What's the Right Amount of Cards and Cash for Your Wallet? | WSJ Your Money Briefing

Although people are doing more financial transactions on their phones, experts say they still have too many items in their wallet, which could expose them to a greater risk of identity theft.

WSJ’s Oyin Adedoyin joins host J.R. Whalen with more.

0:00 As wallets get thinner, most of us are storing too much in them
0:48 How many credit cards is too many for your wallet?
1:22 What to keep in your phone vs. your wallet
2:21 How much cash financial experts recommend carrying
3:50 What to be mindful of in terms of items in your wallet

Your Money Briefing
WSJ's personal-finance podcast features the news that affects your money and what you do with it, breaking down complicated money questions from spending and saving to investing and taxes.

#Wallet #Cash #WSJ

[tylerknight]

Last week I went into the bank and exchanged a $20 bill for 20 $1 golden coins for free. I carry it around in a velvet pouch on a silver chain like shakespearean times. However, I must report it doesn't feel painful to pay for things with huge golden coins, its feels badass. The bigger problem is that you feel the urge to spend it on something badass enough. Either way, it definitely makes you way more thoughtful about your spending.

[Jason-sedh]

Mine is always empty so no problem with that

[Hathur]

I keep maybe $40 cash on me at any given time, but a couple hundred at home tucked away. Had the internet go out for 2 days in my city (actually almost half the country) and you could not buy anything with debit or credit cards. If a disaster hits and you lose power / internet, you lose the ability to pay for goods unless you have cash. I had no groceries at all the day our city lost internet. but thankfully had some hard cash tucked away at home which I used to get groceries whereas I would've had to go about 2 days without food had I not.

You likely won't need hard cash often... but you should definitely keep some around.

[kylepatton]

One $100 bill, two $20 bills, one $10 bill, two $5 bills and 5 $1 bills is the perfect amount of cash to carry at all times. You have enough to cover yourself in a mini emergency. You can get gas, take a cab, get something from a taco truck, get a hotel, help out a homeless person, take a bus or a train, grab a beer, have enough money on your books if you end up in jail. I've been through a lot of bs in my life and having this mini emergency fund on you incase you lose your phone or get stranded somewhere is great. I also keep my money on me in different places in case I'm robbed or attacked. Different pockets, some in my wallet, some in my sock etc

[docsays]

Disagree with some of this. No apple pay or any of the banking apps on my phone in case of phone theft.
Also my wallet contains no cash, only credit cards (4 ) & 1 debit card linked to a secondary bank account, not my primary checking.

[spencerl-yfbg]

I keep 4 cards for rewards on different categories (grocery, gas, dining, and other). No need for a debit card or cash.

[Kevin]

1:03

Carry 3 credit cards, and one of those should be a debit card.
A debit card is NOT a credit card. You might have well said carry 3 apples, and one of them should be a banana.
Get your facts straight before you report on it SMH.

[CrimsonAlchemist]

As an Asian from Myanmar who studied in Boston University for 4 years. I always carrier cash and i had a minimum of 200$ and sometimes 100$ notes because that's what I bring from Myanmar. But everytime i open my wallet its a shocker to most Americans, even store clerks at LV, Gucci or Hermes. I had a bunch of debit carda & credit cards inside as well, but jn Myanmar cash is common, i carried that to USA

[skullandbones]

I carry about a couple grand in cash in my wallet no debt or credit cards pay for everything with cash and keep a coin purse that can hold about 20 dollars in coins. When my coin purse gets full I change those coins into cash by using coin star at my local grocery store.

[BoRerunn]

I carry average of $40 and a nation wide bank card. Also, a cash back credit card for emergencys

[adrshs]

In India we have UPI on all shops so don't need money and now recently I bought my new phone which has NFC and I added my credit cards and now I don't take my wallet at all

[SorminaESar]

I've no credits cards but debits cards and cash. The amount of cash depend the necessary of a day, maybe much or enough

[clippers]

Pay with cash.. I’m going to go back to that for a while - just for curiosity

[sexygeek]

I live in Las Vegas, so add a dozen slot club cards.

[xmfhx]

Three credit cards and one of them a debit card?? So two credit cards then??

[simplelife]

1:07 "Three credit cards maximum and one of them should be a debit card."

----Your financial expert just lost all credibility if she thinks debit card is a type of credit card.

[johniii]

I haven't carried cash in years now.

[___beyondhorizon]

E only time I prepared cash in my travel pouch is when I travel. I like street food, so cash to exchange foreign currency 💵 is necessary. Sure I can use credit card at restaurant, but I save money by trying street food, supporting the local vendors. My wrist band with zipper is the best way to hide cash+ credit card. It's safe to sleep on the train/bus.

[adiposerex]

What helps me is I pay for everything including utility bills with my card. There is no room for impulse shopping at all.

[kristensorensen]

This is sorry advice! Having a debit card opens your bank account to drainage. How much cash is a totally personal choice. Average of $67 is laughable. Why no photos in the wallet? Oh you just presuppose everyone uses a smart phone! Wrong!