

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July 15, 2019

When you hear the word reflection the first thought that comes to mind may not always be positive. After all, reflecting on something means you are preparing to address both the good and the bad of any action. And while this process can be very rewarding and therapeutic; it can also bring to light some of the less desirable habits and emotional attachments you have — especially when it comes to money. 

At Wellspent, we aim to empower people to spend their money well, but we don’t expect you to feel that way overnight. We created the option to reflect on your purchases as a means of helping you better understand how your spending habits impact your overall values. The purpose of reflection is to identify opportunities where you could save money while maximizing the joy you feel from the purchases that make you happier overall. Reflection is a non-judgmental practice that allows you to review each of your purchases and take the time necessary to reflect on your feelings towards each of those purchases. Whether you end up feeling happy, sad or indifferent about the money you’ve spent, you can take solace in the fact that we’ve been there, too. 

We want you to spend your money in ways that make you happy, so you can begin spending with intention on future purchases. That’s why we’ve made it super easy to reflect with a frictionless experience that avoids the obstacles of time and effort spent so you can get back to living your life. And remember: reflection is only as rewarding as you will allow it to be, and in order to fully appreciate that fact, you will have to dive head first with an open mind and full heart. 

Here’s how you can get started with our reflection process:

Link your bank accounts

Before you can begin to reflect, you will need to link your bank accounts to the Wellspent app. You also have the option to manually enter your purchases, but linking your accounts will ensure a smoother process where nothing will be missed. Wellspent is powered by RBC Ventures, which means you have the safety and security of the bank behind you. Once your transactions begin to populate you will be prompted to reflect on them, so get your mind ready for some deep thinking because your journey to happier spending is about to begin. 

Learn more about how to choose the right credit card for your lifestyle

Think about how your purchases made you feel at the time

The most important part of reflection is time. In order to truly connect to how you feel about your transactions, you will need to give yourself the proper time to address them. The best way to approach reflection is to start in the past. Think about how you felt when you initially made the purchase. Were you happy to pass your card through the machine or hand over your hard-earned cash? Or did the thought of spending your money at that moment give you massive pangs of anxiety? How you felt at the beginning of your transaction is just as relative to how you may feel now, so pay attention.

Think about how those purchases make you feel now

Now that you’ve reflected on how you felt when you initially made a choice to spend; the next step is to address exactly how you feel right now. There are a few factors that can impact how you feel about a purchase long after it’s been made. For example, if you are reflecting on multiple purchases at once, or are feeling overwhelmed by the total amount you spent in a day, week, or month, you may feel stressed out or overwhelmed by the process, which will ultimately have you reflecting poorly on your choices. It’s important to compare both moments in time in order to strike a balance between the two. Only then can you truly gain perspective on each purchase. 

Learn from your spending habits and begin again

The best part about reflecting is the learning process that naturally comes along with it. Once you have a few reflections completed, we’ll begin to share insights with you to help you better understand the emotional impact of the choices you are making. Our goal is to help you learn from your feelings so you can begin to bring mindfulness into the way you manage your money. It may sound easy at first but being mindful of each choice you make is something that takes time to accomplish. Take what you’ve learned from Wellspent and put it into practice the next time you make a purchase… and the next time after that… and after that — see where we’re going with this?

Keep reflecting on future purchases

They say practice makes perfect and that’s exactly how we feel about reflection. The more you do it, the better you will become since you will naturally begin to feel more comfortable with the process. Regular reflection will also make room for the things that matter the most to you. You can encourage yourself to keep at it by determining a time that works best for you to reflect and following through it on. Whether you decide to reflect daily or weekly is totally your call. All that matters is that you are setting aside the time to ask yourself about the things that matter most to you, so you can begin to make happier, healthier decisions to ensure your time and your money is Wellspent.

Learn more about how Wellspent works

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.