We have covered expense tracking startups earlier (OnYeM, 11Rupees) and ofcourse,Intuit’s grand plans to launch ‘Intuit Money Manager’ in India. There is a new kid in the block – TrackSpends that does track your expense using the most handy device, i.e. mobile.
Once you register your mobile number with TrackSpends, you can send the expense detail via sms to 9916364091 [in a format like ‘100 rs in petrol’, ‘Rs 250 lunch’ etc – the data is stored on the site.
The product is in early stages (they don’t even have a logo!) and is yet to implement analytics etc – but what they have got right is the basic implementation using the right device.
SMS as a medium is far more stronger than Internet, when it comes to ‘punch it while you are onto it’, i.e. on-the-go data upload as compared to Internet where you actually need to be disciplined in order to use an expense tracker.
And frankly, if you are disciplined in managing/tracking expense, you won’t need a personal finance tracker product – these products are meant for people who are not disciplined and feel the pain at the end of month (where the eff is money?).
Another startup, trackeverycoin is building a device (as well as Java app) that will let you enter the expense.[The article is sponsored by Sun Startups Essentials.]