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).