My handbag has quite a lot of stuff in it, which would serve for an emergency overnight bag. However, I don't often take the whole kit and kaboodle.
If I'm just popping out locally I have my purse in one pocket, tissues in another, hand cream in another, and phone down my bra. Hand cream is decanted into a small flat tin. Single house key in the coin compartment of my purse. Purse is reduced to cash, credit and debit card and, if I'm going to the doctor's, health insurance card.
Loyalty cards are all on my phone now, anything else can be seen to when I get back home.