Wesabe

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Wesabe is a network site for people who want to share experiences and recommendations about personal financial decisions. The network aggregates and analyzes the community members’ personal financial data, and then starts to show tips and recommendations for users to get the most from our money, leveraging the wisdom of the crowd. Users begin by uploading their bank statements from their banks website with a downloadable desktop application. If you’re nervous about giving all your private financial information you can opt to try out the service with a week or two worth of bank data. Once data is loaded you can tag transactions to your hearts desire and Wesabe will categorize all your future transactions of the same type for you. This is similar to competitor Buxfers auto tagging system. Also like Buxfer, Wesabe automatically generates graphs of your spending habits so that you may better understand where your money is going and how it is spent. Unlike Buxfer however, Wesabe will offer you financial tips from other users who have similar spending habits or budgets etc.

No need to worry about hackers stealing your bank info from Wesabe’s servers. The desktop application that you use to upload your bank data saves all your crucial credit card and bank account credentials to your computer instead of the web. You do run the slight risk of hackers knowing your budget and spending habits, but certainly not identity/credit card theft.

Competitors in addition to Buxfer include BillMonk and Mint. Currently BillMonk and Wesabe include payment integration while Buxfer does not.

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Sources

1. techcrunch.com [edit]
2. blog.wesabe.com [edit]