Categorized | Get Rich

A Balanced Life

What is it about balancing a checkbook that scares Poor Little Rich Girls? Maybe its because we hear about it so often, as if everyone is doing it but us (Cue your mother tisk-tisking you for borrowing money again- “Haven’t you been balancing your checkbook?”).

Or maybe deep down we just don’t want to come to terms with our spending habits. Much like keeping a food diary of everything you eat each day forces you to think about all the crap you eat, balancing a checkbook forces you to think about all the crap you buy. And let’s face it- we buy a lot of crap.

But, according to a study published in the American Journal of Preventative Medicine, of those trying to lose weight, people who kept a food diary lost twice as much as those who didn’t. So, in theory, you would buy twice as less crap if you kept track of your spending habits. Or something like that. The metaphor doesn’t completely translate, but you get the picture.

So, we decided to try this “balancing a checkbook” business and in the process found a totally pain free (and actually fun) way to manage our finances online for free. At Mint.com we got a handle on our purchases by categorizing transactions from our checking account and credit cards to find out where we might be wasting money. Mint.com turns that information into pie charts and bar graphs showing what percentage we spend on “Spa & Massage” each month or how much we spend on “Restaurants” compared to other Chicagoans. We even added our 401K and other investment accounts to get a full picture of our total net worth (not much, by the way).

Mint.com will also send alerts to your e-mail or cell phone when you are charged with bank fees, near a low balance, etc. They even show you ways to save by finding lower interest rate credit cards or higher interest savings accounts. And relax, Mint.com is a read only service, meaning none of the information you provide them can be used to actually “do” anything with your accounts (i.e., transfer money into on offshore account).

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5 Comments For This Post

  1. Robin Says:

    I just created an account on mint.com and I feel like I’ve been missing out until now! It was really easy and can access all of my accounts for me!

  2. Brook S. Says:

    I know, I love this site! It is dusgusting how much money I spend on eating out lately and a little scarey to see how much money I really waste.

  3. Jill Says:

    I use Mint too! I’ve been using it for a few months now, the email reminders show a snap shot of your balance and what your spending the most on. It’s great.

  4. Nikki Says:

    I am so impressed by this website and so happy you introduced me to it! It’s crazy how much I’m spending…makes me feel like I need a new job! Either way, I need to cut back, and that’s important to see!

  5. Jen Says:

    Mint is a fantastic resource - even better - they’ve added tracking for auto loans, mortgages and student loans. It’s a one stop shop for my entire budget!

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Hot This Week: March 8-14, 2010

It’s here! Spring Fashion Preview Week at Le Dress. Chicago’s dress-only destination treats shoppers to 15% off all spring frocks this week only.
This Friday, be sure to stop by Beta Boutiqes store closing sale in Bucktown for ultra-cheap deals.
Check out the avante-garde photography of Greg Allen at The Neo-Futurarium this Saturday. ‘I Am A Camera’ aims to make statements about identity and vulnerability through photography. It’s deep!
Say goodbye to grocery bread that lasts for monthes and hello to the real thing. The Chopping Block will host a bread-making class this Sunday. Be sure to RSVP to ensure you’ll be enjoying home-made focaccia Sunday night!

Hot This Month: March, 2010

To celebrate their 12th anniversary, 312 Chicago will be offering 12 days of select entrees, boxes of pasties and bottles of wine for $12 March 9th-20th.
Thursday, March 11 thru Sunday, March 14, enjoy “The Big Ten Burger” and a draft for just $10 at The Hunt Club. Enjoy while watching the Big Ten tournament men’s basketball games.
Faith & Whiskey will host its first annual Whiskey Week from Wednesday, March 17 through Sunday, March 21st. Specials include $6 40s, $1 domestic bottles, and free pizza.
Celebrate St. Joseph’s Day with a complimentary Italian pastry at Osteria Via Stato Friday, March 19.
Come to the best shopping party for all things antique, vintage, collectible, decorative, wearable & loveable at Spring Fling! Chicagoland’s premiere indoor shopping center March 20th-21st.
Celebrate Ladies Night March 22nd at Melting Pot on Dearborn. $37 includes a three-course fondue dinner, manicures, and massages.
Participate in the ultimate vino showdown’s this month at Frasca. On Tuesday, March 23rd Frasca will feature eight wines from France and Italy. Tastings are just $30.
Don’t miss wine tastings every last Wednesday (March 31st) of the month at Quartino.$20 includes four vintage wines, pizza, Italian cheese, roasted peppers, polenta fries, and appetizers.
Every Friday from 5pm-2am through the month of March, Nacional 27 will be serving a complimentary ceviche platter.
Every Wednesday through the month of March, Smoke Daddy invites you to their belt-busting, all you-you-can-eat ribs special. Join the extravaganza for just $22.95.
Savor the exciting new flavors of spring with Sabor Saveur’s new prix fixe menu for March. $40 buys you a soup, salad, appetizer, choice of entree and dessert.
Take advantage of ½ priced wine every Wednesday this month at RB Grille .
This March, enjoy late night ½ priced pizzas at Pizzeria Via Stato every Monday thru Friday from 9:30-11pm.
Sample Goose Island’s new Green Line Pale Ale which benefits the Green Line Project, which aims to raise awareness of crafted beers.
Save up to 50% off designer gem’s at Gold Coast staple Samantha through the month of March.
Don’t miss the final month to check out the Field Museum’s breathtaking exhibit, the Nature of Diamonds. After all, diamonds are a girls best friend!
Got a little tension that needs a punch? Check out Chicago Golden Gloves, amateur boxing matches for both men and women.
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