Wallets help you manage your money

[gallery] Researchers at MIT's media lab are exploring ways in which technology can be embedded into our wallets to help us manage our spending habits.

"The widespread adoption of credit and debit cards means, for many people, the cashless society is already a reality. However, this means the simple system of checking how much cash you’ve got in your wallet before making a purchase is no longer an accurate reflection of your finances, making it all too easy to succumb to temptation and overextend yourself financially. The Proverbial Wallet project at MIT is looking at “un-abstracting virtual assets” with wallets that provide tactile feedback that reflects a person’s current financial state."

There are three concepts:

  1. Bumblebee. A wallet that uses a vibrating motor to ‘buzz’ whenever the bank processes a transaction on the user’s account
  2. Mother Bear. A wallet designed to promote saving featuring a hinge that keeps the wallet shut tight when the user goes over budget
  3. Peacock. A wallet that grows and shrinks relative to the user’s bank balance

Here how it works:

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