Spendometer is a newly introduced device especially meant for the young people who want to keep themselves free from debt.
To make use of the spendometer, mobile users need to enter their target of weekly expenses which they can categorize as lunch, clothes and alcohol etc.
The amount of money spent by the user is then sent ii to these categories and a message is sent if the users exceed their spending limits.
Scotsman has quoted Malcolm Hurlston, chairman of the charity Credit Action, as saying “By making money management easy with mobile phones, we hope to help millions to keep better control of their money.”
The spendometer device is available through a website www.moneybasics.co.uk allowing the mobile phone users to budget their lifestyle via their handsets.