by Marlin Bressi

Created on: January 30, 2009

Never carry more cash in your wallet than you can afford to lose. Unlike credit cards and debit cards which can be cancelled if they are lost or stolen, no such protection exists for cash. If a wallet is lost or stolen, there is a very slim chance that the cash will ever be returned unless your wallet falls into the hands of a Good Samaritan, and the last time I checked, Good Samaritans seem to be in short supply.

The amount of cash you should keep in your wallet depends on two important considerations; how much cash you possess and where you are going. Having two twenties tucked into your wallet may not seem like alot to some people, but to others it may represent all the money that they have. So when considering how much money to carry, it is important to consider how much money you possess.

Generally, I believe that it is better to carry less than more. Those who flaunt large amounts of cash are only drawing attention to themselves; the kind of attention that can potentially lead to a mugging or theft. If you are in a situation where you must carry a large sum of cash, it is a good idea to divide it so that only a portion is carried in your wallet. The remainder can be tucked away in your shoe, in a jacket pocket, or some other inconspicuous area. This way, in a worst-case scenario, you only stand to lose a portion of the cash you are carrying around.

The second consideration depends on where you are going and how far you are traveling. One does not need to carry a large amount of cash in their wallet if they are driving across town. If I am traveling a reasonable distance, I make it a point to always carry enough cash that can pay for my trip back home in case of an emergency. The last thing a traveler needs is to pull up to a gas station a hundred miles away from home only to have their credit or debit card rejected at the pump.

The amount of cash in your wallet should also depend on the type of activity you will be participating in during your travels. Most of us can estimate how much a restaurant check will be before we sit down to order the meal, just as we can estimate how much gas we will need to get to our destination. Before going on a trip out of state or going downtown to enjoy the nightlife, always calculate how much money you will need before you leave the house. This will allow you to carry the minimum amount of cash necessary in your wallet.

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