Anyone who has misplaced their wallet or purse knows it can be a pretty stressful experience. Unless it's found by a good Samaritan, the cash is gone, and you need to cancel all of your credit cards and replace your license. A new product called Wallet TrackR hopes to solve the problem by actually preventing you from losing your wallet in the first place.

By linking to an iPhone via Bluetooth, the Wallet TrackR is able to send an alert to your phone as soon as you start walking away. We've seen similar products like the BiKN and U Grok It that are designed to keep track of objects, but BiKN has bulky tags, while U Grok it requires slotting your phone into a beefy case.

The Wallet TrackR is more wallet-friendly with no iPhone peripheral required and the tag shouldn't bulk up a wallet too much. At 3.8 mm thick, 54 mm wide and 86 mm high, the tag is the same height and width as a credit card to allow it to slot into a wallet's credit card slot.

If you aren't paying attention to your phone when you walk away and you miss the alert, the app will take a GPS snapshot of the last known location of the tracker. This should help you find the wallet as long as it has not been moved – and if it has, at the very least you can revisit it's last known whereabouts and improve your chances of seeing it again.

The Wallet TrackR also has a feature that helps you find your wallet if you've happened to misplace it and are still within earshot. You can push a button in the app to make it emit an audible alarm, which should help you find it hidden in the cushions of the couch or wherever you happened to set it down.

The creators of the Wallet TrackR are currently seeking US$250,000 in funding to turn the working prototype into a mass-produced reality through their own website put together using the open source crowdfunding platform.

You can grab a Wallet TrackR to use in your own wallet for $19 if you get in early. After that, you can back the project for $29 to get one. There is also a custom designed wallet with a dedicated Wallet TrackR pocket and Wallet TrackR package for a $50 early bird special. After that, the complete set will go for $60.

The free app works with iPhone 4S, iPhone 5, new iPad, iPad mini and the new iPod Touch.

The video below from the creators of the Wallet TrackR demonstrates the benefits of the Wallet TrackR.

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