Dimetracker: Your Cell Phone Accountant

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I’m not sure about other Rev2 readers, but if I had $1 for every time I shouldn’t have taken that last $20 out of the ATM for another ‘few beers’ on a Friday night, I would be a little richer. If new service Dimetracker had have been at my disposal I may have been able to curb that desire to spend.

Dimetracker is a new online service that allows you to use your cell phone as a tool to maintain your personal budget. The site uses a classic example of poor budgeting behavior that we can all relate to, the old ‘Wallet receipt stockpiling’. The idea behind the service is simple, instead of adding that next sales receipt to the growing number of existing examples in your wallet, why not transfer the information to Dimetracker immediately via a text from your cell phone.

Once you have uploaded your spending information to Dimetracker you can enjoy the benefits of a professional personal budgeting service. Create budgets that you can stick to. Check your progress against your personalized budget via your cell phone (again by text message).

The more I think about this simple service, the more I believe it’s got great potential. Everyone knows that you should keep your sales receipts in order to balance your personal account and understand your optimal budget. Keeping the receipts is not the problem for most of us, its doing something with the data on the receipts before the fade thats the issue! Using your mobile to seize the moment when you have just made a purchase makes so much sense.

The Dimetracker service is, to a certain extent, unique. Many banks such as Lloyds TSB in the UK now have cell phone text alerts for their customers. Whilst this is a more than useful service that I have used for a while, these offerings are limited to alerts alone. There is no ability to build on the flow of data to formulate effective budgeting advice.

The new service has a modest Facebook group and is (unfortunately) only available to US customers on certain popular networks. So for now I will continue to spend too much on beer and try hard to not lose my cell phone when I have had too many beers. I’m going to need it when Dimetracker becomes available outside of the United States. :-)