Your journal should serve as your primary organisational tool, or in other words, your productivity hack. It’s how you can keep track of your life, including your financial life. Jot down everything in there. If it doesn’t get written, it gets forgotten. So here’s a list of finance-related information that you can include in your money journal.

1. Your monthly income

How much do you earn per month? Combine whichever applies from below:

• Monthly salary, for those employed

• Own business income. It often fluctuates so a guesstimate will do

• Rental income, if any

• Freelance income and side hustle

• Any other regular income

2. Extra income

Extra income is different and separate from monthly income. It’s more an additional income as opposed to your main income. Extra income can come from:

• Freelance income and side hustles

• Selling pre-loved items

• Sudden windfall like tax refund, winning a competition

• Any other irregular form of income

3. Expenses

• Tracking your expenses is a highly recommended habit. You will discover parts of your personality that’s hidden to even yourself. Do write your monthly expense breakdown and annual income and expenses report.

• Write reminders in your notebook on areas where you can do better.

Read this article if you’re interested to start or restart expense-tracking. There are tools and tips that you can try.

4. List all monthly financial commitments

Fixed expenses shouldn’t take more than 50% of your income. The definition of fixed expenses varies, but usually includes:

• Mortgage/rent payment

• Car instalment

• Utilities

• Overheads, if doing own business

• Insurance

• Credit card instalments

• Loans

These figures tend to change every six months or so. For example, you could be paying monthly instalments for your laptop. Do this self-check every so often just to be on top of your finances.

5. All your subscriptions

You should definitely know how much money leaves your account every month without your notice. Auto-payments are great for some investments to avoid late fees but not for products and services you don’t use.

6. Annual payments

This one is a bit tricky, and requires some guesstimating as you don’t know what life will throw at you.

You can include things like:

• Birthday gifts for loved ones

• Membership and license renewals

• Services you use and pay for annually

Your actual figure will probably differ from your estimated figure, but at least you do have a figure to work with.

7. A financial to-do list

Finance-related things that you want to do but haven’t had the time or energy to sort out yet. For example, you know that you should write a will but have been putting it off.

8. All the financial products and services that you use

You must have come across an article that went viral once about RM5 billion in unclaimed money. The fact is some people really do forget where they placed their money.

Or are just unaware of financial transactions which took place, like insurance payout in a forgotten bank account. So it’s in your best interest to keep track of your accounts.

9. A list of your investments

List out:

• Where you keep your investments

• The risk profile (low, medium, risky)

• How much money you have there

• How much and how regularly you contribute to this account

• What your plans are (do nothing, buy more when price dips, reduce risk exposure)

• Fees and charges

• Your named beneficiaries for each investment

10. List of people/companies owing you money

Because some people only pay when you “gently remind” them. If you forget, they’ll also happily “forget”.

11. Next month’s projected income and expenses

It’s always a good idea to plan ahead. That way, if you have higher-than-usual expenses next month, you still have time to pick up an extra gig or sell some pre-loved items instead of taking a loan or getting into credit card debt.

12. Money-making ideas

This can be anything that has earning potential. It could be random business ideas, a list of clients to pitch to, or a contact list of businesspeople you want to grab coffee with.

13. Your goals

Follow this goal-planning check list:

• I want to make RM____ in __ months’ time

• I will spend ___ hours per week, on __ days to work on this goal

• My long-term goal is to _______

Use these hours to:

• Get clients

• Perform freelance work

• Learn negotiation skills to increase salary or rates

• Upskilling

• Learn in-demand, high-paying skills like coding

• Update and improve your CV and use it to apply for better-paying jobs

• Operate a new business

14. A wish list

The effect may differ, but this list helps to reduce mental clutter. It’s like you acknowledge the desire, instead of suppressing it. An unexpected benefit is a handy reference when someone asks you what present you want for your birthday or some other special occasion.

15. Travel plans

Whenever you travel, list out:

• Flight times and dates

• Flight and accommodation booking numbers

• Rough itinerary

• Important phone numbers and addresses

• Current exchange rate

• Running tally of all travel-related expenses

• Packing list

• What you need to buy or borrow

16. Grocery list

Regularly making and updating a grocery list will:

• Reduce the number of trips to the store. This reduces petrol and impulse purchases too.

• Reduces annoying emergency trips to the store because you ran out of something.

• Helps you plan and make meal preparation cheaper and healthier.

• Gives you focus at the grocery store as you know what to get instead of wandering aimlessly.

17. Journalling

When you’re stressed or need to vent about a frustration, do some free-flow writing. Write whatever comes to mind. It usually works as you’ll feel much better afterwards.

This is called writing therapy. It’s worth a go, plus it’s a free form of therapy. Suitable for even the most broke person.

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