For Ryan Montgomery and Jeff Bell, co-founders of Spend Wisely and Chext
, the "why" of their business is more important than the "what."
"There is big problem in relationships with money. It can be hard to solve but it is important," Montgomery says. Montgomery further explains that better communication and better planning about expenditures is one simple way to enhance financial literacy, which in turn decreases the thorny issues that can come with joint checking accounts.
The "what" is the duos service. Chext is a tool for couples that share a banking or checking account. With Chext, couples use a texting service and website to keep track of not only how much money is in their account, but also a forecast of how much money will be left after paying monthly bills.
"Whenever you spend money, you text it in and then you will be able to view each other's transactions on a calendar," says Bell. The pair hopes this information will also lead to better decision making.
The potential of such a service and the talent in the team also caught the attention of Momentum-MI, which selected the duo to be one of the companies for their 2011 program.
Both Montgomery and Bell credit the companies they currently work with, Mutually Human Software
(respectively), for their support during the 12-week Momentum program, allowing both entrepreneurs to "go all-in" with the development of their concept.
For more information about Chext, you can visit their website here.
Source: Jeff Bell and Ryan Montgomery, Chext
Writer: John Rumery, Innovation and Jobs Editor