Raise your hand if you know everything you've stuffed into your wallet (no peeking!). No? Then it's time to do a wallet audit to make your life a lot less hellish if your wallet ever gets lost or stolen.
Photo by Ed Hunsinger
Donna Freedman writes on Get Rich Slowly after being mugged and coming to realise everything she had lost in her wallet. Take 10 minutes now to make a list of what's in your wallet and the 1800 number for each credit card (don't write down the card number). Obviously, keep that list outside of your wallet, perhaps stored in a Google Doc or previously noted web app designed for this job, Wallet Garden. When your wallet goes missing, you can cancel all your cards before thieves have a chance to use them. Also make a note of the recurring payments associated with each card, because you'll have to redo them.
Freedman offers lots more tips on doing a wallet audit, including keeping only the cards you need in your wallet and masking the numbers on your health insurance card (make a photocopy and Sharpie-out the last four digits).
In the unfortunate event your wallet does get lost, here's everything you need to do.
How to Do a Wallet Audit [Get Rich Slowly]