A system and method for determining the actual cost of a product and/or service includes a process for determining the actual cost of a product and/or service whereby financial data associated with one or more “contributing consumers” is obtained from one or more sources. The financial data includes data associated with specific financial transactions. The financial data, and/or specific financial transactions are categorized and/or associated with a specific purchase of a product and/or service. The financial data obtained from one or more contributing consumers is then aggregated, processed, and/or categorized, according to the identified and specific product and/or service associated with the financial data. A “user consumer” then initiates a request for financial data associated with the purchase of a specified product and/or service. The financial data obtained from one or more contributing consumers is then searched and actual price paid data associated with the purchase of the specified product is presented to the user consumer.