Wallet Wellness

Today’s Money Monday comes from my friend, Jill Russo Foster of Cash, Credit and Your Finances.

What IS in your wallet? Could you tell me without looking? Some folks like a light wallet and carry only what they need. Others are of the take it all for convenience variety. No matter which category you fit into, you have to be able to describe what was in your wallet to the proper authorities if the wallet is lost or stolen. A few preventative steps can save you time and anxiety.

Step One: Go through your wallet to determine what you need to carry with you and what you should leave at home. Do you really need to bring all your credit cards, bank cards, and checkbooks? Once you have determined the essentials, move on to step two.

Step Two: Make a record of everything you keep in your wallet. One way to do this is to make copies of everything, both front and back. Make sure to include the contact phone numbers.  Friends of mine who are professional organizers have suggested making two copies one to keep in your home in a locked safe or file cabinet, and the other to be kept by a trusted friend in case you can’t get to your records immediately (if you’re on vacation, for example). Be sure to review and update these copies annually, and add or delete information as accounts are opened or closed.

Step Three: Search your wallet for any items containing your social security number and remove them. Your social security number is the only item identity thieves need to make your life a mess, so you should never carry your social security card with you. If your healthcare cards use your social security number as your identification number, here’s a clever suggestion – make copies of your medical insurance card to carry with you with your social security number blacked out. If you need the number for a medical visit, you can recite the number when needed.

A little wallet wellness today can prevent a lot of heartache tomorrow!

Jill Russo Foster is the author of Cash, Credit, and Your Finances: The Teen Years. She provides practical tips for every day finances. Learn more about protecting your credit and living within your means, with Jill’s popular free reports and bi-monthly ezine, available here ==> CashCreditandYourFinances.com