Updated: Oct 11, 2021
Meenu Niranjan, Digital Marketing & PR Volunteer
Naturally, growing up has its challenges, and agreeably, money management is one of them. Managing your finances well enough to achieve all of your financial goals by the end of a year is truly remarkable.
But it isn’t as easy as it sounds. Not only does it take the courage to address the matter but knowing yourself well enough to cater to such goals. Because one slip up and you will find that you have spent all your saved money on an impulsive buying spree.
For that very reason, you need to develop a habit of journaling.
Journaling for Managing Money
Journaling is a highly regarded activity attributed to help people with multiple mental health problems. But who says you cannot develop this habit to manage your finances? A daily documentation of your spending, savings, and financial goals is a great way of keeping track of your finances.
Not only does it help you note down where and how much you spent but also to be mindful of impulse purchases and spending money carelessly.
Not only does it help you note down where and how much you spent but also to be mindful of impulse purchases and spending money carelessly. Moreover, it is of great assistance in noting down your financial goals, which you can go back to from time to time and remind yourself to work towards achieving them.
Achieving Your Financial Goals
All of us have big visions when it comes to stability in our financial realms. From having the perfect work-life balance to prosperous financial gains or simply mitigating an exhausting debt cycle, financial goals can be endless and fall under any category of your life.
Journaling helps you realize categorically which of such financial goals you should prioritize. It helps you psychoanalyze which one of such goals you are working towards deliberately and which ones would require extra effort.
Regularly take out 10 to 15 minutes to note down your daily financial prospects at the end of your day.
As you regularly take out 10 to 15 minutes to note down your daily financial prospects at the end of your day, you will become more mindful of what has gone by yesterday and what is to come tomorrow, allowing you to perform accordingly.
Tips for Journaling to Achieve Financial Goals
Here are some tips that should be able to help you maintain a regular journaling habit to achieve your financial goals.
Firstly, comprehensively note down the financial goals that you think you can achieve in a year.
Note down the best financial advice you have ever received and how you think you can use it.
Set down a fixed daily saving goal. Start small, even if it’s only 1p a day, and note it down and stick to it.
Mention all the financial stressors in your life that create a hurdle in achieving your financial goals and how you think you can work around them.
Create a checklist for the next day of all the financial activities you will participate in and check out how many you were able to manage.
Journaling is an interesting activity that hardly takes more than 15 minutes from your day but can do wonders for your financial life for years to come. Hopefully, now that you have learned of its importance, you can start practicing this habit. Eventually, you will come around to being a regular at it and see how immensely helpful it was to achieve your financial goals and overall money management.
Money A+E is transforming lives through money advice and education, especially for Diverse Ethnic Community members that struggle with financial planning. You can contact us if you need 1-2-1 debt, benefits or money advice, or follow us on Facebook and Instagram to hear about our free money management workshops.
Blog post by Meenu Niranjan, Digital Marketing & PR Volunteer