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How a Fat Wallet Makes You Spend More

Aug 05, 2011

And don't forget, of course, about all the other things that have always been in our wallets and purses and seem destined to remain there: namely, the driver's license, the insurance card, the library card, the office ID, fare cards for subways and buses, even the bail bond card (a "get out of jail free" card, so to speak) that AAA still supplies to millions of its members -- just in case they have a run-in with Johnny Law. Somehow, that all has to fit in with the saved business cards, fortune-cookie fortunes and other keepsakes that work their way into the leather crevices and never seem to come out. The situation has reached such a point of absurdity that even Charles Moran, chair of the Certified Financial Planner Board of Standards (yes, the very folks who advise consumers on how to handle their money, among other things), carries a near-bursting wallet that includes such "necessities" as an out-of-date EKG report: "I could get by with half the stuff I carry in my wallet," he admits.

So what should Americans do if they can't exactly go without their billfolds? One straightforward answer, say personal-finance experts, is to cut one's wallet weight in half. Read more >

SmartMoney
Charles Passy
August 5, 2011

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