November 22, 2011
Today Washington D.C. based startup HelloWallet, which we’ve covered previously, launched its iPhone application to offer location-based spending guidance. Once you grab the application from iTunes, it will determine your location, display how much is left to spend in your associated budget category and how much has been spent historically at that location.
HelloWallet Founder and CEO Matt Fellowes, who we interviewed just a few weeks ago, had this to say of the mobile app:
“People make the majority of their financial transactions on the go. We’re excited to tap into someone’s location via the mobile phone to make our advice & recommendations that much more relevant.”
There is nothing like a real-time budget check to help keep you on the right financial path. For example, you might think twice before you decide to splurge at your favorite restaurant and blow your dining budget for the month. What I would really like to see from this app is passive location awareness so you don’t even need to fire up the app directly to check you budget but it just knows your location and alerts you of your current budget for that particular location. It might also be interesting to tap into Foursquare to be able to better gauge your current location, particularly in dense city locations. For example, you check into Starbucks so HelloWallet sees the checkin and then alerts you of your current coffee budgetary allowance.
The iPhone app requires a HelloWallet membership. An Android version of the application is currently in development and slated to be available early next year.
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