Thanks for all the help. I'm not overly worried, but I'd rather plan now than regret later. :-)

My goal is to spread my money around but have more on me if some gets lost/taken. I don't plan to carry it all at anytime though unless the hotel ends up looking shadier than I expect, which I very highly doubt. (and if that was the case I'd just move hotels anyway)

As for the passport, I did plan to carry that in the most secure device. It seemed the best form of i.d. to have and I've never had problems in any other country. I will definitely be relying on my credit card, so I need to have i.d. they will take. I would hate to need it and not have it. (Ie-shopping or sitting in a restaurant trying to use my cc)

On the flip side, you all are right--losing a passport would be a huge pain and not worth the hassle. I think I'll carry a copy of it and my driver's license. Thanks for that tip.

My mom got me a TravelSmith button down, short-sleeve shirt last Christmas. I wasn't too keen on wearing it in the first place as it made me look like Rick Steves but I did wear it on the plane, coming and going, this last trip to Madrid. It was QUITE NICE and very very soft and comfortable. It's made of blended materials, wrinkle-resistant, and soft soft soft. But the best part is that it has two chest button-down pockets. The left pocket is standard but the right pocket has the regular pocket BUT at the top of that pocket is a zipper which reveals a DEEEEP inner pocket, about 50% deeper/longer than the outer pocket. This pocket was deep enough to hold my passport and also my plane tickets in their envelope so it's deep.

I REALLY liked this shirt and had the security of having my valuable stuff next to my body and NOT accessible to any prying hands outside should I not be aware.

This kind of a shirt might be a MUCH better option than a money belt.

Saludos, MadridMan

I find it best to change all of my money into cañas as fast as possible on arrival in Madrid, this way defeating thieves!

Seriously though, as long as you are sensible with wallets etc you won't have a problem. I've never used a money belt or anything like that. I just have my wallet nice and tight in a front pocket where I can feel it all the time. Just don't do anything silly like putting stuff in backpack pockets which you'll never notice being invaded.

I guess it's all about what makes you feel comfortable. If 50 dollars worth of stuff is for peace of mind for yourself then maybe it is worth it.

I used to think that the "front pocket ploy" was a good idea. . . until a pair of thieves got my wallet on the Metro. I use a pouch-like money belt now. By the way your passport could end up getting ruined, especially in the summer, by sweat (or do you just "perspire?"), so either put it into a small plastic bag, or purchase one of the plastic passport protectors at a tabacco shop. They work great, and are less bulky than leather covers. My first passport had to be replaced when it got soaked in the summer!

Back up credit and debit cards are a good idea too. Enjoy your stay, and, "¡Bienvenidos á Madrid!"