Money makes the world go round, but it is also one of the scariest words in the dictionary. Getting to grips with your finances can feel like it requires an accountancy degree.
Financial journaling is a genuinely enjoyable way to unlock your money goals and move forward with confidence. We spoke with Harriet Formby, an ICAEW Chartered Accountant and Founder of Below The Line Finance, to find out how you can get started.
Spoiler alert: Harriet is a Chartered Accountant who also practices financial journaling. And she wants you to know that it is not as scary as you think.
This is why financial journaling = self-care
When you look after your finances, you are also looking after yourself. You are giving yourself a valuable tool to move forward and reach your goals.
No matter how much we want to pretend otherwise, we all need money. Developing awareness of what is coming in, what is going out, and what you might need to do differently can ease financial stress as you set a clear plan.
As Harriet explains: “Regularly checking on your finances is a really valuable self-care practice. It is not just about staying informed; it is about being intentional and mindful with your money. By monitoring your spending patterns, setting budgets, and tracking your progress towards your goals, you are taking charge of your financial wellbeing.”
Keeping an eye on transactions also helps you spot inaccurate or fraudulent charges and shed unnecessary subscriptions. A regular check-in can feel empowering — knowing your money is working with you, not against you.
What is financial journaling?
Financial journaling is simply the process of writing about your finances on a regular basis. Just like regular journaling, you can approach it in any way you choose.
You might take a practical approach, tracking income and expenses so you have a clear overview. Or you may use your journal to tackle your money mindset — how you feel about spending or saving, and what you need to reach your next goal.
Harriet finds financial journaling powerful for clients because day-to-day finances are often scattered across accounts, cards, loans, and pensions. Journaling helps you distil this on paper, see the bigger picture, and break big goals into bite-sized steps.
Do accountants practice financial journaling?
“Yes, I find financial journaling to be a really impactful practice,” Harriet says. “It gives me a clear, bird’s eye view of my financial health when otherwise things are in all different accounts. I journal to help me track and plan towards my financial goals — breaking down my dreams into small achievable chunks.”
Even accountants, who spend all their time managing money, find benefits in putting pen to paper. Journaling unlocks a different part of your mind — and that is why we love it.
How you can start financial journaling
You could use loose paper, but let us be honest: where does that paper end up? Gathering dust alongside unopened bills. Your financial journaling kit needs to be easy to use and eye-catching so you actually enjoy the process.
Pick your financial journal
Your journal needs to be attention-grabbing so you never neglect it, but flexible enough for tables, lists, and free writing. Bonus points for bookmark ribbons to mark key sections.
We love a sturdy lined notebook or A6 wirebound notepad for financial journaling — bold enough to stand out on your desk, flexible enough for whatever format you choose.
Choose your pens
Colour coding is your friend when keeping a financial journal organised. Pick a selection in your favourite hues and use them consistently for income, expenses, savings, and goals.
Find somewhere obvious to store it
Keep your journal somewhere you will see it every day: on your desk, next to bills you are about to process, or in the kitchen. Visibility is half the habit.
Financial journaling examples and ideas
Ready to feel calmer about your money? Here is what Harriet recommends tracking.
Personal finance goal(s)
“It is really important to track the big financial goal(s) you are striving towards,” Harriet says. “Perhaps progress towards a net worth target, payments left before you are debt-free, or savings towards a holiday, property, or dream business. Linking everything back to achieving this will keep you engaged.”
All your income
Know what is coming in before you match finances to goals. Track salary, side hustles, windfalls, and any other inflows so you can plan outgoings around expected cash.
Your routine expenses
Track regular outgoings broken into categories — utilities, groceries, travel, and so on. This helps you set budgets, make informed spending decisions, and find savings. Does your spending line up with your priorities?
Movements in debts and liabilities
Tracking payments against credit cards, loans, and mortgages gives you a sense of progress as debt gets paid down. A full overview can help you build an affordable repayment plan.
Progress with savings and investments
Knowing how much is building in savings, investments, and pensions helps you make progress towards goals and gives peace of mind as balances grow.
Still feeling scared about your finances?
When finances scare you, it is easy to shut them in a dusty drawer. But as Harriet explains, you will feel better when you open your accounts and start tracking properly: “Just make a start because honestly, it tends to be more scary to continue avoiding tackling it.”
Try to make it a habit — our habit tracker guide can help. Schedule a regular money date each month, even just 30 minutes. Set up a cosy space, put on a playlist, prepare a favourite drink, and plan a small reward when you are done. Better yet, ask a friend to be your accountability partner.
For goal-setting alongside money tracking, see types of goals and how to write a to-do list.
Pick your financial journal
Choose stationery you will actually want to open. Browse lined notebooks and daily planners if you like dated structure for money check-ins.
