What Should You Keep In Your Wallet?

Ryan Guina is an entrepreneur and writer. He has worked for Fortune 500 companies and served six years in the USAF. He writes about money management and small business topics at Cash Money Life and military money topics at The Military Wallet. You can follow his twitter feed.

What’s in your wallet? That is a popular slogan created by a credit card company to get you thinking about using their rewards credit card. It’s catchy from a marketing perspective, but it is a question you really should ask your self. What is in your wallet? More importantly, what should you really keep in your wallet?

While many of us do not think about the chaos that can be caused by a lost purse or wallet until one actually losses it, this is something to seriously consider. One forgetful moment and we can end up leaving our wallets and/or purses in a grocery cart, a cab, on a bus or any number of public places. Since this forgetful act can happen to any of us, it is time to consider what exactly you are carrying on your person that would be detrimental to lose.

What To Put in Your Wallet

There are items that are necessary to carry with you at all times. While many of us do have all of the items on this list already stashed in their wallets, many of us also have a bunch of information better left at home. Here is a list of things that should be in your wallet:

• Your driver’s license
• Insurance cards (medical and auto insurance)
• Reward cards (supermarkets, favorite stores)
• Bus or subway pass (if applicable)
• Credit card
• ATM/Debit card
• Cash (I usually carry $50-70, but go with your comfort level)
• Contact card with your name and phone as well as emergency contact name and phone
• Membership cards (library, gym, auto club)
• Baby pictures (new research shows wallets found with baby pictures in them are more likely to be returned to the owner)

What Not to Carry in Your Wallet and Why

Everyone carries items in their wallet that don’t belong there or that are asking for trouble in the event a wallet is stolen. Here are some examples of what not to carry on you at all times:

Other Credit Cards

One card should be sufficient for daily activities. In the event your wallet is stolen or lost, you only have one card to focus on canceling and tracking charges.

Keys

If a thief steals your wallet or a stranger finds your wallet, it is bad enough they have access to your cash and credit so they certainly do not need access to your house.

Pin Numbers

If you do choose to carry a debit/ATM card, you should never print the number for your PIN code on the card itself or keep the PINs in your wallet. Should someone have access to your wallet and cards, they can easily wipe out your bank account.

Social Security Cards

If you carry your Social Security card with you in your wallet, you are handing a thief most of the vital information one would need to swipe your identity. Keep your Social Security card at home, safely locked away with your other important documents.

Business Cards

A lost wallet can give a thief first-hand knowledge not only of where you live and your credit card information but also where you can be found each day. Don’t carry business cards in your wallet. A con artist needs only to look at the business location and your job title to determine whether or not more fraudulent activity can be done.

Now that you have cleaned out your wallet and feel a bit lighter, make a mental note to keep your wallet and purse clean more often. Discard or file ATM receipts, bank deposits slips, store receipts, outdated information and any other information that crowds your wallet and puts you at risk for identity theft and fraud. And if you are curious, here is what I keep in my wallet. Yes, I practice what I preach!