Wellspent uses the power of shame to help you manage your spending.
A team of people who were working on projects for RBC developed the app. They pitched their idea to the bank, and it funded the creation of the platform.
The team wanted to shift the idea of managing money from looking at totals to instead examining the choices people make with their money.
How it works
The app’s core concept is to make you look back and reflect on your transactions and then say in hindsight if they were worth making. It does this through a Tinder-like mechanic where you swipe left and right to indicate whether what you spent your money on was worth it.
When you get through managing your transactions, Wellspent also gives you a roundup of how many purchases you made, how much you spent, and what percentage of those transactions you deemed well spent. You can set this chart to show the last seven, 14 or 30 days worth of spending.
There’s also a button in the top right corner so you can manually add transactions.
If you scroll further down the page, the app presents you with a pie chart that breaks up which areas you spend the most.
The next page is for searching past transactions to learn more about them. You can filter these by things you were happy to spend your money on and things you were not.
The third tab keeps track of your total spending for a given month. Once you’ve been using the app for awhile, this tab is useful to compare your spending to the previous month. You can sort this by store, any ‘Tags’ you may have applied to any purchases and by category.
The final section is just the app’s settings where you can alter your profile information.
If you want to track your spending get this app
Overall, this app is super useful and, as I mentioned above, the shame of actually having to look at the money you spent (or wasted) and determining whether or not it was worthwhile helps put your spending into perspective and points out things that you could easily avoid.
You can download Wellspent’s ad-free experience for free on iOS and Android.