Another cool idea a long these lines is starting my son's college/retirement savings fund and tracking his net worth, this is done on a couple other blogs I've run across and is a pretty cool idea. Check out Financial Baby Steps . The only problem with this is that well Jack isn't worth a whole lot at this point in time $242.14 and all of his money is sitting in a boring savings account getting 3.5% interest so he's increasing his net worth at about 71 cents a month. Oh yeah he does also have 2 $50 savings bonds that he received at birth. So there wouldn't be much to update on and I don't plan on contributing a whole lot to his net worth anytime soon as the cash flow meter in the Coenen's household is not exactly off the charts and most of the extra money that comes in will be going to my retirement instead of Jack's college/retirement (sorry Jack - but more on that later).
One thing that I've found is when you make the saving a focus of a journal like this (in my 4 months of experience), you spend more time focusing on ways to increase savings than if you didn't do anything at all. While I haven't spend as much time as I wanted to over the last couple of weeks, I'm so much better off than if I hadn't started at all. My vote is for following Jack, bu then I may be a bit biased there ;)