The 7 Things Every Frugal Person Should Have In Their Wallet

By Dr Penny Pincher on 11 January 2016 3 comments

I use my wallet not only for spending money, but for saving money as well. Having the right resources in your wallet makes it much more likely that you'll take advantage of money-saving opportunities that come along every day.

What should you have in your wallet to help you be a savvy saver?

1. Cash

Carrying cash has several advantages. If you keep a supply of cash on hand, you'll never pay ATM fees. Also, cash is psychologically more painful to spend than using credit cards, so you're likely to be more frugal when having to part with paper.

I get even more benefit from carrying cash by using a money envelope system to control spending. In my household, we pay for all food expenses using cash from our envelope, so if I have cash in my wallet, I know I can buy food and still be within budget.

2. Coupons

You can save a lot of money with coupons, but you need to have them with you when you are buying something. I put the best coupons for my favorite stores in my wallet. That way, I am always prepared to take advantage of savings.

3. Store Loyalty Cards

Some grocery stores offer cash discounts and points toward free items if you swipe your loyalty card at checkout. On a recent shopping trip, I was able to get a couple bags of food items for free by cashing in my points. The people in line behind me were amazed!

4. Credit Cards With Rewards and Discounts

If you pay off your credit card balance every month, you might as well take advantage of the rewards. I get 5% off every purchase at some of my favorite stores. I use the rewards points I get from other purchases to score free items on Amazon. The credit card companies are betting that you will carry a balance and end up generating profit for them. Pay off your balance every month, and you'll get the rewards for free. (See also: Best Cash Back Rewards Credit Cards)

Another reason to carry at least one credit card is to handle emergency situations. If your vehicle breaks down, you may need to pay for towing and repairs at the shop. If you have a medical emergency, you may need to pay at the time of treatment.

5. Health Savings Account Card

I signed up for a program that allows me to contribute on a pre-tax basis to a health savings account (HSA). With the health savings credit card I carry in my wallet, I can use pre-tax dollars to pay for prescription medicine and cover the co-pay for medical services. I save about 35% every time I use my HSA card since I am using money that was not subject to taxes.

Your employer may offer an HSA program, but if not, you can start your own account at your bank or credit union and take advantage of big savings on healthcare expenses.

6. Consignment Store Account Numbers

I carry my consignment store account numbers in my wallet to make it as easy as possible to drop things off. You'll also need your account number to pick up your money after your items sell.

7. Insurance Cards

I carry cards in my wallet for medical insurance, prescription medicine insurance, and auto insurance. Make it as easy as possible to quickly access your coverage information.

What do you carry in your wallet to help you save money?

No votes yet
Your rating: None

Disclaimer: The links and mentions on this site may be affiliate links. But they do not affect the actual opinions and recommendations of the authors.

Wise Bread is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to


3 discussions

Add New Comment

This test helps prevent automated spam submissions.
Guest's picture

Library card.

Guest's picture

A measuring tape and a list of things I'm looking for on an index card. When I work on a quilt I look for specific color schemes, so snippets of fabric attached to the card help tremendously. The tape was especially useful when I bought the kids clothes for them, as sizes change with manufacturer It's great too when we're looking for furniture.

Guest's picture

Yes! I keep both of these things. The tape keeps me from buying things that won't work or missing out on a great piece for a good deal because I'm unsure of dimensions.

The list keeps me honest. If it's not on my list of needs and wishes, I know I probably shouldn't buy it.

Guest's picture
Tamara Bronaugh

i would add a library card! The savings can be amazing when you look at the price of new books, magazines, and movies!