New comparative financial website vows to save users money

SAN FRANCISCO (KGO) -- A new financial website may be able to save you money in areas you may not have considered.

Many websites offer general financial advice. But what makes this site unique- the suggestions are customized for your specific situation. And it's free.

Michael Davis moved into his new San Francisco apartment not far from Ghirardelli Square a few months ago.

Moving isn't cheap. So any money he can save is appreciated.

That's why when he moved, he joined Status Money.

Majd Maksad is the company's founder and CEO. "We created Status as a way for people to compare their finances anonymously and find out where they're doing well and where they can do better," said Maksad.

Michael started by filling out a financial profile, providing savings, debt and investment information.

He then received a score ranking him in comparison to people in his same age group, with roughly the same credit score and who are also renters living in San Francisco.

Status Money then suggested Michael was paying too much on his interest rate for his student loan.

"No one has actually told me I needed to refinance it," said Michael. "That's something this websites good for."

Michael talked to his loan company which gave him a three percent reduction in interest rate.

Status Money also looked at Michael's spending habits and determined he spends above average eating out compared to others in his age group and same geographic area.

"It tells you you're spending more than your peers for shopping, for restaurants and what not," he said.

Finally Status Money told him he was spending too much money for his cable bill.

He called his company and threatened to quit.

Michael received a 31 percent reduction in his bill.

"It's significant to take advantage of opportunities when you can, to be aware of your finances and where they are going," said Michael.

Status Money says it won't share your information with third parties. Again, it's completely free.

The site makes its money through commissions it receives for referring customers to various companies.

"We're going to do our best to canvas the financial space and give them the best possible offer that they can find," said Maksad.

Status Money had been in the beta phase for a year before officially launching in September.

Written and produced by Randall Yip.