I don’t have an iPhone (I don’t even have a cell phone, but that’s a whole other story), but if I did, I would definitely buy the Opportunity Cost of Money iPhone app. This iPhone app makes the cost of your purchases concrete.

Basically, it’s an iPhone app where you list all of the things that you buy that give you the most pleasure and the costs of those things. Then when you are getting ready to make a purchase, you can input the price into the iPhone app and it will tell you the cost in terms of those things that you find most pleasurable.

For example, maybe you love Sees candy, Jamba Juice and personal pizzas. One day you are shopping and you find something for $50 that is screaming at your impulses to buy. before you buy it, you input the $50 price and the iPhone app which will tell you that the impulse purchase would cost a box of Sees candy, two Jamba Juices and 3 personal pizzas. It turns all your purchases into the things that you love the most so that you can judge whether or not the purchase you are about to make is something that you really want to buy. Brilliant!

Do you think that a device like this would save you money?