Spring's a good time for wallet maintenance

Now that taxes are out of the way, our thoughts can turn to another moderately disagreeable activity - spring cleaning. And like our closets, our wallets, too, may be in need of a good purge. While we can only guess at the contents of personal finance expert Suze Orman's billfold, we can follow some basic guidelines for wallet management, which include emptying all items and then assessing each one as to how it serves - or doesn't serve - our financial goals.

CREDIT CARD: On average, people carry six, says Clarky Davis, a debt management expert in Raleigh, N.C., known as the Debt Diva. She would like to see those trying to rein in debt whittle that down to zero. But Carolyn McCormack, director of education at SafeGuard Credit Counseling Services Inc. in Hauppauge, gives a little wiggle room. Unless you are compulsively impulsive, you can carry one or two, she says, but primarily for emergencies. Just keep them out of sight, tucked back into some hard-to-reach place, she advises.

DEBIT CARD: Davis refers to this as "powerful plastic," allowing you to get cash and steer clear of credit. Still, to avoid overdraft fees, be aware of how close you're coming to a zero balance. One thought: Keep a Post-it note on your card, noting the amount of your purchases each time you swipe. (Speaking of cash, at the very least, keep an emergency $20 tucked away.)

SAFEGUARDS:Unless you have a good reason, don't carry anything with personal information, such as your Social Security number or passwords, McCormack says. To help you quickly spring into action in the event of loss or theft, keep photocopies of all cards, front and back, safe at home.