Do you want an easier way to tweet everything you purchase, how much it cost and where you bought it? Enter Blippy, a new social media site that micro-blogs your finances. Blippy allows you to hook your credit and debit cards into the service, then track and share spending on sites like Amazon.

If you setup your Visa card with Blippy and then purchase some books on Amazon, your Blippy page (think Twitter) would show “Tim spent $25.93 at Amazon” and the name of what you bought. Your friends can then comment on the purchase telling you what a great book you bought or how you need to cut back on the self help books. You can also see what your friends are buying which could lead to some interesting conversation starters.

Blippy might sound ridiculous at first, but after thinking about it I began to see the merit in the idea. Blippy could simplify collecting information from friends on what they are buying. If I was in the market for a new camera, I could just pull up my photographer friend’s Blippy pages to see what they are buying. I can also see Black Friday being awesome with Blippy, allowing consumers to discover the best deals around them.

As an Information Security professional, I cringe when I hear about services like this. Take a moment and think about what information you can collect from people using a service like this. You can discover what day is grocery day, socio-economic class, and a ton of other info. I guess this is a service for the Facebook generation that frequently over shares and not paranoid people like me. I know this information is available elsewhere, but putting it all in one place and hooking it to other Social Networking applications is a little frightening. On the plus side, Blippy does have privacy controls similar to Twitter so you can block out the world from seeing what you are doing and allow only friends.

Right now the service is only available in private beta, so the public can’t post their finances yet. If you are interested in signing up for a Beta Tester slot, head over to http://blippy.com/beta and leave your email address. If you are a Blippy tester, leave a comment and let us know your thoughts on the service.

For some more information checkout the Cnet.com posting where I learned about Blippy!