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SpendSpace means consumers can compare their spending
MOUNTAIN VIEW, Calif. (1/10/08)--Consumers can compare their spending with others in any major U.S. city or state through a new website feature from Mint.com. Mint.com, a free website that allows users to track their money online, announced that SpendSpace, a consumer spending tracking solution, is available. With SpendSpace, consumers can see how much they spend on items such as food or mobile phones, compared with other consumers in their area, said Aaron Patzer, founder/CEO of Mint. “It’s helpful information to have when setting budgets, and it’s just kind of fun to know where you stand,” Patzer said. Mint.com users register anonymously with a valid e-mail address, and then connect online to their financial institutions. The website downloads transaction data from more than 3,500 financial institutions daily. An alert system lets users know about suspicious activity, low balances, bank fees and charges and upcoming bills. Mint also provides money-saving suggestions. It says the average user can find up to $1,000 in savings in the first session. All aggregations are anonymous, the company stated. In a customer survey from December 2007, 87% of respondents said they better understood their spending through Mint, and half had changed their spending behavior. The most frequent change cited was eating and drinking at home more often. Mint.com also has been awarded PC World’s Most Innovative Products Award.


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