As we start a new year and a new decade, lots of people are looking for smart financial tips, especially those that relate to ways to avoid identity theft and credit card theft. But while much of the expert advice out there is complex and sophisticated, some of the most important steps you can take to protect yourself are also the easiest and simplest of all.

Each year, for example, you should empty out your wallet and study everything in it. If it does not belong there, get rid of it so that your wallet is not so crowded and overstuffed. The way to determine whether or not it belongs there is to ask yourself whether you need it in an emergency – like the contact numbers of relatives, attorneys, or insurance companies – and if you use it regularly. If you have a credit card in your wallet that you have not used for a year, for instance, consider removing it. Of course there are items like family photos that you may want to carry anyway, but you should give some thought to the other kinds of documents and cards you carry. Lighten the load as appropriate, and then once you are pared down to the basic essentials, make a detailed list. Write down everything that you plan to carry in your wallet in 2010, including valuable information like customer service toll-free phone numbers, account numbers, and the exact name on each credit card.

Once you have that list or inventory, you can make a legible copy of it and put it into a safe place like your safe deposit box at the bank. If your wallet happens to get stolen or misplaced during the year, you’ll have a complete list of everything in it to use as a reference. Just call your card companies and cancel any missing cards and you can put your mind at ease. Otherwise those who lose a wallet without that kind of list can drive themselves crazy trying to recall what was in it – while valuable time is lost and those who specialize in identity theft and credit card theft have more opportunities to exploit your misfortune.

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Tags: Financial Tips, Tips