Monday, June 16, 2008

3x5 Finances

Most mornings I manage to real Personal Finance (f/k/a Personal Journal) in the Wall Street Journal. At the end of last week I saw an article about keeping track of your spending on a 3x5 index card. Husband and I decided to give it a whirl to pinpoint where all our money goes every month. I think Quicken is too tough to keep track of all your receipts. I had a few friends in college who used Quicken and they'd write down when they bought a soda from the street vendor. This way we carry around our records - sort of like a food journal I always meant to do.

I have an idea where most of our money goes - restaurants/take out and "stuff". We've seen an uptick in "stuff" lately with the purchase of a home last August (few pieces of furniture, kitchen and bathroom remodel and planned landscaping and central A/C), not to mention the stuff we've bought for the babies!

I'll be taking some unpaid leave and we'll have nanny and other expenses (baby nurse) so this is a good way to try to determine where we can cut back so we can also try to save money even as our expenses grow (staying at Big Firm would help too if I can manage that). Of course I know we'll be eating out much less frequently with the babies at home!

Speaking of earning money, Mommy, Esq. will be very busy at work this week so it might be a couple of days until I can post again. I am a "blog addict" at this point so if I see something interesting or just need to rant you'll be hearing from me.


T. said...

I saw that article too and thought it was a good idea. We are going to try it too!

H said...

I need more info about this, because I fear I am in trouble. Let's just say I do most of my spending during the summer, when as Natalie will tell you, I do way too much shopping. I've told myself I can have two dinners, two lunches, and two something elses out a week this summer- otherwise it's a lot of tuna out of the can.