iBag- Helps Avoid Overspending

iBag- Helps Avoid Overspending

If you are among those who have difficulties to control daily or monthly expenses, iBag is perfect for you. iBag is being developed by one of the credit card comparison in Australia, where its main purpose is to avoid consumers from overspending – especially at a time or in a particular location.

As soon as you enter your shopping ‘danger zone’ the bag lights up with a LED light warning signal that’s triggered by a GPS chip. If you decide to ignore this and make a purchase, the bag will track your wallet being taken out and send an SMS to your nominated ‘responsible other’ to let them know you’ve had a spending relapse.

You may think that although these features are great, they’re only a deterrent and won’t actually stop you from making a purchase, so there’s also a real-time clock which locks the bag during vulnerable spending times during the day.

The iBag was designed to physically deter shoppers from accessing their credit cards when they’re at their most vulnerable. The main features of the iBag are:

  • Tracking your spend: RFID module records every time you take out your wallet
  • Locks you out: Using a real-time clock to program the bag to shut at your most vulnerable spending times of the day
  • SMS notification: GSM module sends an SMS to your ‘responsible other’ every time you enter a danger zone
  • Warning lights: GPS chip controls LED lights to warn when you’re entering a ‘danger spending zone’

For more info visit: iBag