Your risk of identity theft increases dramatically if you do so.
Losing your wallet or having it stolen is one of the most aggravating situations that can occur. However, in the majority of cases, it is merely a major inconvenience. You may suspend your credit cards, obtain a new driver's license, and nurse your wounds over any lost cash. However, if you carry certain items in your pocketbook, you leave yourself vulnerable to a variety of problems. If you wish to condense something, make a note. Following are the worst items to retain in your wallet, as determined by finance and security professionals.
The Six Worst Items to Carry in Your Wallet
Receipts stacked in a heap
Photograph by Sunshine Studio / Shutterstock
Who among us has never stuffed a receipt into their pocketbook after making a purchase? According to Brandon King, founder of Home Security Heroes, this is a bad tendency.
"Most people are unaware, but your receipts contain data points that can be used to learn more about your transaction, bank account information, and shopping habits," he says. A skilled con artist can use your receipts to contact your credit card company and obtain additional account information.
If you do not require a receipt, King recommends disposing of it safely or shredding it.
2. Blank Checks Signature Checkbook Check obsolete household items
Shutterstock
Numerous situations require the use of blank checks, but financial professionals advise keeping them separate from your wallet.
Bill Ryze, a chartered financial consultant at Fiona, explains, "There is a great deal of damage that could result from blank checks falling into the wrong hands, from check counterfeiting to routing numbers and e-withdrawals."
If you need to access information such as your routing number, simply access the app or website of your bank or capture a picture of your check. You will have access to all the necessary information without any security risk.
Crossed-out credentials on a notebook from Shutterstock
This may seem apparent, but according to King, a surprising number of people still carry their passwords on paper in their wallets.
"As a security precaution, do not do this; do not even write your password on paper," he advises. "Keeping a list of your passwords, PINs, or an alarm code in your wallet is a huge identity risk, making it easy for a thief to steal from you."
Use a password manager instead. These applications provide a safe method to organize your passwords.
4. Keys Keys arranged on the counter
AriPaii / Shutterstock
Using a keychain to attach your keys to your wallet is certainly practical. However, this poses a major security danger.
Because your wallet frequently contains your address on your driver's license, keeping your keys affixed to it gives strangers access to your home if your wallet is lost or stolen.
"Changing the locks can be costly if you lose your wallet," says Fiona's senior tax accountant, Wayne Bechtol.
Sign up for our daily newsletter to have additional safety advice sent directly to your inbox.
Credit Cards (5)
iStock / Farknot_Architect A close-up of a person holding three credit cards in one hand while removing one.
It is simple to limit expenditure by leaving your credit card at home.
"If you carry plastic in your wallet, you will use it, and chances are you will overuse it," says MoneyFit's education manager and author of Everyday Money for Everyday People, Todd Christensen.
"According to a 2014 study published in Economics Incorporated, the average consumer will spend 16% more at a fast food restaurant when paying with a credit card than with cash, 42% more at a gas station cashier, 64% more at a convenience store, 78% more at a gas pump, 96% more at a grocery store, and 101% more at a full-service restaurant with tip," he explains.
In other words, when you do not keep track of your expenditures, you are more likely to spend.
A wallet stuffed with plastic could also make you a target for criminals, which is yet another reason to pare down your belongings.
Social Security Card and Social Security number: information burglars have about your residence
Shutterstock
All financial experts concur that you should never carry your social security card in your wallet.
Melanie Musson, a financial expert with Clearsurance, explains, "Your social security card is a vital part of your identity, and if someone steals it, you may spend months or years fighting to prove who you really are."
Once someone has your social security number, they can commit a variety of crimes, such as opening credit cards in your name and damaging your credit.
You don't need your social security card, which is another reason to leave it at home.
"You likely have your social security number memorized, so you don't need the physical card to remember your number," explains Musson. Keep it in a home safe or a safe deposit box at the bank or post office.