New Job=New Life=New Budget

My decision to leave finance for journalism has made me reevaluate my life priorities and goals. But now that I am off "the track" (prep school, Ivy League college, investment banking job), I have also been forced to review my spending habits. While recognizing that I needed to keep better track of my finances, I cringed at the thought of saving receipts and creating ugly, cumbersome Excel spreadsheets. But at the suggestion of one of my co-workers I decided to try Mint.com, free online software that tracks your money for you. Mint couldn't be easier-- you simply log into your bank accounts and credit cards through the site, and the application downloads and categorizes your latest transactions. Before Mint, I knew that I was using roughly half of my salary per month post-rent, but didn't know what I was spending it on. Now thanks to Mint, I have a detailed pie-chart breakdown of my monthly finances and can track which areas I should cut back on. I've come up with a list of ideas to decrease my spending by $400-$500 per month:

1) Eat cheap/BYOB: I only dine out about once a week--so how am I spending 20% of my income on "restaurants?" Easy. Big group dinners=lots of wine=hefty bills. I've decided to scrap $60 plates at the Spotted Pig and Union Square Cafe for inexpensive eateries (think tapas and dimsum). New York magazine has posted this helpful list of affordable BYOB restaurants (complete with a list of nearby liquor stores) that I intend on taking advantage of.

2) Lunch with Leftovers: Spending $10/day on lunches really adds up--but the last time I tried to pack turkey and cheese three days a week to work I ended up bored and uninspired. I've decided to give the brown paper bag lunch another go, but focus on bringing dinner leftovers instead, and mixing up my sandwich selection with pasta salads, wraps and quesadillas. I got several creative ideas here.

3) Learn to Say No!: My friends know that I am always up for anything, anytime, from movies, to concerts, to charity events. But while I've certainly had a lot of fun, this care-free attitude has drained my savings. I've decided to reduce my "entertainment" budget by cutting back on $12 trips to Kips Bay Theatre and shows at the Fillmore for less expensive options--$5 comedy at Upright Citizens Brigade, museum exhibits and--when it's nice outside--walking tours through unexplored New York neighborhoods.

I'll post updates on my (in)ability to stick to my budget!