If you are the type who loves to go shopping, then I am quite sure that you would either need to have a seemingly bottomless bank account to enjoy your shopping experience, or draw your reserves from your savings. How about getting a tool that might help you avoid overspending? This is what the iBag is all about, as this prototype carryall works by locking you out should it have reasonable grounds to “believe” that you are about to splurge – and splurge big. This Arduino-powered bag will be able to automatically shuts itself tight during those moments when you are most likely going to shop.

Apart from that, it will also make use of GPS in order to warn you just when you are about to get too close to your favorite stores so that you will have your mental shields up and ready. Should you succumb by ignoring the alert, it will record each time you take out your wallet before sending a text message over to a trusted partner. This is basically a publicity stunt rather than a concrete way of managing your money better, highlight the potential pitfalls of credit card debt, as there are so many ways to get around this “system” – by using another credit card which is not on the iBag itself! [Product Page]

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