By Lisa Eadicicco, Laptop Mag

Hey, shopaholics, good luck trying to burn a hole in this purse. A new smart pocketbook can actually lock you out of your bag to prevent you from overspending.

Dubbed the iBag, the purse uses a clock and an Arduino chip to keep the bag shut at your most vulnerable spending times of the day, Finder.com.au claims. Its integrated GPS tracker can also tell when you’re close to your favorite stores, prompting the pocketbook to warn you with flashing LED lights.

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If that’s not enough to stop you from whipping out your wallet, the bag will send a text message to a contact you’ve deemed as your responsible other. This also means the iBag can track each time you take out your wallet.

Needless to say, the handbag is designed to help people who are really out of control with their spending and can’t pay off their credit cards each month, as Finder.com.au notes. The current design is geared toward female shoppers, but the company hasn’t ruled out the idea of creating a version for men.

The website is currently enlisting volunteers to register their interest in the bag for $3 per month, but the iBag could sell for $199 if it comes to market.

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