Urge app helps you keep impulse spending in check (exclusive)

Personal financial services like Mint.com provide a beautiful dashboard that contains detailed information about your expenditure but they are most effective at preventing strong emotional reactions related to impulse buying There is none. For example, the fact that you used $ 50 for Starbucks this week will not prevent you from buying another coffee under the right circumstances - especially if you are a sleepy journalist working on a deadline -

New startup Urge is planning to solve the emotional problem of consumption through the official iPhone application launched this week. The idea behind Urge is that they take out their phones and record the money they will spend each time they have an urge to buy boring things. The application itself is free, but the company offers the option to connect Urge with his bank account with a one-time fee of $ 1.99 so that users can transfer money from checking account to savings account.

"This app may not stop people from drinking coffee, but they may cause them to change their behavior," Urge founder Salil Shibad said in an interview with VentureBeat. "So, perhaps people decided to buy a cup of coffee from the grocery store, which will last a week instead of using $ 5 for cups."

When you open the app, you will see options for customizing the recommended target list (iPad $ 500, Kindle Fire $ 200, vacation $ 1,000) and goals. One thing to note is that you can save money for one goal at a time This is a good strategy to pay attention to people.

When you are in a hurry to buy something you do not need, simply raise the app on your phone and press the button. A screen pops up that allows you to choose what you've decided not to buy (food, coffee, snacks, entertainment, etc.), enter the cost of the item. According to Shibad, this can be used not only to link users to emotional behavior at the time of purchase, but also to track in the most cost-effective way.

I have tested several "cost tracking" mobile apps to get the full picture of your expenditure habits. I will ignore them in a few days, for the same reason, I spend too much money on weekly coffee for the same reason. I know that I should be more conscious of my expenditure habits, but I am not really enforced. But I urge you not to obey your behavior, it wants to be an act

According to Shibad, startup is negotiating with a handful of major banking institutions to provide extended version of the application to bank account holders, it is said to be a source of income. The startup is also planning to add new features such as donation functions so that people can use these emotional expenditure practices by donating to various charities.

Startups based in Nashville initially received investment from Jumpstart Foundry from $ 15,000 seed funds, Shibad, Townes Duncan, Vic Gatto.

If you are like me, you will go through some obsessive checking apps and see how much you spend. If you are, there is a good reason. Since developers hope we will continue to use their products, they will introduce gaming elements and make us return more. I am still looking for a perfect app that makes me feel like I need to unplug regularly. I am not talking about when the Amazon will repay $ 3 billion because the baby made in-app purchase. Why can I wait for Uber's subway? Even though it is seamless and easy Why do you spend your time on cooking? Registration from my mobile phone is very easy, so how many subscriptions do I have? I did not take the time to cancel them. Is it really worthwhile to come up with a way to withdraw from middle when there is only $ 5 a month?

New startup Urge is planning to solve the emotional problem of consumption through the official iPhone application launched this week. The idea behind Urge is that they take out their phones and record the money they will spend each time they have an urge to buy boring things. The application itself is free, but the company offers the option to connect Urge with his bank account with a one-time fee of $ 1.99 so that users can transfer money from checking account to savings account.

Even if Putnam could benefit from consumer purchasing impulses and retirement accounts, this is an interesting concept. But in this economy, any budget aid is a good budget aid, and price checking apps may be the only ones between you and $ 300 Jimmy Choos