Manage your finances in a social network? Are you kidding me!?!

OK, when I read this Lifehacker article on Wesabe, I couldn’t imagine how they could make social networking mesh with managing your finances. And I’m not entirely certain they have but the heart of their idea is pretty good, especially if they can do the things with privacy that they say they do (see their Security & Privacy page.
What is it, you ask? THey give you an interface to enter purchases from the web and your mobile browser. They also give you a tool to extract data from your bank and credit card sites and upload it. Your purchase history is compared against others (don’t know how they choose the demographic yet) and you’re shown tips for managing your purchases by category (tag). I’m not convinced but I’ve signed up for an account anyway.

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