New iBag protects shopaholics


Picture this – you’ve just left the office and are getting ready to make your way home. It’s another week until payday and you know you shouldn’t be spending any more money, but you ignore the responsible voice in your head and decide to take a quick detour down to your favourite shopping haunt, ‘just to window shop’, you tell yourself.
 
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.
 
Main features
 
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’
  • ibag_fidibag_chip
 
Why did we create the iBag?
 
This may seem a bit extreme, but a quick look at the facts says otherwise. Survey findings by creditcardfinder.com.au revealed one in four credit card holders don’t usually pay off their balance in full each month. That’s potentially four million credit card accounts across Australia that are paying unnecessary interest.
 
Almost half (45 percent) of those who don’t pay off their cards in full each month – potentially 1.7 million credit cards – make more than three unplanned purchases per month.
 
Many Australians are clearly out of control with their credit card spending and don’t realise the financial repercussions of impulse spending. The iBag is one solution that can help consumers get in control of their finances.
 
The iBag is a great way for impulsive shoppers but it won’t teach you to budget, save money, or pay off your debts. That’s why we have launched the finder.com.au 12 Week Financial Fitness Challenge.

UTC

15 Oct 2018 - 14:34

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