Spring is here, and for many of us, it's time for some spring cleaning. While you're at it, why not do some spring cleaning to your wallet as well? Clearing your wallet of unnecessary cards and information not only helps you get organized, but it can help minimize damage if your wallet or purse is ever stolen.
Here are a few things you can do to spring clean your wallet today:
- Take inventory of your credit cards.
If you have expired cards, you can throw them away and free up a little space. Keep a low interest credit card in your wallet for emergencies, but remove any card that tempts you to overspend or take on debt you can't handle.
- Remove sensitive information.
Keeping documents and information like your social security card, passport, or a list of your passwords and account numbers in your purse or wallet puts you at risk for theft. It provides all the information a thief needs to clear out your bank account, open up credit cards in your name, or even steal your identity. You can help prevent this by:
- Get rid of the junk. Receipts, lists, and other bits of clutter that find their way to your wallet or purse make it difficult to find the important things. Go through and throw anything away that’s outdated or you no longer need. Consider creating a filing system for your receipts.
- Go digital. If you have a Smartphone, you can actually cut down on clutter by moving some of your cards and information to your phone. There are literally thousands of apps designed to help you organize your wallet and purse. For example, Key Ring is a popular app that allows you to store your grocery or gas loyalty reward cards, so you don’t have to carry physical cards. Expensify lets you store your receipts on your phone, and LifeLock Wallet keeps all of your identifying information, like social security and driver’s license numbers, password-protected. It also stores financial information, like credit card interest rates, numbers, and payments.
- Take it a step further.
If spring cleaning your wallet has inspired you to get organized, take the opportunity to spring clean your finances overall. A great place to start is with your debt. Take a look at the number of credit cards you have overall. If you’re carrying a lot of high interest cards, you may want to think about transferring balances to a zero-interest credit card and creating a debt reduction plan. If it’s been awhile since you’ve looked at your budget, considering going over it and making adjustments as needed.
Spring cleaning your wallet—and your finances—is an excellent way to help you take control of your finances. Not only does it protect sensitive information, but it can help you make the most of your money and cut down on wasteful spending.