There is no shortage of fitness trackers on the market today, but a new one from Misfit is the most affordable option we've seen yet.

The company announced the Misfit Flash on Tuesday, which monitors your steps, tracks your sleep cycle and does everything you'd expect from a fitness tracker. However, at $49, it's far cheaper than competing models in the $120+ range.

See also: The Apple Watch Is Poised to Wipe Out Fitness Trackers

"It was important to Misfit to make the act of monitoring your activity and sleep more accessible for consumers to expand the industry to the masses, including those who may not have been able to invest in it in the past," a spokesperson told Mashable.

The device is a complete re-engineering of its existing fitness tracker Shine, which launched in late 2013 and is available in over 40 countries. While the Shine is $99, the Flash is built with lower-cost materials. Instead of aluminum found in the Shine, the Flash is made of plastic. It's the same size and same battery life (up to six months).

One of the main differences between the two is that the Flash acts as one big button. By pressing the face, you can view your progress, time and activities. It comes with a bright red LED display and is available in neon colors that weren't offered with the Shine (plastic bands give more flexibility there).

Image: Misfit

For the price point, you might assume the tracking capabilities of the Misfit Flash are limited, but it can even differentiate between cycling and swimming and let's you set goals, too.

The Flash will be available at retailers like Amazon and Walmart starting in October; it is available for preorder now on its website.

For those who might be looking to eventually buy a smartwatch, the Misfit Flash is a reasonable option to hold you over — or simply to get your feet wet with wearables.