With identity theft on the rise, here is a quick tip to help if your wallet or purse is ever lost or stolen. It only takes a minute, but can potentially save you hours of frustration and heartache. Here it is:

Place the contents of your wallet or purse on a photocopy machine and make a copy of both sides of each license, credit card, ATM debit card, etc. Keep the photocopies in a safe place -- maybe even away from your residence such as a bank lock box.

If lost or stolen, you will know what you had in your wallet or purse. More importantly, you'll have all of the account numbers and phone numbers to call to report the incident or to cancel the accounts.