We believe that there is a strong emotional connection to our money—yet humans have been ignoring it for years. Wellspent is a tool that helps us reconnect with those emotions through the act of reflection.
The traditional way we bank can be very restrictive and analytical. We’re shown our life as a series of transactions recorded on a bank statement, and as a result we tend to distance ourselves from our money. We are told to create budgets and save, but how that actually translates into our daily choices is difficult to interpret.
Reflection in Wellspent is a private and non-judgemental act. By reflecting on a purchase, you’re reconnected with the moment you made that decision and are able to compare that feeling with how you feel now.
After reflecting, you’re able to understand whether your own intentions and values are aligned to your choices. If they are aligned, that’s wonderful—but if they’re not, now’s the time to commit to making choices that are more united with how you want to live.
This process may feel uncomfortable at first, and that’s totally normal, but we can assure you that the benefits you’ll experience are profound. You’ll begin to treat yourself with compassion while discovering areas for personal improvement. And by recognizing what we regret and why, we’ll have all the tools to spend better next time.
To start, make sure all your bank accounts are connected. Keep in mind that since we’re backed by RBC Ventures, all your data is safe with bank level security.
Next, take your time while reflecting to really consider why you made each purchase, how you felt at the time of the purchase, and how you feel about it now. Sometimes it helps to go to a quiet space, and if you’re feeling distracted or overwhelmed, take a break. The more thoughtful your reflection is, the more useful the insight will be.
Make reflection a habit. How often you reflect is really up to you, but we suggest reflecting at least once per week so that your transactions are still fresh and recalling them is easier.