Mine fits my money, id/credit cards and my cell phone nicely. You know the important essentials.
I use mine as an "unofficial wallet," if I'm going away over night or for the weekend or short stay somewhere. Then I can use it when I go out and not have to carry another purse with my valuables.
Sometimes when I use an open bag, without a flap or zipper, I use it and wrap the strap around the handbag strap, and tuck the wristlet inside of the bag, to hopefully discourage pickpocketers. I live in NYC.