Saving money is one thing opening an account can help you achieve, but opening your wallet could be putting you in more danger than just overspending. Many authorities recommend cleaning out your wallet regularly to avoid the risks of loss that could come following theft.
Finding your folio
Having a reliable wallet should be the basis of your cleaning process. An older wallet or one that's falling apart just won't keep everything organized effectively, and some people are even moving to digital wallets to reduce paper receipts and potential thefts, according to Zacks Equity Research. A recent study by the group found almost half of all consumers would prefer to use mobile wallets, seeing them as a safer alternative to traditional methods.
For those who like the reassurance of a physical billfold, Corporate TravelSafe offers a variety of concealed and unique options meant to reduce the chance of theft, but the key feature these specialty items share with standard models is the responsibility of you, the owner. While purses are pretty and bags are spacious, the less time you spend handling your wallet in public the better. Just like with any personal valuable item, you need something reliable and safe that you can keep tabs on easily.
Choose your identification
Not everyone likes the photo on his or her driver's license, but carrying excessive identification for any reason, even if it's just to show off how cool you looked in high school, can be dangerous. The Better Business Bureau recommends carrying only a Department of Motor Vehicles-issued or state identification card, as well as any necessary auto and health insurance information handy at all times. Passports and Social Security cards should stay at home unless you're leaving the country.
Leave your cards
A good way to overspend quickly is to carry a number of credit and debit cards at once. Ready For Zero, a debt consolidation company, recommends paring down those with the highest balances and interest rates. Having only two or three cards at the most will help you remember how much you've spent, reducing the risk of going over your limit or running up excessive fees.