Experts advise on safeguarding identity and funds after losing a wallet.

• It is advised to inform your bank about the loss or theft of your cards so that they can be canceled and replacement cards can be sent to you via mail.
• Having an extra card and cash at home can be useful if you misplace your wallet.
• Immediately freezing your credit can prevent someone from opening a line of credit under your name if they have obtained your identifying documents.

Last week, while preparing to leave work and head home, I observed something that caused my stomach to feel uneasy.

The space in my backpack normally occupied by my wallet was empty.

I searched every inch of my bag and even looked under my desk, but I couldn't find the small pouch that contained my driver's license, credit and debit cards, and New York City MetroCard. I checked with security, but no one had turned it in.

After exhaustive searching, I eventually conceded defeat and contacted the bank to secure my cards.

I spend my days on the personal finance desk at CNBC, speaking with experts to inform my stories. After losing my wallet, I sought advice from sources on how to safeguard my money and identity.

They confirmed some of the actions I had already taken and suggested additional security measures I hadn't thought of.

'Everyone should freeze their credit'

Each financial planner I spoke with recommended that I freeze my credit, but I didn't do it immediately.

According to Ivory Johnson, a certified financial planner and founder of Delancey Wealth Management in Washington, DC, freezing your credit can prevent someone from opening a line of credit in your name.

"Johnson, a member of CNBC's Financial Advisor Council, advised everyone to freeze their credit unless they plan to use it. He emphasized that it's easy to unfreeze it with just a click of a mouse."

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To minimize the risk of ID theft, experts advise against losing your wallet, especially if it contains your Social Security card.

To place a security freeze on your credit, you need to contact the three major credit reporting agencies: Equifax, Experian, and TransUnion. This can be done easily through each agency's website by creating a free account and clicking on the button to freeze your credit.

Replacing cards and ID

I submitted a lost and found report to the Metropolitan Transportation Authority, hoping that a kind stranger had found my wallet in the subway and turned it in.

I created a list of all the items in my wallet, which was the simple part.

To avoid being liable for any unauthorized charges, I had to contact each card issuer and report my wallet as lost before someone else could use it.

Although my current location is New York City, where I am pursuing graduate studies and interning at CNBC, my permanent residence is in North Carolina.

Changing my mailing address to receive a replacement driver's license proved challenging. After contacting the DMV, I was directed to the state transportation department, but a week later, I am still without a license.

Although the North Carolina DMV emailed me a temporary driving certificate, it lacks photo identification. A DMV representative informed me over the phone that the third-party contractor responsible for printing their IDs is facing delays, and it may take up to 30 days to obtain a replacement. In the interim, I have been utilizing my passport for identification, but I feel uneasy about carrying it around the city.

I was able to cancel my cards and order replacements through the apps for both Visa and Mastercard, but I found myself with limited options during the waiting period.

I was fortunate to have a virtual credit card on my phone that I used to purchase a laptop with interest-free installments last year. Although I had not used the card for anything else, it proved useful for paying for the subway and dinner later that evening.

I received a virtual debit card from Bank of America shortly after requesting a replacement, which I added to my Apple wallet and began using immediately. My new physical cards arrived approximately five days after my request.

While online banking is popular, physically visiting a bank to obtain cash is still a possibility, according to Lee Baker, a certified financial planner and the owner and president of Atlanta-based Apex Financial.

You can enter a bank and withdraw X amount of dollars as long as you have an ID, which they will require, said Baker, a member of CNBC's Financial Advisor Council.

Other tips and tricks to manage a lost wallet

Johnson and Baker emphasized the importance of safeguarding your identity and finances.

• Keep cash and a credit card or two hidden securely at home for emergency use.
• Experts suggest that using a credit card instead of a debit card for purchases carries higher stakes for fraud, as it is the credit issuer's funds at risk rather than your own money.
• If you have lost or stolen your wallet, it's crucial to file a police report, especially if it will affect scheduled payments and you require proof for a landlord or utility company. Additionally, this step is necessary to prevent someone from using your driver's license to impersonate you.
• Keep copies of important documents and cards with a trusted person for safekeeping in case the originals are lost.
• Update any auto-pay accounts or subscriptions with new card information if you received a replacement card.
• Make sure to update your passwords and enable multi-factor authentication on your credit card and bank accounts.