As new smartwatches encroach on the territory of wearable devices that are solely dedicated to fitness, it seems inevitable that we will see more specialized gadgets aimed at a particular market. Now there’s a smartwatch that helps you keep track of your money—provided you use it properly.
Financial expert Nicole Lapin is a fixture on TV networks like CNN, CNBC and HSN, giving viewers advice on how to manage their finances. She also has a book entitled “Rich Bitch” coming out early next year. Her latest project is the CASH Smartwatch, a wearable device that allows users to track their spending.
There should be a market for such a device since a Nielsen survey revealed that nearly half of adults in the U.S. go over their budgets every month. The numbers are even worse for those in the 18-34 group, since just a quarter of them can manage to stay on budget. Things aren’t so great for women aged 35-44 either, since a whopping 63% are likely to go over budget. No wonder that Lapin feels there is an audience for a smartwatch that can help with their finances.
“These findings prove that there is a personal deficit epidemic in our country and people have no idea where that extra $100 went at the end of the month,” Lapin explained. “That’s why I have made it my mission to create accessible tools to help people monitor their daily expenses and capture on-the-fly the most commonly overlooked purchases, i.e. their morning coffee, tips, and transportation fare, which add up and leave people with an unexplainable gap in their budget.”
That’s where Lapin’s CASH Smartwatch comes in. “There are a lot of gadgets out that that help you track your steps, your calories, your sleep, but nothing to track your financial health—until now.”
The CASH Smartwatch is a wearable expense tracker that helps users record their everyday expenses and monitor their habits. The device has a 1.54” capacitive touchscreen and uses a mini USB to sync to the free budgeting app found at CashSmartwatch.com. Also on the site is a budget tool that allows users to set up a monthly allowance and budget plan with advice from Lapin. The device offers customizable categories like food, gas, clothing and other expenses. Users can tap their purchases into the watch and get an instant update on how much they have spent in each category. Also included are overspending alerts, money news and custom advice for staying on budget.
The CASH Smartwatch has several interchangeable strap options and includes a stylus for quick data entry. The watch sells for $139.99 at cashsmartwatch.com or HSN.com.
While this may sound like a practical device for those who are already able to keep up with their expenses well enough to record every single one of them, you know that the ones of us who really need help with budgeting are going to cheat by failing to enter an expense here and there.
The CASH Smartwatch doesn’t sound like a welcome holiday present, since the fact that someone gives one to you would indicate that they think you’re unable to manage your own finances and need help. Still, the fact that this device exists gives a hint at what we can expect from specialized wearable devices in the future.