Slimming Down

Cash is being used on fewer transactions, and payment-by-phone is increasing. The ineluctable result: the wallet is shrinking, and doughty individuals are leaving home without it altogether.

Given these trends, here's what the experts say you should carry in your wallet:

Cash: $30. Chelsea Ransom-Cooper, director of financial planning at Zenith Wealth Partners...recommends $30 just to cover small transactions, like buying from a food cart.

Credit cards: 2-3. The average American has about four credit cards, but financial advisers say you should leave home with no more than two or three. Having one or two credit cards and a debit card may be ideal.

My thicker wallet undoubtedly reflects personal insecurities. I carry at least $100, 1 debit and 3 credit cards, a driver's license, a gym membership, a health insurance card, and an auto club card. The latter two hardly ever see the light of day.

But hey, I'm getting better. I ditched the COVID vaccination card about a year ago.