iBag2 red lips front

If you have a spending problem, this may be the perfect handbag for you. Personal finance web site Finder.com has designed a programmable handbag designed to curb impulse spending.

Owners of the bag can program it to keep them from spending in favorite stores or at specific times. For example, a person finds that they spend their lunch hour cruising through Zara and can’t seem to resist picking up that one item. They can tell the bag to send them a warning.

The iBag2 will light up blue on the inside and vibrate when the owner takes out her wallet as a reminder to reconsider her spending. If you’re near one of the preprogrammed vulnerable spending zones, it will light up red on the inside. The bag can even lock tight if the owner enters their retail weak spots.

While it seems like a drastic move for a person who just needs to exhibit some self control, Finder says that 64 percent of American credit card holders make unplanned purchases. Forty-one percent buy on credit when there is a sale.

Michelle Hutchison, Money Expert at Finder.com, said the survey results highlighted the need for some credit card holders to take extreme measures to curb their spending.

“This research clearly shows that some American cardholders are out of control and would need an extreme solution like the iBag2 to help curb their spending,” said Hutchinson. “We created the iBag2 because we are committed to helping people make smarter decisions about their money.”

The robotics for the smart bag were designed by a female-led team of engineers from Colmac Robotics in Ireland and the bag style came from New York-based fashion designer Geova Rodriguez.

Impulse shoppers may find that the price of the handbag alone will cause them to rethink their spending habits. It will retail for $5,000 and the company is currently taking indications of interest for the bag. It will go into production once it has enough customers. A men’s prototype will be available in December.

“While the iBag2 will help you be more conscious of your spending,” said Hutchinson, “it’s only a short-term solution.”

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