I was THRILLED when I learned this trick a few years ago. It is great for scrapbooking and making those 5 x 3.5 cards! I want to share it with you !
With your paper set at 5 inches...make a 7 inch cut.
Rotate your paper 1/4 turn to the left and make another 7 inch cut
rotate and cut as above 2 more times.
When you have made 4 cuts, you will have (4) 5x7 mats and a 2 inch square!