Electric shock if you over spend – good idea?

Would this help you live within your means?

A new wristband has been developed which gives you a 255 volt electric shock if you over spend.

The Interact IoT (Internet of Things) app was developed by British firm Intelligent Environments.

And it can also be linked with smart devices such as Nest Thermostat to help you save money on your energy bills.

If your funds go below a certain limit, you’ll get an alert on your phone then if you go over your spending limit, the wristband gives you an electric shock.

Managing director of The Interact IoT, David Webber, said: “With cashless payments like contactless, direct debits, and Apple Pay, it’s unsurprising we lose track of spending, so we decided to solve this by enabling smart devices to manage our overspending for us. This means customers can now get complete control and oversight of their finances without having to lift a finger. Both Pavlok and Nest Thermostat are opt-in services so consumers can decide whether to switch them on or not. However, with the Pavlok integration users have told us they love it. They think it’s much better to get a little shock now, instead of a nasty one later.”

What do you think of this idea? Would it stop you from overspending?