My purse is about 8" tall and has a strap long enough to go over my head. I like my hands free.
I used to use huge purses, but started having back trouble. A doctor once weighed my purse to make a point about that.
I do have lots of just-in-case items in my desk at work though. In my previous incarnation, those items would have been in my briefcase. And coupons and bank slips are in the car.
Contents of my purse:
wallet with $119.83 (more cash than I usually carry, but just came back from a trip), driver's license, auto insurance card, 2 health insurance cards, a couple of credit cards, ATM card, library card, YMCA card, emergency numbers, a check I need to deposit
house/car keys
spare car key (ever since I read soz's nightmare story about being locked out)
asthma inhaler (rarely used anymore)
lip gloss
coverstick
facial blotters
Listerine pocket pack
Carefree Koolerz sugar free Lemonade gum (it's the best!)
prescriptions from the doctor yesterday
pencil
nail clippers
list of the next 20 three letter words for the Add-a-Letter game