What would happen if you lost your wallet or purse? Or what if it was stolen? Would the thieves have access to information that would increase the possibility of damaging identity fraud?
It is a good idea to clean out your wallet or purse every once in a while and get rid of the unnecessary items, and especially take out the identifying items. Free Money Finance offers some great tips on having a cleaner wallet (or purse) in order to limit the damage done if it was lost or stolen:
- Clean out everything but the bare minimum. One or two credit cards, no more than $100 cash, your driver’s license, club card (for Costco or Sam’s or the like) or a gift card or two is not amiss.
- Avoid carrying a great deal of identification. Your driver’s license should be sufficient for most casual around town trips. Obviously, if you are traveling abroad, you will need more identification. Memorize your Social Security Number and bank account numbers. Carrying this information around with you is just asking someone to clean out your personal finances.
- Photocopy the contents of your wallet or purse. Take photocopies of the front and back of everything in your wallet or purse, and then keep it in a safe place. That way, if your wallet or purse is ever lost or stolen, you know exactly what is in there, and can immediately act to curb the possible damage.
I’ve decided to dramatically reduce the amount of stuff in purse. Now I only have one credit card, my debit card, some cash, the club card and a gift card to the restaurant. And, of course, the “lady things” I keep in my purse: notepad, pen, small lotion, small hairbrush, cell phone, insurance card and pictures of my family.
What do you have in your wallet or purse?