The Importance of a Financial Journal

money journal

Sometimes it’s the simplest of things that can help you stay motivated and get your finances to a place that you want them. While there are all kinds of theories and devices that you can use, simply taking the time to keep track of what you spend your money on is a hugely productive habit to have. An easy and effective way to expand this financial record keeping is to begin writing a financial journal.

You Think Clearer

For the vast majority of people, they’re able to think more clearly when they have the opportunity to write out their thoughts. The result is that doing so can help you achieve your goals. It will also provide you with a better understanding of your current fina


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5 Responses to The Importance of a Financial Journal

  1. A Marino says:

    I think financial journals are a great idea. I wish that my late step-father had kept one. He had an amazing mind for finances and was very saavy about money. He could have taught us so much.

    One day, he looked at me and said, “do you know if I had saved this amount every week from the time I was younger how much money I would have had today?” I said no and he said if he had saved just smaller amounts years ago that he would not have had to struggle so much to save for retirement.

  2. Carla says:

    Loved this article! It inspired a blog post from me, i’ve linked you! :) My grandma has had one for years and years… she could look back 10 yrs ago and see how much they spent on a vacuum or whatever. I’m going to really start tracking all of our expenses, etc… thanks for the inspiration!

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  4. Minny says:

    We kept one from 1976 for years – we threw them out! I can’t believe we did that it would be fun to look at what we spent when out children were growing up.

  5. Gailete says:

    While I don’t keep what can technically be called a journal, I use a spiral bound notebook with each page representing a month of the year. Each page is divided into weeks and bills that need paid on each week are listed in that week, both the bill and the amount. I set it up at the beginning of each year and slot in things like the monthly mortgages, once a year bills like the life insurance one, property taxes (which we have to pay ourselves and for our rental property), my Medicare supplement amounts, etc. When new bills come in they get written down. I have at least 15 or more years of these notebooks. When I started doing it I was married to a guy who seemed to think we kept a printing press for money in the basement. If I didn’t pay the bills in the order due, I would be in big trouble. At one point we had $1100 MONTHLY owed to various credit card companies! So nice to see our book now as we pay credit card bills in full each month. I also in August started keeping a net worth statement for each month. Happy to say that between paying some things off and investments going up, our net worth has increased about $7K since August :) . Obviously some months investment might go down, but it is good between the notebook and the net worth statement I can see where we are going and where we are headed. On the net worth statement I even list things on the accounts payable part money I have earned via affiliate programs and AdSense that haven’t been paid out to me but are owing. I list my reward points from our credit cards (which paid for about half of our Christmas presents this year). I use the notebook to remind myself when the car inspection is due and to check the mileage at the end of the year for tax purposes. So I don’t have any excuse when my car needs inspected that I didn’t know about it. Certainly not anything publishable but easy for me to do and a way of keeping track of expenses.

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