07/23/2012 08:35 am ET Updated Oct 11, 2012

Louis Vuitton, Urban Outfitters And More Wallets That Could Double As Purses (PHOTOS)

The rise of the clutch over the past few years has been well-documented. The tiny handbags are a mainstay on the red carpet, but now it's moving to daylight hours -- Diane Kruger was just spotted carrying a studded beauty that had us drooling.

As purses get more and more compact, and we need less and less junk because it's all in our iPhones, why even carry a bag? Why not just carry a fabulous wallet? No need for the slouchy hobo that is big enough to warrant its own seat in the car or on the subway -- instead, save some cash and invest in a stunning wallet that fits the bare essentials. Bonus: It's the ultimate day-to-night piece, and you can say sayonara to rummaging around thanks to all those tidy compartments.

Here, seven wallets that will have you tossing your tote into storage.

For more on budgeting your money, click here.

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