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Fools aren’t known for their wallet management skills. To them a wallet is a place to store their six credit cards, last week’s paycheck (still to be deposited), lotto tickets they can’t remember buying and their wedding ring (something to do with a strip club).

A fool could learn a thing or two about how a wallet should be used. Done right, it can prevent fools from making foolish follies, especially considering the wallet is, for all effective purposes, their source of money and the first thing they reach for when at the strip club. Okay, the second thing. Go ahead, give this a shot:

• One credit card - uno. A low-interest card, to be used only when there is enough money in the checking account to pay it off immediately (like as soon as you get home). Kick in points for every purchase and you’re laughing.
• Cash - pure greenbacks. Not more than $20 at any one time, but enough for those pesky stores in Chinatown that charge for every credit card transaction.
• One ID - driver’s license is fine, but leave the social security card at home (in a safe place).
• Phone card to make long-distance calls. You’re no fool. You know the gazillion local minutes the phone company gives you each month can’t be used to call your new online girlfriend in Kansas.
• Reward card(s) - only the ones you’d use on a regular basis (e.g. grocery store discount/point card, gas card, etc. Not too many though, unless you want other fools staring at your behind. To prevent this, consider Points.com that lets you convert points from one reward program to another.
• Local transit ticket - at least one to get you home in case of an emergency.
• Receipts - for recent big-ticket purchases (or purchases from shady stores). When you get home, check your credit card transactions to confirm the amounts on the receipt and the computer match. Once confirmed, process receipts accordingly.

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