I realize I may lose some of my fashion credibility right now, but sometimes I think I might want a fanny pack. Hear me out: I get tired of lugging around heavy purses (cute purses, sure, but still heavy), and very jealous of M. when we go out and around the city on weekend afternoons, and I still have to carry a bag for my basic crap and he is rocking the man-pant pockets and is totally hands-free.
Of course, when I say "fanny pack," I actually mean Hable Construction's adorable gardening belt, which I have coveted for a long long time for this exact purpose. (Especially because I do not own anything close to a garden, unless you count four small houseplants in various stages of dying.) I have not actually seen this belt in person to know if it can appropriately hold a few credit cards, my phone and some keys, but I think you could definitely pair it with some cute knee-length shorts and a little white blouse and go for a walk, without suffering any fanny pack-related embarrassment and completely free from the shackles of handbags.
Of course, you run the risk of people quietly thinking you're wearing a fanny pack. But I really don't think anyone is going to confuse this with the sweaty tourist with an overstuffed leather pouch strapped under his gut.