Do you want to know where your neighbors are spending their money? Or do you want to know if your spending pattern is in line with that of others in your age and income group in your neighborhood? Bundle, a new online service, can give you the answer to these questions. Thanks to a cooperation with Citi and other third-party data suppliers, Bundle is able to compile detailed statistics about how Americans are spending their money. While lots of banks also compile this data, Bundle is the first service to make this data easily accessible.
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Getting Started
To get started, you just enter your location, age, income and whether you are married, single or have kids. Bundle will then create an infographic that represents the spending habits of similar households in your neighborhood. From there, you can drill down deeper into the statistics. At its most granular level, Bundle displays where people are spending their money. My neighbors, for example, buy their electronics at Best Buy, Apple and Fry's.
Compare and Contrast
In addition to looking at a single neighborhood, Bundle also allows you to compare different cities and neighborhoods. Thanks to this, you can see that the average New Yorker spends $677 on dining out, while people in Portland, OR only spend $271. Because Bundle's data comes mostly from credit card purchases through Citi, the company doesn't currently have enough data to compare rents or mortgage payments in different areas. For some areas, Bundle also currently reverts to looking at county-wide data.
Bundle plans to update its data on a quarterly basis and to bring in additional data as it grows.
Besides the raw data, Bundle also offers commentary about financial issues and analysis of Bundle's data through blog posts that are featured on most parts of the site.
Looking Ahead
As Bundle's CEO Jaidev Shergill told us last week, the team also plans to allow users to enter their exact spending habits by either entering the data by hand or by giving users the option to upload credit card statements directly. This will make it even easier for users to compare their spending habits to those of their neighbors.
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