Financial Planning: How To Manage & Track Your Expenses In Food, Travel, Shopping, Bills & More?

Paytm, the leading fintech of India, has introduced automatic spend categorization, along with a smart Monthly Spend Summary, to help users better understand, track, and manage their finances. These enhancements are part of Paytm's successive new feature rollouts, reflecting its strong commitment to providing user-led innovations and improving the payments experience.

Due to the latest update, every payment made through Paytm is automatically tagged under categories like food, travel, shopping, bill payments, money transfers, and more.

How to view and customise Smart Spend Tags in the Paytm app:

Step 1: Open the Paytm app

Step 2: Navigate to the 'Balance & History' section. Each payment will display a tag below it such as food, travel, shopping, or bills

Step 3: Tap on a tag to view all payments grouped under that category

Step 4: To change a tag, open the payment and tap the 'Edit' button next to the tag name

Step 5: Choose a different tag or create a new custom one. All future payments to the same person or merchant will automatically be assigned the new tag

Step 6: Tap on 'Total Spent' in 'Balance & History' section to view month-wise trends of spends across various categories

"We continue to strengthen our product with thoughtful improvements that enhance the overall experience and simplify money management. In the Balance & History section, transactions are now assigned automated labels to provide instant clarity on where money is being spent. These labels can be customised, and new ones can be created to reflect specific spend types, enabling individuals to track and organise their finances in a way that works best for them. As India's best UPI payments app, Paytm remains focused on building intuitive tools that give people more control over their spending," said a Paytm spokesperson.

As per the main statement, displayed in the 'Balance & History' section, these smart tags make it effortless to recognize what each payment was for, be it a cab ride, utility bill, or quick meal. This functionality enables a more organised view of transactions, supports deeper insights into an individual's spending behaviour and gives users even more reason to rely on Paytm for all their daily payments and transactions.

Also, each tag can be tapped to view all related payments in one place, enabling quick reviews of spending patterns across the month. Paytm app also now shows the total spends in the month upfront in the 'Payment History' section. Additionally, users can access the Monthly Spend Summary by tapping on 'Total Spent' in the ' Payment History' section, which provides a visual breakdown of their monthly expenses by tag. This offers a clear picture of how money is being spent across different categories, helping individuals stay informed and make smarter financial decisions.

Furthermore, tags are also fully customisable. While the app auto-generates tags for most payments, these can be edited with a few taps. Individuals can select from suggested tags or create new custom ones to match specific needs, including tagging for recurring subscriptions, education expenses, or personal savings. This gives more control and flexibility in tracking what matters most. Further, the tags adapt to users' spending behaviour. If a merchant's payment is reclassified from "Grocery" to "Food," all future payments to that merchant will automatically carry the "Food" tag. This ensures that the tagging system evolves to reflect each individual's unique spending patterns.