I love this discussion! Privacy is something I think about constantly, especially working with small business clients who may not understand the risks.
Teaching Clients About Financial Privacy
Most people don’t realize how exposed their financial data is. Here’s how I educate clients:
The “Where Is Your Data?” Exercise
I ask clients to list every financial service they use:
- Banking apps (Chase, BofA, etc.)
- Budgeting apps (Mint, YNAB, etc.)
- Investment platforms (Vanguard, Fidelity, etc.)
- Payment apps (Venmo, PayPal, Cash App, etc.)
- Tax software (TurboTax, H&R Block, etc.)
Then I ask: “How many companies have access to your complete financial life?”
Typical answer: 5-10 companies
Reality check: Each of those companies:
- Stores your data on their servers
- May share data with partners
- May use data for AI training
- May get breached
- May shut down (taking your data with them)
With Beancount: Only YOU have access. Zero third parties.
Real-World Privacy Wins
Client Story 1: Small Business Owner
Client A (coffee shop owner) was using QuickBooks Online:
Convenient (access from anywhere)
Intuit sees all revenue, expenses, profit margins- Data potentially used to sell them financial products
- Competitors could theoretically access data if Intuit breached
Convenient (access from anywhere)
Intuit sees all revenue, expenses, profit marginsSwitch to Beancount:
- Complete privacy (financial strategy hidden from competitors)
- Lower cost ($0 vs $50/month QBO)
- Better control (can customize reports for investors)
Result: Client feels more secure knowing business financials are private.
Client Story 2: High-Net-Worth Individual
Client B (tech executive with $5M+ net worth) was using:
- Mint (budgeting)
- Personal Capital (investment tracking)
- TurboTax (tax prep)
Privacy concerns:
- Three companies know exact net worth
- Spending patterns visible (luxury purchases, travel)
- Investment strategy visible (could be copied or front-run)
- Potential target for social engineering attacks
Switch to Beancount:
- Zero companies know net worth
- Spending patterns completely private
- Investment strategy hidden
- Much harder to target (attackers don’t know they’re high-net-worth)
Result: Client reports “sleeping better at night knowing my financial life is private.”
Client Story 3: Divorce Situation
Client C (going through contentious divorce):
- Needed to document finances for divorce proceedings
- Couldn’t use shared accounts (spouse had access)
- Needed complete privacy while building case
Beancount solution:
- Created separate ledger on encrypted laptop
- Documented all marital assets/liabilities
- Shared ONLY relevant data with divorce attorney
- Spouse had no visibility into their financial strategy
Result: Client had complete control over what was disclosed, when, and to whom.
Privacy-Preserving Bank Import Strategy
One challenge with privacy-first Beancount: bank imports without cloud aggregators like Plaid.
My Approach: Manual CSV Download
# Weekly routine (15 minutes)
# 1. Visit bank website via Tor Browser (anonymize IP)
tor-browser &
# 2. Download CSVs manually
# Chase checking → chase_checking.csv
# Amex credit card → amex.csv
# Vanguard investments → vanguard.csv
# 3. Run importers locally
python3 import_chase.py chase_checking.csv >> main.beancount
python3 import_amex.py amex.csv >> main.beancount
python3 import_vanguard.py vanguard.csv >> main.beancount
# 4. Categorize in Fava
fava main.beancount
# 5. Securely delete CSVs (contain account numbers)
shred -u *.csv
# 6. Backup encrypted ledger
gpg --encrypt main.beancount
cp main.beancount.gpg ~/backups/
Time cost: 15 minutes/week
Privacy benefit: No third party ever sees your transaction data
Alternative: Self-Hosted Bank Aggregation
For those who want automation without cloud services:
#!/usr/bin/env python3
"""
Self-hosted bank aggregation using Selenium
Runs on YOUR computer, data never leaves your network
"""
from selenium import webdriver
from selenium.webdriver.common.by import By
import time
def download_chase_csv(username, password):
"""
Automate CSV download from Chase website
Runs locally, no third-party service
"""
driver = webdriver.Chrome()
# 1. Navigate to Chase
driver.get('https://www.chase.com')
# 2. Login (credentials from encrypted keychain)
driver.find_element(By.ID, 'username').send_keys(username)
driver.find_element(By.ID, 'password').send_keys(password)
driver.find_element(By.ID, 'signin-button').click()
time.sleep(5)
# 3. Navigate to download page
driver.get('https://www.chase.com/myaccount/download')
# 4. Select date range and CSV format
# (specific selectors depend on bank website)
# 5. Download CSV
driver.find_element(By.ID, 'download-button').click()
time.sleep(5)
driver.quit()
if __name__ == '__main__':
# Credentials from local encrypted store (never hardcoded)
username = get_from_keychain('chase_username')
password = get_from_keychain('chase_password')
download_chase_csv(username, password)
Benefit: Automation without Plaid/cloud aggregators
Privacy: Runs on your computer, data never sent to third parties
Encryption Best Practices (Non-Technical Users)
@bookkeeper_bob and @tax_tina mentioned encryption, but I want to make it accessible for non-technical users:
Step-by-Step: Encrypt Your Beancount File
Option 1: Use built-in disk encryption (easiest)
macOS:
- System Preferences → Security & Privacy → FileVault
- Click “Turn On FileVault”
- Follow prompts
- Done! Your entire disk (including Beancount files) is encrypted
Windows:
- Settings → System → About → BitLocker
- Click “Turn on BitLocker”
- Follow prompts
- Done! Your entire disk is encrypted
Option 2: Encrypt specific folder (VeraCrypt)
- Download VeraCrypt: https://veracrypt.fr
- Install and launch
- Click “Create Volume”
- Select “Create an encrypted file container”
- Choose location (e.g., Documents/finance_encrypted.vc)
- Enter password (use strong password!)
- Move Beancount files into mounted volume
- Dismount when done
Time to set up: 15 minutes
Benefit: Only your finance folder is encrypted (easier to back up)
The Privacy Mindset
Privacy isn’t binary (private vs not private). It’s a spectrum:
Level 1: Basic Privacy
- Beancount local-only (no cloud sync)
- Disk encryption (FileVault/BitLocker)
- Time: 30 minutes setup
- Suitable for: Most personal users
Level 2: Enhanced Privacy
- Everything from Level 1, plus:
- GPG encryption for Beancount file
- Encrypted backups (USB drives, not cloud)
- Tor Browser for online banking
- Time: 2 hours setup
- Suitable for: Privacy-conscious users, small businesses
Level 3: Maximum Privacy
- Everything from Level 2, plus:
- Air-gapped computer for finances
- Hardware security keys (YubiKey)
- Physical security (safe for backups)
- Time: 5 hours setup + ongoing discipline
- Suitable for: High-net-worth individuals, professionals with client data
Choose the level that matches your threat model and commitment.
Privacy and Convenience: Finding Balance
I won’t pretend privacy is free. There are trade-offs:
What you sacrifice for privacy:
- Automatic bank sync (manual CSV downloads instead)
- One-click setup (learning curve for Beancount + encryption)
- Native mobile app (Fava web UI works, but not as polished)
- Cloud backup (must manage local backups)
What you gain:
- Complete financial privacy
- No data breaches (local-only)
- No AI training on your data
- No surveillance capitalism
- Data ownership forever
- Peace of mind
Is it worth it? For me and my clients: absolutely.
Common Privacy Objections (And My Responses)
Objection 1: “I don’t have anything to hide”
Response: Privacy isn’t about hiding illegal activity. It’s about controlling who accesses your personal information. Do you close the door when using the bathroom? That’s privacy, not secrecy.
Objection 2: “Google already knows everything about me”
Response: That’s not a reason to give MORE companies access. You can reduce your digital footprint incrementally. Every bit of privacy you reclaim matters.
Objection 3: “Encryption is too complicated”
Response: Disk encryption (FileVault/BitLocker) is literally one click. If you can use a budgeting app, you can encrypt your disk.
Objection 4: “What if I lose my encryption password?”
Response: Same risk as losing your bank password. Use a password manager (1Password, Bitwarden). Problem solved.
Objection 5: “Manual bank imports are too tedious”
Response: 15 minutes per week. That’s the time cost of complete financial privacy. Is your privacy worth 15 minutes?
My Recommendation: Start Small
Week 1: Go local-only
- Install Beancount
- Stop using cloud budgeting apps
- Import historical data
Week 2: Enable encryption
- Turn on disk encryption (FileVault/BitLocker)
- Verify it’s working
Week 3: Set up backups
- Get 2 USB drives
- Create encrypted backups
- Store one off-site
Week 4: Automate imports
- Write import scripts for your banks
- Set up weekly routine
Ongoing: Maintain discipline
- Download CSVs weekly
- Keep backups current
- Review security annually
Result: Complete financial privacy in 1 month.
The Future: Privacy-First Finance
I believe privacy-first finance will grow in 2025 and beyond because:
- Data breaches are increasing (IBM: $5.56M average cost)
- AI data mining is becoming invasive
- People are waking up to surveillance capitalism
- Regulatory pressure (GDPR, CCPA) favors user control
Beancount is perfectly positioned for this trend:
- Local-first architecture (privacy by default)
- Open source (no hidden data collection)
- Plain text format (future-proof, portable)
- Complete user control (you own your data)
The question isn’t “Why use Beancount for privacy?” It’s “Why use anything else?”
Sources:
- IBM Cost of Data Breach Report 2024
- Client case studies (anonymized)
- Privacy engineering best practices
- My experience teaching 50+ clients about financial privacy (2020-2025)