Watch a Bank Literally Shock People Who Overspend

By Constance Brinkley-Badgett,

If you're a serial overspender, there's a new bank out there that could quite literally shock you out of your bad money habits.

U.K. firm Intelligent Environments, has integrated a Fitbit-style bracelet called Pavlok with customers' bank accounts. Get close to a certain pre-set balance, and your bracelet buzzes a warning. Go below that limit, and you get zapped. The company's YouTube video below shows customer reactions to their Pavlok shocks.

Of course, if you're shock averse, there are other options. The firm's platform, which claims to have launched the world's first "internet of things" bank, can connect to other devices as well.

"You could use a Nest thermostat, for example," Tom Stinton, head of product at Intelligent Environments explained in the video. "If you spend too much money, if you go below your threshold, then your heating comes down to whatever level you choose. Just one degree celsius down on your thermostat over a year can save you 80 pounds ($116)."

You don't have to use electric shock to save money. For many people, leaving the credit cards at home helps them cut way down on impulse spending. In fact, research shows that people will spend more -- an additional 30% or higher -- when they're using plastic rather than cash. If the plastic's not in your pocket, maybe you'll lose interest before you get around to making a deferred purchase.

Whatever approach you take to curbing your spending, it's always a good idea to track how your spending habits are affecting your credit score. High debt levels, in particular, can seriously hurt your credit, as can missed or late payments related to a lack of funds. You can see an overview of your free credit report, updated each month, on

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