Some say get a money belt (but I think that is to obvious), stash it in your backpack, seperate all your money into different compartments, or shove it in your bra (for the fellow women backpackers haha). Anything to avoid money from being stolen!
Well, certainly split it up so that evening a thief gets some, you aren't left stranded. I use money belts sometimes, very thin ones, and only keep minimal cash in my wallet and put the rest in the belt along with half the cards.
Then I put some reserve cash and another card in a deep pocket inside my pack (emergency funds).
Oh, and my wife does the same. She actually wears two money belts: one on the inside and one on the outside ... This works great as a decoy! We were in Paris some years ago when a gang tried to pickpocket her and all they got were some snotty tissues from out children!
;-) about 5 years ago