There’s a great article in tomorrow’s Wall St. Journal about Wesabe and personal finance on the Web. It covers the different kinds of personal finance sites, and interviews users of our site and others. Some excerpts:
Josh Young, a 26-year-old environmental engineer from Cincinnati, decided to try out Wesabe.com after reading about it in various blogs. He wanted to pay off his credit-card debt and the two car loans that he and his wife shared, and he expected the site would help identify areas where he and his wife were overspending. But he also got help from other users who shared their own tips on reducing debt and cutting spending. “One of our goals was to pay off all our debt, and we’re almost there,” says Mr. Young.
Some consumers may have security concerns about sending their personal financial information to a Web site. In general, the sites say their systems are protected against identity thieves and are just as safe as banking online. Wesabe, for its part, stresses that it doesn’t store users’ login information on its servers and screens out any personal information from the data to protect users’ privacy. […]
The target audience for these sites is younger users. “The idea of looking at a ledger and seeing a check number, that’s really boring,” says Harper Reed, a 29-year-old software engineer in Chicago, who uses Wesabe to keep track of his spending. “But being able to say, ‘I’m trying to spend less money at Amazon,’ and seeing how many people are also trying to save money at Amazon is a better way to quantify the numbers to me.” […]
Another advantage: “You don’t feel alone,” says Mr. Reed, who uses Wesabe. “I have a lot of student loans that I want to pay off, so it’s neat to see other people who have the same goal and how they’re achieving that goal. You think, ‘I can do it too.’ “
It’s great to see people calling out these features of the site — they’re exactly why we decided to start Wesabe. Thanks to Josh and Harper, and thanks to everyone who contributes to Wesabe and makes it what it is!