You are Here > Saving > Could tech wearables change our money habits?

Could tech wearables change our money habits?

Jul 17, 2017

mna nam braceletFor the last few days I have been trying out the Sanlam MNA NAM bracelet which is marketed as a fashion accessory that makes you think about money.

There are two aspects to the bracelet which has been designed by top South African fashion designer Laduma Ngxokolo. The first is that there is a QR code embedded in the design of the bracelet which you can use to scan and save – kind of the reverse of SnapScan where you scan and spend. It is linked to a WeChat wallet allowing any amount of money to be transferred from your bank account into the WeChat wallet – making it easier to save for short-term goals.

This is linked to a competition where you can win a custom style piece by Ngxokolo by scanning and saving. I have been testing it out and moving some cash into the WeChat wallet, but for me it’s not a major feature as I already have a savings pocket linked to my bank account that I use for my short-term savings.

Reminder of savings goals

The second aspect is more interesting for me, and that is the awareness it brings. I already wear my Fitbit to track my daily steps, which reminds me to take the stairs instead of the lift and to find hassle-free parking far from the entrance of a shopping mall.  Perhaps in the same way, by wearing a fashion bracelet that does look a lot better than a Fitbit, it could be a constant reminder of my savings goals.

When I went to the shopping mall I consciously wore the bracelet as a reminder not to do any impulsive shopping – because yes, even a money columnist has her weak points! It definitely made me more mindful about spending on non-essential items. There’s a luxury item I’ve been eyeing recently; I ended up pricing it and deciding it could wait until next month as I’ve already done some spending on luxuries this month. I could take it a step further and use my cellphone to scan the bracelet and save the money I was about to spend.

It is a clever concept to use designer fashion to stop impulsive fashion spending – but ultimately, the power still lies with the user.

Sanlam is giving away limited editions of the bracelet. To find out more, visit


Submit a Comment

Your email address will not be published. Required fields are marked *

Maya Fisher-French author of Money Questions Answered

Previous Articles

Inside a cryptocurrency scam

Social media networks are being used to lure people into a cryptocurrency scam. A sophisticated social media network is being used to con South Africans by claiming to generate huge returns through trading. The network is made up of 300 fake twitter accounts...

Working from home? You can claim from SARS

Elani van der Westhuizen, senior tax technical at TaxTim, explains what you can claim from SARS if you've been working from home. There's some good news for you if you’ve been working from home for the past year. You can claim a tax deduction if you worked from home...

Video: Set goals for money success

The key to achieving our money goals is to use psychology to set us up for success. When it comes to our money goals, behavioural economist Erik Vermeulen says we need to set specific long-term goals, but also have built-in intermediate success measures to make our...

Anger over high-cost investment products

A blame-game is starting with complaints about overpaid financial advisers and expensive product options. Readers have provided numerous examples of high-cost investment products sold by advisers working for large insurance firms. Clients are angry about high fees and...

Finding a more equitable credit model

The Save2Buy model is a hybrid between a lay-by and more traditional credit. In a world where credit has become a way of life, is it possible to find a system that allows someone to purchase an item and have use of it whilst paying it off, but without being fleeced by...

Can you bag a cheap deal on an overseas holiday?

Taking an overseas holiday is still possible but this can come at great risk to travellers’ pockets, finds Angelique Ruzicka. Differing social distancing rules and travel bans imposed by countries and airlines have done much to disrupt the global travel industry,...

Listen: Investigating crypto scams

In this My Money, My Lifestyle podcast we delve into the world of crypto scams which seem to be mushrooming everywhere, despite repeated warnings from our authorities. How do these crypto scams work? How do people get lured into parting with their hard-earned cash?...

Video: Understand your electricity bill

The cost of electricity will increase by 15% in April. That is triple the rate of inflation which means a bigger portion of our budget will go to paying for electricity. It is worth taking the time to understand how your electricity is charged for and to find ways to...

When does it make sense to have a travel allowance?

If you are required to travel for work there are several ways to claim for this expense. You can receive a travel allowance or be provided with a company car. In the case of a travel allowance, the employer would normally pay a set amount, for example R5 000 a month....

FSCA issues crypto health warning

The FSCA wants to warn the public that if something goes wrong with your crypto investment, you are not likely to get your money back and will have no recourse against anyone. The Financial Sector Conduct Authority (FSCA) has noted with concern the increasing volume...

Pin It on Pinterest

Share This