Enhance:

The newest technological innovation to aide Financial Planners are called the Proverbial Wallets. The Proverbial Wallets are a set of three electronic wallets designed to help control people’s spending. Created by the MIT Media Lab graduate John Kestner, the Proverbial Wallets insures responsible financial decisions and both a subconscious and realistic sense of how much is in your bank account. These wallets provide a physical reminder (either a vibration, the wallet will not open, or your wallet will shrink in size) of how much money you have left in your bank account every time you make a purchase. Having this constant physical reminder will make for better cash management and controlled spending. 

Retrieve:

The Proverbial Wallets retrieve bank receipts you would usually receive when you make a transaction (withdrawal or deposit) to or from your bank account. This makes it much easier to keep track of how much money is in your bank account, and you don’t have to carry a bunch of old receipts around in your bag. Also there are few shopaholics who bother to keep or even print out these balance tabs. These wallets use Bluetooth technology to connect to your mobile phone, which then connects wirelessly to your bank account and keeps track of your bank account balance. The wallets also retrieve the convenience of personal accountants or financial assistants who would track your spending and investments.

The Bumblebee Wallet

Positive Change (Obsolesce):

The Proverbial Wallets will obsolesce bank statements and receipts. By not receiving monthly bank statements and getting a receipt every time you make a transaction, it will save paper, which in turn will help save the environment. The Proverbial Wallets will deliver positive change by helping people keep track of their money and help stop the mindless spending epidemic that is becoming a huge problem in our society. By having a physical reminder coming from your own back pocket, it will be easier for people to be conscious of how much money they’re spending, and how much they have left. These wallets will promote saving rather than spending, and can teach people how to wisely manage their money. These wallets are still in the working prototype stage, however, they are truly are the new, portable financial conscience.

Reverse:

If the Proverbial Wallets are pushed to their outer limits, their connection to the Bluetooth, which connects to your bank account, could possibly have a technical malfunction. Once a malfunction occurs, people won’t have the constant reminder of how much is in their bank account, which means they could over-spend again. Also, if every person invested in a Proverbial Wallet, the Bluetooth technology in each wallet could experience interference with other Bluetooth signals.  This may cause their wallet to mistakenly take information from another person’s bank account by accident.