Wesabe, which has an established community discussing personal financial matters, has just launched a new iPhone application that is arguably more dynamic than Mint’s, and allows user’s more options.
Where Mint’s application allows users an overview of their finances – a budget that must be set up online – with Wesabe, users are able to edit everything. This allows more flexibility in that they don’t have to wait to get to their desktops to make changes or edit transactions.
Another exciting feature that comes out of the ability to edit and add transactions is that users can now use their iPhone’s GPS to geo-locate merchants. This means that the iPhone will do most of the work for users. The application also allows you to tag items on the fly, a core feature of Wesabe’s offering.
Wesabe is not only a money management tool, but it’s part community. The collective intelligence built from user-generated content on the Wesabe site can extend one person’s good financial know-how to an entire community.
Wesabe also has a sort of security feature in that it allows you to set a password on your iPhone, so that if you lose your phone, other people won’t have access to your finances. As well, while Wesabe grants access to all accounts that you set up online through the service, you can’t import any bank or credit card accounts through the application. However, Wesabe is looking into that function for an upcoming release.