How to trigger (use) an event when contenteditable is changed in jQuery?

Trigger an event when contenteditable is changed

<div class="changeable" contenteditable="true"> Click this div to edit it </div>

jQuery(document).ready(function($){

var contents = $('.changeable').html();

$('.changeable').blur(function() {

    if (contents!=$(this).html()){

        alert('Handler for .change() called.');

        contents = $(this).html();

    }

});

});