Can you relate to the woes of the Rebecca Bloomwood in the Confessions of A Shopaholic? If yes, then this product just might do the trick for you!
iBag2 is a programmable handbag that vibrates and begins to flash as you hit the ‘danger spending zone’. The digital bag can even lock itself if its warnings are not heeded.
iBag2 is a collaborative effort between the female engineers at the Colmac Robotics Ltd, Ireland and the NY-based fashion designer Geova Rodriguez.
The handbag is offered by the personal financial management site, Finder.com to curb impulsive shopping and prevent buyer’s remorse. Michelle Hutchinson is money expert at Finder and said:
“We created the iBag2 because we are committed to helping people make smarter decision about their money. The iBag2 makes it easier for people to manage their personal finances through smart technology, whether it’s by enabling them to easily compare different financial products online or innovating to create out-of-the-box solutions like the iBag2. It features in-built technology to make shoppers aware of their spending urges in the moment and can even physically deter them from accessing their wallets when they are at their most vulnerable by self-locking.”
iBag2 reminds the users of their shopping goals. GPS tracking allows the handbag to determine when you enter your pre-programmed vulnerable shopping zones and flashes amber lights as a warning. The vibration motor and LED-connected RFID mechanism subtly warns you whenever the user reaches for the wallet.
The best feature of the iBag2 is its self-locking system. The two steel plates lock the bag using the magnetic field whenever the integrated timer indicates that it is the most vulnerable time of the day or when the user enters one of the spending zones. However, Hutchinson maintains that iBag2 is not a long-term solution:
“While the iBag2 will help you be more conscious of your spending, it’s only a short-term solution. Cardholders need to understand how credit cards work, what features they have and how they differ between cards so they can find a card to suit their needs. Cardholders also need to keep track of their spending by setting themselves a budget and checking their statements. To help pay off a credit card debt, it’s a good idea to consider balance transfer cards where you can transfer debt to another card with a much lower rate for a certain period of time.”
iBag2 comes with a power bank rated at 10,000 mAh fitted with two USB ports charging both the smartphone and the bag. A backup 9V battery is connected to the microprocessor. The iBag2 will cost you a hefty $5000, but then no pain no gain!