Wallets that only open when you have enough funds

Calling all shopaholics. Finally, there is a wallet that can stop you from spending money you don't have. Some clever kids at MIT rigged three wallets with electronics parts that alert you in various ways about your spending habits.

It's a bit sad that most of us make purchases with money we simply don't have — it's what capitalism is built on — besides, budgeting is a pain. When we see something we want, we grab our wallet and buy it. What if your wallet alerted you about your transactions?

That's what the Proverbial Wallets are — smart wallets that push your buttons. There are three types of wallets developed by the MIT folks: 1) The Bumblebee — vibrates every time you swipe your credit card to keep you in check 2) The Mother Bear — a wallet that doesn't open if you've hit your monthly budget and 3) The Peacock — grows or shrinks based on how much money you have in your account.

Of all the models, I think the Mother Bear and Peacock are the most useful. The Proverbial Wallet is like a mom in your wallet, slapping your hand to stop you from getting out of control.

MIT Media Lab, via Gearlog

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