January 5, 2011

Smart Wallet to Keep you from Spending

The NYTimes reports that we could see smart wallets in the near future that actually make it harder for you to pull out cash and spend money.  The research behind the new product suggests that budgets are too complicated to actually work:
"The easiest way to set up a system, experts suggest, is to put your income into separate accounts or subaccounts, including one that distinguishes spending money from money needed for recurring household expenses. And think about working backward, as a way to keep things simple: instead of setting up an overly detailed budget, first decide how much you want to save for retirement and other goals, then work with what's left over. If you want to cut spending, attack a few big categories where you can make the biggest difference."
The anticipated retail is going to be a whopping $60!  Would you spend to cash to get a slap on the wrist when you're close to spending too much money?

Original Article:New York Times

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