If you are using AutoCAD LT 2005, check to see if it has the fields feature or not. If it does look into object fields. This feature allows for area calculations based on enclosed shapes (ie. plines, circle etc...). You just pick the shape to associate the field too and vola you have the area of the shape. If you change the shapes dimension, it will automatically update accordingly.
The only bad thing is the metric areas. It does quite allow for decimal place changes when drawing in millimeters.