How Cleaning Your Wallet Benefits You Financially

by Xin Lu on 15 January 2010 6 comments

It is not quite time for spring cleaning, but if you are a slightly disorganized person like me you may benefit financially by cleaning your wallet or purse.

Use Unspent Gift Cards

My husband was the first to clean his wallet since his wallet was getting extremely thick from the myriad of cards and receipts he keeps. After laying everything out he found that he had several gift cards with a positive balance on them. The gift cards totaled to almost $70 and he used them immediately to treat himself. I always encourage him to use gift cards as soon as possible so that the card values do not get deflated.

Lighten the Weight of Coins

When I cleaned my purse I found a bunch of receipts, and also a fairly large pile of coins. I routinely throw coins into my purse and it simply gets heavier and heavier. I am not sure how much money it came out to be, but it certainly lightened my purse quite a bit and it is now easier to carry.

Dispose of Expired and Unused Credit Cards

Both my husband and I cleaned out expired credit cards and ATM cards. This definitely reduces the confusion when we are searching for our credit and ATM cards and saves some time.

Organize for Taxes

If you have receipts in your wallet that need to be kept for filing your taxes, then it is a good idea to sort them out before they are lost. Receipts are also useful for flexible spending accounts.

The bottom line is that it is definitely a good idea to keep your physical wallet or purse organized so that you do not have to clean out a bunch of junk. If your purse gets cluttered as quickly as mine, it is probably best to clean it on a routine schedule. That way you will avoid carrying around trash and use your money more efficiently.

What was the best thing you found while cleaning your wallet?

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Leonard

I usually hold onto receipts for a while, but after that I get rid of it.

Guest's picture

I just cleaned my wallet yesterday and couldn't agree with you more. It's a great way to clear your head financially on a day to day level. Also, it makes your wallet to carry around.

This past year, I started using one of those Magic Wallets. It's small, simple, and forces me to only keep what's necessary in my wallet.

Guest's picture
Michele

I cannot imagine anyone not clearing and filing stuff from their wallet/purse daily! When you walk in my house, there is a table by the door for wallets and cell phones. Purses, jackets, hats and scarves are hung on pretty decorative hooks above the table. There is also a 'receipt' box so we can check on the computer when debit or charge receipts clear the bank and then they are immediately filed under the right tax folder in the pretty decorative file cabinet under the table. There is also a change cup on the table that automatically counts change as you drop it in. The change is deposited into the saving account on payday along with paychecks or reimbursement checks that are not automatically deposited. We only have one credit card and one debit card. Coupons are also stored in a file under the table, and no one leaves the house to shop unless the coupon file is checked FIRST. Gift cards are filed under 'coupons' so any one shopping has first dibs on them...but I usually leave the Bass Pro Shops and Cabela's cards for him and he leaves the Williams-Sonoma and Crate and Barrel cards for me because of our varied interests:)

Guest's picture

Not knowing what is in your wallet can be a heartbreak if it ever gets lost or stolen. I agree with Michele that you should clean out your wallet daily and that you should also, in a safe place in your home, have a list of what is in your wallet and contact numbers to call. If your wallet gets lost or stolen you can call all the numbers on your contact list to have credit cards, debit cards and library cards canceled. You should never carry your social security number on you but have it memorized. You should also make photo copies of any information you carry in your wallet that would be difficult and time consuming to replace so at least you would have some documentation to show if it does go missing.

Guest's picture

On top of that morbidly obese wallet is bad for your back as well.

Guest's picture
Guest

I wish we were as organized as Michele. Wow. Quite impressive.