Introducing: Status Money
Today we are announcing the launch of Status Money — the first website that lets you anonymously compare your finances to millions of people like you!
Why compare finances?
For the same reason we all compare flights and products — because comparisons can easily reveal opportunities for us to make smarter decisions and save money.
In isolation, none of us can see how our financial choices compare to those of other people — so we unknowingly overpay for financial services and lose millions of dollars to high interest rates, hidden fees, and wasteful spending.
Status allows all of us to make smarter financial decisions by harnessing the collective knowledge of the crowd.
How does it work?
Status aggregates your financial accounts, syncs with your TransUnion® credit file, and shows you how your finances compare to those of millions of anonymous people like you — these are people your age, that live in your city, and have an income, credit score, and housing situation that is similar to yours.
It lets you compare your spending, income, debts, investments, net worth, and credit score to people like you, the national average, or any custom group you create.
These comparisons show you if you spend more on rent or restaurants than people living near you, if you earn less than people your age, or if you pay higher interest rates than people with similar credit scores.
For the first time ever, you will see how your finances rank nationally, among people like you, and any other custom group.
Status also updates your linked financial accounts every day, predicts your future spending based on your transaction patterns, and lets you create trackers for any spending or income category — so you can easily manage your budget!
Status uses algorithms to continuously analyze all your accounts to find opportunities for you to save money.
It automatically tracks all your linked financial accounts and transactions and provides you with insights and alerts in natural language. For example, it will let you know if you’re paying an unfairly high interest rate or if you’re predicted to spend more than your income.
What does it cost?
Nothing! We created Status to help everyone manage their financial lives, so we made it available to everyone — for free!
Learn more about Status: