BeforeYourNext Birthday-DeniseFisher’s Blog

Get fit, get organized, & get your financial affairs in order

What’s In Your Wallet? 10 Steps To Put Yours In Order

Posted by denisefisher on February 9, 2009

The 2009 Identity Fraud Survey Report was announced today by Javelin Strategy & Research. Their report said that identity fraud last year increased 22% from 2007. But the majority of these identity thefts were not due to online activity. Low-tech theft (or losses) of wallets, checkbooks, debit or credit cards were the most frequent sources of stolen identity and related fraud.

But this writing isn’t about about eliminating crime. It’s about personal organization and financial management. It’s about knowing what’s in your wallet. Purses, messenger bags, backpacks, briefcases or other carrying cases which hold your identification, money, financial cards and other valuables are even more critical, because they can hold even more of your treasured stuff. And if you carry them every day, you start to accumulate even more stuff and you don’t even remember what you’re carrying.

Do you know how much money you have in your wallet at this very moment? If your wallet were stolen (or if it fell over the side of your yacht) and you had to replace its contents, would you be able to recall everything inside? This may seem like a trivial topic in the overall scheme of financial management, unless you find yourself in the situation of having to deal with a lost or stolen wallet or purse and its contents.

Another reason to consider what’s in your wallet, however, is the simple issue of awareness. The same way in which you must be aware of each handful of snacks you consume, when you want to reform your eating habits, you must also become conscious of your daily financial transactions if you want to transform your financial habits. And, of course, the efficient handling of all those receipts, bank slips, and other cards and papers that fill your wallet has an effect on your financial management as well as your overall organization. Each aspect of your finances and personal organization that is in order contributes to the larger image of how “together” your life is.

When you’re starting out on a financial organization journey that may seem overwhelming, it helps to start out with smaller, manageable tasks that are easily doable and quickly completed. So here’s my 10-step plan to organize your wallet or purse and its contents.

Wallet-Purse Reorganization - Before

1. Empty out everything from every compartment. (As a documentary type of option – or if you’re preparing a blog post – spread out the contents onto a table or floor surface and photograph the entire collection from overhead.)

2. Brush out lint, fuzz, and debris from interior sections of your wallet or purse (use an old toothbrush, Q-tip, vacuum cleaner attachment or whatever) then use a damp cloth or paper towel to wipe off surfaces.

3. Purge the contents of trash, expired cards and coupons, and set aside receipts and other items you don’t need to carry with you in your wallet or purse.

4. Gather together all the cards you carry (driver’s license, work ID, membership cards, bank ATM cards, credit & debit cards, grocery, restaurant, and retail merchant gift, discount, or bonus point cards, medical/health insurance cards, auto insurance cards, library cards, etc.), lay them out on a color copier and make a photocopy. Then turn them over and copy the backs. Make sure you can read the account numbers, and the phone numbers to call in case the card is lost or stolen. If you can’t get a legible copy of the fine print, hand write the info in the margin of the print-out, where you can read it. File this copy with your other important documents. You may even want to have more than one copy for filing in more than one location. Remember, you’ll need to be able to find this copy if you need it.

5. Sort out the remaining contents into categories (cash, coins, checkbook, stamps, calculator, small notepad and pen, coupons, claim tickets, punch or scan cards, hygiene/cosmetic items, medical/health items, gum/mints, spare key, back-up cash, personal/business cards, grocery list, library receipts, receipts for purchased items that need to be returned or adjusted, etc.). Some organizers suggest removing cards, receipts, coupons, etc. that you don’t use on a regular basis, but I think it makes things very inconvenient – you have to store the items somewhere else, remember where “somewhere else” is when you need them; you have to coordinate the details of your errands and their associated cards/receipts/coupons etc. in advance, and if you just happen to be at the store where you need to have the associated items, you’re going to want to have your card, coupon, or receipt with you – right then, when and where you need it.

6. Survey the items you plan to return to your wallet or purse, noting what may be missing or needing action and replace or restock as required (a pen that works, sufficient number of checks, good mix of coins, meds, etc.).

7. List anything you need to do or buy, based on your wallet survey (e.g., go to the post office for stamps, buy a pill box, pick up dry cleaning, renew your library card, etc.). And while you’re at it, check out the condition and suitability of the purse or wallet you’re using to see if it’s functional for you and your lifestyle. If your wallet or purse has a smooth leather surface, you may even want to polish it, like you would a nice pair of shoes. You can figure out if your purse or wallet can use or needs a cleaning or treatment product (or some other minor repair). This is just a reminder for you to consider it.

8. After assessing the contents and available compartments, mentally designate what goes where. Anticipate the receipts, coupons, business cards, and other papers that will again start to accumulate, and assign an appropriate place/compartment for them.

9. Put the contents into their designated places and savor the accomplishment of having reorganized your purse or wallet. (This would be the point where you would take that “after” photo.)

10. This final step is an important one that mustn’t be omitted – put away any of the receipts, cards, etc., that are not trash but are not going back into your wallet either. Items with a designated home are more easily dealt with. But if you don’t have a designated destination for these items, take a few minutes to create one that you will use “from now on.” But make them easy to find and easy to use or they won’t be functional and it will defeat the purpose.

Wallet-Purse Reorganization - After

I did this process myself, in order to document the actual steps and determine how long it would take. It took me much longer to write this post than to clean out and organize my purse. I started at 1:10 pm and finished at 1:50 pm. 40 minutes total, including the photocopying and photographs.

The photo to the left shows my reorganized purse,  along with a stack of receipts and some expired insurance cards that need to be filed elsewhere.

Advertisements

5 Responses to “What’s In Your Wallet? 10 Steps To Put Yours In Order”

  1. Catherine said

    Hi. I love your handbag/wallet/whatever you call it, it looks so organised! What make is it, please – I’ll see if I can order one from the UK? Thanks! Catherine

  2. Thanks Catherine. That purse is actually the second one of its kind that I’ve had. I liked the first one so much that I bought another one almost identical as an eventual replacement when the first one wore out. The one shown is constructed of a microfiber (unlike my first version, which was leather), but it still has a nice look to it. I don’t have multiple handbags, so this one works well for dress-up and for everyday. Plus, it holds all the essentials neatly. Functional and classic – just my style.

    I tried to find a manufacturer’s name on it, but couldn’t find any identifying labels. I believe that I purchased it at a department store called “Target,” which is very popular and inexpensive in the US. I’m sure that it cost less than $20 USD. I don’t know if you could find that model on Target’s online store (or if they still make that style), but it might be worth a look.

  3. Hi there! Looks like the purse is made for that purpose of organizing the things in your wallet. I have a lot of that kind here in our country and it comes in different sizes. Well, even though how organize your wallet is, it needs to contain less important things because it is a hot item to pickpockets. Thanks for the article!

  4. Great write up! This purse is well organized. I really love this article. Very informative and educational! How can I avail this purse? Because my sister is looking for it.

  5. Dave said

    Great steps man. Thanks a lot 🙂

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

 
%d bloggers like this: