I found out the hard way in college that you could use your debit card to get money even if you are out of cash. Most banks will let you go over what you have in the account in an effort to “help you” and gather overdraft fees at the same time. A new wallet concept from geeks at MIT could help you keep your spending in order. The “Mother Bear” wallet tracks how much loot you have in the bank, and the closer you get to broke the harder it is to open.
I wonder if it snaps closed on your fingers like a clam when you run out of money completely. These Proverbial Wallet concepts from the team of Henry Holtzman, John Kestner, Daniel Leithinger, Emily Tow, Danny Bankman, Jaekyung Jung at MIT Media Lab actually come in three versions, including “Bumblebee” – that vibrates when your bank processes a transaction, and a “Peacock” one that expands and contracts based on your bank balance – puffing up like a peacock “to attract potential mates.”
The hard to open design of the Mother Bear wallet can be mapped out to a monthly budget. This would be a great way to let kids know how much they have to spend. Hell, I wish I could remotely lock down my wife’s wallet once she spends too much.