Money Management Sites Now Reporting Consumer Spending Trends

Finicity is a money management site which combines their money management tool called Mvelopes with advice and data from mentors, groups, and financial experts for their members. The envelope-style money management tool allows to track their monthly spending versus their monthly budget and make adjustments on the fly. The social finance part of the site allows users to compare their finances to other members or by a particular demographic. For instance, recent data on the site in their Money Trends sections shows which areas of the country have been hit the hardest by the economic downturn. The ten state listed below had the biggest decrease in spending when comparing January 2007 to March 2007 to the same period in 2008 according to Finicity:

(1) Arkansas

(2) Ohio

(3) New Hampshire

(4) Nevada

(5) Indiana

(6) Florida

(7) New Jersey

(8) Minnesota

(9) Illinois

(10) Missouri

With consumer spending now a very relevant topic for Americans the comparision data on sites like Finicity and Mint.com are extremely valuable. The same group-think which at one time drove consumers into internet stocks or overpriced real estate may steer them into balanced budgets and comparision shopping. In addition to the money management tools available for Finicity members, there are personal mentors, support groups, and expert advice waiting to help deliver personalized help.

Showing 1 comment | Add your comment