The Open Road

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July 25, 2007 9:26 AM PDT

Service Review: Wesabe's open source finance tool

by Matt Asay
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Years ago, my wife and I used to religiously enter everything from our checkbook into Quicken. Unfortunately, we did very little analysis of how we were spending beyond "too much" or "just right." We knew exactly how much we were spending, but not why or where.

Years have passed, and we have become even worse about managing our money. When big or out-of-the-ordinary chunks of cash (bonus, consulting, whatever) come in, we're good at applying that to car loans/etc. such that we have no debt beyond our mortgage. But we still stink at managing our money, in part because we don't have anyone advising us on how smart people manage their money.

So, today, I gave Wesabe a spin. I've known about Wesabe well before it became a company, having discussed it with Marc Hedlund while he was still an EIR with O'Reilly Media. The basic idea: harness the power of a community to analyze one's spending and to get collective help (tips, etc.).

Open source finance, if you will.

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About The Open Road

Matt Asay brings a decade of in-the-trenches open-source business and legal experience to the Open Road, with an emphasis on emerging open-source business strategies and opportunities. Matt is general manager of the Americas division and vice president of business development at Alfresco, a company that develops open-source software for content management. He is a member of the CNET Blog Network and is not an employee of CNET. Disclosure.

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