Mint has launched a new tool which aggregates the spending data of its 4 million users, allowing you to get a breakdown of spending by (US) city, category and retailer, or a mix of these.
For example, if you search for “starbucks new york”, you’ll see that the average spend in New York Starbucks’ is $5.38, and that it’s the most popular coffee shop in New York (according to Mint users, of course). You’ll also see how spending has changed over time.
Mint has data like this available for more than 300 U.S. cities, over numerous categories. The spending breakdown by city shows you what the average Mint user spends per transaction, and perhaps more usefully, what their average monthly expenses are. For example, the average New Yorker is spending $6,238 per month:
How can this data be used? This is what Aaron Patzer, Mint founder, has to say:
“we have enough users in enough cities across America to give a distinct, anonymous look at the country’s economy down to the city level. What do we spend on restaurants? Which stores are a particular town’s favorites? How has the downturn affected things like coffee or bars? People may use the information they find to help them make better money decisions.”
There’s still no news on when Mint might come to the U.K.
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