Toronto-based fintech Wealthsimple has started rolling out an upgrade to its spend tracking features, giving users more control over how they monitor their monthly expenses.
The digital platform introduced several updates to its Spend Insights tool to help its users easily see where their money goes each month.
Among the new changes is an automated tracking system for Interac e-transfers. When users send money to friends or pay rent using e-transfers, those transactions are now automatically included in their overall spending totals. Clients can also add a quick note to any transfer to have the system categorize the expense automatically without manual sorting.
In addition to transfer tracking, the platform added customizable transaction rules and dynamic filtering. Users can now sort through their financial history by specific merchants, dates, tags, or categories to instantly calculate total costs for events like road trips or vacations. The system allows for custom rule combinations based on purchase amounts and specific businesses to streamline day-to-day budget management.
How to access your Spend Insights? In the Wealthsimple app, click on the home tab, then tap ‘spent this month’ to see your Spend Insights. From here, you can click the gear icon in the top right to add and manage tags and rules. You’ll also see your Spend Insights through a ‘Trend’ tab and also by ‘Categories.
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