NEFE Launches

Real-Life Testimonials on the Cost of Unnecessary Spending

Date: October 23, 2008

Contact: Paul Golden 303-224-3514, [email protected]

GREENWOOD VILLAGE, COLORADO—As financial and credit markets constrict, a new social media Web site launches today that allows people to calculate the true cost of unnecessary purchases, often regretted in hindsight, while they share them via personal videos or photos.

Spendster (, built by the National Endowment for Financial Education (NEFE), allows people to share their purchases they now regret while they rate and discuss those of others. The site also provides tools to calculate how costly items like unopened DVDs and spotless coffee makers really are and how much could have been saved if that money were put to more productive use.

Spendster is the brainchild of Ted Beck, president and CEO of NEFE. In addition to video and photo uploads, the site also provides a calculator that determines the actual cost of unnecessary and under-utilized purchases if paid for via credit card, how much these expenditures could have generated for retirement 40 years hence and even how much richer you’d be today if you’d put that same amount into Google stock in 2004.

The inspiration for Spendster came to Beck on a flight to Los Angeles. “Listen, everyone has a drawer full with junk. I doubt anyone has really sat down to think about how much money they’ve spent on it all,” said Beck. “For example, someone may find they spent the equivalent of four college tuition credits on shoes and handbags.”

NEFE hopes that will demonstrate to consumers the long-term financial effects of buyer’s remorse while beginning to educate consumers on their own personal financial needs and capabilities.

“The time is certainly right for consumers to rethink their spending,” Beck said. “This site is a fun, slightly tongue-in-cheek way to discuss what can be serious money.”

For more information visit:

Spendster: Show Us Your Stuff.Spendster: Show Us Your Stuff



  • Paul Golden

    Media Relations Director

    Direct: 303-224-3514
    Cell: 303-918-3620
    [email protected]

  • Patricia (Pat) Seaman

    Senior Director of Marketing and Communications

    Direct: 303-224-3538
    [email protected]