Method and system for providing budgeting recommendations based on financial data from similarly situated individuals

A system for providing budget recommendations based on financial data from similarly situated individuals comprising:

• a financial management system, the financial management system being implemented by one or more processors associated with one or more computing systems;
• a computing system;
• and
• at least one processor associated with the computing system for executing at least part of a process for providing budget recommendations based on financial transaction data from similarly situated individuals, the process for providing budget recommendations based on financial transaction data from similarly situated individuals comprising:
• obtaining a first individual's financial transaction data from the financial management system, the first individual's financial transaction data including data representing historical financial transactions associated with the first individual using the at least one processor associated with the computing system, the historical financial transactions representing income received from one or more payors, and expense transactions representing spending at one or more merchants;
• determining one or more parameters for identifying financial peers of the first individual, by analyzing the first individual's financial transaction data;
• obtaining one or more other individuals' financial transaction data, the one or more other individuals being individuals other than the first individual, the one or more other individuals' financial transaction data being associated with the one or more other individuals, the one or more other individuals' financial transaction data representing income received from one or more payors, and expense transactions relating to spending at one or more merchants;
• identifying one or more of the one or more other individuals that are financial peers of the first individual based, at least in part, on the one or more parameters for identifying financial peers of the first individual, the identifying being accomplished by analyzing the one or more other individuals' financial transaction data;
• identifying one or more of the one or more other individuals as financial peers of the first individual based on the analysis of the other individuals' financial transaction data and the other individuals' financial transaction data meeting the one or more parameters;
• processing the financial transaction data associated with the identified one or more financial peers of the first individual;
• and
• providing data representing one or more budget guidelines for the first individual based, at least in part, on the processed financial transaction data associated with the identified one or more financial peers of the first individual including providing data representing a comparison between averaged budget spending data for the identified one or more financial peers of the given individual and the financial transaction data associated with the first individual.

A method for providing budget recommendations based on financial data from similarly situated individuals comprising:

• providing a financial management system, the financial management system being implemented by one or more processors associated with one or more computing systems;
• obtaining a first individual's financial data from the financial management system, the first individual's financial data including data representing historical financial transactions associated with the first individual, the historical financial transactions representing income received from one or more payors, and expense transactions representing spending at one or more merchants;
• determining one or more parameters for identifying financial peers of the first individual, by analyzing the first individual's financial transaction data;
• obtaining one or more other individuals' financial transaction data, the one or more other individuals being individuals other than the first individual, the one or more other individuals' financial transaction data being associated with the one or more other individuals, the one or more other individuals' financial transaction data representing income received from one or more payors, and expense transactions relating to spending at one or more merchants;
• identifying one or more of the one or more other individuals that are financial peers of the first individual based, at least in part, on the one or more parameters for identifying financial peers of the first individual, the identifying being accomplished by analyzing the one or more other individuals' financial transaction data;
• identifying one or more of the one or more other individuals as financial peers of the first individual based on the analysis of the other individuals'financial transaction data and the other individuals' financial transaction data meeting the one or more parameters;
• transforming a status of the one or more of the one or more other individuals' identified as financial peers of the first individual to the status of financial peers of the first individual;
• processing the financial transaction data associated with the identified one or more financial peers of the first individual;
• and
• providing data representing one or more budget guidelines for the first individual based, at least in part, on the processed financial transaction data associated with the identified one or more financial peers of the first individual including providing data representing a comparison between averaged budget spending data for the identified one or more financial peers of the given individual and the financial transaction data associated with the first individual.