Are you desperately keeping up the Joneses? That’s probably the reason why you’re reading a debt blog. But if you can’t fight the urge to spend like the folks down the block, there’s a new tool available to help you do it down to the last penny.

Bundle.com is a new service from Microsoft, Citibank and the rating agency Morningstar that lets you see what people in your area are spending their money on and compare it to your own.

It’s a cross between a personal finance website and social networking tool whose intent is to change the way that people talk about their money. Riding on the heels of established services like Mint.com and new sites like Bippy, Bundle’s first shot across the bow is a tool called Everybody’s Money, the first of several products they plan to launch in the coming year.  It allows Bundlers (Bundle-ites? Bundlebees?)  to see how their neighbors spend money on things like dining out, gas, entertainment and groceries.

Here is a snapshot of Bundle’s data from Washington, D.C. (Which is, not coincidentally, home to the Debtbeat HQ.)

Noticeably absent is the category for ”booze.”

In addition to the location search, data can be refined by age range, income level, family composition. There is a pretty nifty drilldown component to the dashboard, but it was fairly slow to load on my computer. You can even see which stores, restaurants and businesses people are spending their money at.

Bundle gets its data from federal government, spending transactions from Citi (although these are anonymous and aggregated) and from third party data providers. Their spending data is only updated once a quarter, which isn’t as great as we’d like to see given how drastically the ups and downs in the stock market and our overall economy are happening nowadays. But it is enough to capture seasonality in the information.

Users can comment on the different spending categories using their Facebook login, a common feature on sites today. There’s also integration with Twitter for users to share their findings.

What’s lost on me is how this can actually be a useful financial tool.  Interesting, yes. Useful? Only if you can explain to me how knowing that my peers spend more on food but less on travel will impact my future decisions.

We’ll keep this one on our radar, but check out Bundle for yourself and let us know what you think.