The Amateur Financier

Alright, time for yet another edition of Mixed Bag Monday, where I attempt to provide brief answers to pertinent personal finance questions.  Last week, I covered some of the worst financial calamities that could befall someone; I certainly hope that nobody reading this ever has to put those tips into use, but it’s better to know what to do than be caught unprepared.  This, we’re still going to be talking about bad things that can happen to you, but we’re turning to the world of lost credit cards and wallets.  (For damaged money, an equally troubling situation, there are other things you’ll need to do.)

First, though, a quick explanation about why I’m doing a second downer of a subject after last week; it’s not, as you might be thinking, because I’m a pessimistic person who always thinks about the downside of everything (although, I do have my moments).  No, it’s a bit simpler: this weekend, I managed to lose my wallet.  Given that my wallet has cash, my credit cards, my ID cards, and more receipts, membership cards, and other important items than I can even keep track of, I was in a bad place when I realized it was gone, and spent quite a few hours this weekend searching for it.  Luckily, I managed to find  it, in a box where I had some things away while trying to clean up the house (the moral of the story being: never clean your house).  But, it got me thinking, how can you prepare for and handle losing your wallet or purse?  Well, let’s see:

Q: How Should I Prepare In Case I Lose My Wallet, Purse, or Other Container for All My Money Stuff?

A: There are a few things you can do to minimize the trouble you’ll have if you ever lose your purse or wallet.  Make sure you know your credit and bank account numbers; write the information somewhere safe (or have photocopies of your cards available) for reference.  Make sure you know how to contact your financial institutions without relying on your cards.  Try not to carry all your important information in one place; if you only carry what you need for a given day, you’ll decrease what you will need to do if your wallet or purse goes missing.

Q: What Should I Do If My Wallet Or Purse Does Go Missing?

A: Firstly, search, search, search!  Try to remember when you last had your wallet and retrace your steps since then.  You could try calling anywhere you went during the day, to see if anyone turned in your wallet (there are some nice people left in the world, after all).  Try to look everywhere that your wallet or purse could have ended up, preferably multiple times (sometimes you miss something on your first time through).  If you can’t find it after a reasonable search, your next step should be to call the police and your financial institutions.

Q: Who Should I Call and What Should I Tell Them?

A: With the police, you’re going to want to let them know that your wallet had gone missing.  Ask if anyone has turned in your wallet (again, good people exist), and if not, report it as stolen.  Then, start to call your financial institutions, tell them your wallet was stolen, and ask them to cancel your cards.  If they reissue new cards to you, that would be good too.  You’ll also need to visit the appropriate government agencies to get new copies of all your important paperwork, like your driver’s license.  Lastly, call the credit bureaus and tell them what happened.

Q: What Do I Do Then?

A: Well, if you did everything listed above, there’s not too much more you can do.  Be sure to keep track of your credit card and bank accounts, to be sure there aren’t any unexplained spending surges or withdrawals, and report any that occur as soon as possible.  Check your credit reports in a month or two, as well, and let the credit bureaus know about anything on there that you didn’t do.  You’ll have to keep close watch for a while (which you should do, anyway), but with some luck, you shouldn’t run into too many issues.

Q: What Do I Do If I Find My Lost Wallet?

A: If you find it in a public place, you are probably best off treating it like it WAS stolen and following the steps for a stolen wallet.  It’s better to be safe than sorry.  If you find it at home, you should be sure to call the police and tell them what happened.  The same for your financial institutions; depending on their policies, they may insist on sending you new cards anyway.  (Don’t let the possibility of finding your wallet somewhere safe keep you from calling the police or your financial institutions, though; better safe than sorry.)

There you have it, advice on handling a lost wallet from someone who spent the weekend dealing with just that problem.  As always, if there are any questions you’d like for me to answer, please leave a comment or drop me an email letting me know.