Even those of us making concerted efforts at improving our finances – by sticking to a budget, regularly checking our credit reports and working to pay down debt – might be hit by the disaster of a lost or stolen wallet. But, as a recent Bargaineering post reminds us, a missing wallet doesn’t have to be a total crisis.

Here’s a look at what you can to do prepare for and cope with being separated from your wallet.

To Do Now: Prepare Your Wallet

If you still have your wallet on you, now is the time to take preventative steps to make sure you can handle an incident that includes losing track of it.

• Pare it down: Remove any items from your wallet that you don’t use every day. This means receipts, your Social Security card, gift cards, etc. This has a double payoff: First, it lightens your wallet, which can make it easier to keep track of. Second, it means if you wallet does go missing, you’ll have fewer items to replace. Losing a gift card is the same as losing cash, so if you don’t plan on using it, keep it at home.
• Keep a spare debit or credit card: If your wallet is gone for good, you’ll have to cancel the debit and credit cards you had in there, so make sure you have an alternate debit or credit card available for emergencies. Keep it out of your wallet so you don’t end up trapped without access to your money.
• Have a system for special occasions: If you enjoy going out with friends (especially if drinking will be involved), get a small purse or backup wallet you can fill with only essentials: driver’s license and cash. Some people prefer to bring a card, but cash can limit both your nightly spending and your losses from a thief. Now, one night’s carelessness doesn’t have to be a disaster the next day.
• Make a record: Whether you choose to photograph everything in your wallet, or make lists of all your pertinent documents (with numbers) and store it in a safe place, it’s important to know what you have before you lose it. This will make your recovery efforts clear-cut and efficient.

Dealing with a Missing Wallet

So your wallet’s gone. If you’ve taken the steps above, you’re in (relatively) good shape. But there are still some things you need to do to make sure your finances don’t take a hit. If you don’t have proper protections big charges could lead to credit score problems or even, in rare cases, bankruptcy.

• Check your list: If you don’t have documentation of the important things in your wallet, brainstorm a list as soon as possible. Consider checking a recent bank statement to jog your memory, if necessary.
• Make some calls: Go through your list and call all banks and credit card issuers to inform them of your missing wallet. In this case, it’s better to be safe than sorry. Cancel any working cards to ensure you’re save from fraudulent charges. While many cards have built-in protection, if you keep them off you won’t have to fight for your credit later.
• Replace your license: It’s important to get a new government-issued ID, so call your state’s DMV to alert them of your missing license, and go to get a replacement.

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