Money Journaling | What is it and what can it do for you?💲

Do you ever feel like no matter how hard you manage your finances, there just never seems to be enough money? You’re not alone! The truth is, most of us could use a little help when it comes to efficiently managing our money – that’s where the concept of ‘Money Journaling’ comes in.

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Money journaling isn’t some magical solution for all your financial woes; instead, it can give you insight as well as a self-discipline in developing healthy spending and saving habits. Ready to learn more and see if Money Journaling could work for you? Read on!

What is a money journal?

A money journal is a great tool for those seeking to get their finances in order. It’s like a regular journal for writing down your thoughts, but with a financial twist. Consider it your personal money story.

By organizing your income, expenses, and goals into one convenient place, you can track your progress towards achieving financial freedom and meet those money goals you set out at the start of the year.

A money journal offers many benefits such as motivating users to stick to their budgets, helping them create wealth over time, and improving their overall money mindset.

Perhaps best of all, these journals make it easier to develop better spending habits, a crucial part of leading a financially healthy lifestyle, and having more wealth!

Why should you start money journaling?

Money journaling is an excellent way to get your personal finance goals back on track and take full ownership of your financial life. It’s a great way to become more mindful of your spending habits, identify money beliefs that could be keeping you from reaching your personal financial goals, and cultivate a healthier relationship with money.

By recording things like how much you spend, why you’re spending it, and how your purchases make you feel, you can gain invaluable insight into the state of your finances, help stay on top of personal finance goals, and even learn skills to increase financial literacy.

So if you want to take control of your personal finances and lead a happier financial life, start money journaling today!

How to start money journaling?

Money journaling is very easy, and you can be ready to go in just a few quick steps!

Get something to write on

Time to get started! The first thing you need to begin money journaling is something tangible, like a physical money mindset journal. What kind of journal you use is completely up to you- it can be handwritten in a spiral notebook or digitally formatted on your computer or phone.

As long as you have access to the money journal so that you can document your financial exploits, that’s all that matters. Once you have everything set up, it’s time to start money journaling!

Start tracking your spending by holding onto receipts

Starting a money journal can seem like a daunting task, but if you break it down into small steps it will be easier to handle. The best place to begin is by grabbing your receipts over the past week or so – this way you have a perfect starting point from which to log purchases, budget expenses, and track spending.

If the idea of keeping your receipts fills you with dread, take heart! You can always make use of your bank statement instead – although more still is better, so make sure you are keeping track of those items for weeks to come!

Write down what you spent money on and how it made you feel

Tracking your spending for the week and totaling it up is a great way to feel in control of your finances. Although you may feel guilty about certain purchases that may not have been the best decisions, some hopefully were made to further a long-term financial goal.

Writing down how these purchases make you feel is important too since it helps to evaluate if you would make those same choices again or not. Splurging and purchasing an item you have wanted for months doesn’t have to be something you feel guilty about. If it is something you saved for and if you felt confident it was a purchase that brought you joy, then that’s ok.

What you are trying to do is pinpoint money habits that make you feel guilty, and keep you from reaching your financial goal. Making purchases that are outside of what you budgeted for, or expensive items you didn’t need. Be on the lookout for purchases that give you buyer’s remorse, these feelings are a great indicator that you are spending money you shouldn’t be.

If you are having trouble finding ways to express how your money habits make you feel don’t fret. We will be looking at some money mindset journal prompts below that can help you explore your feelings a bit easier.

Create a daily habit

Now that you’ve started journaling your purchases, it’s time to make journaling a regular habit. Take a few minutes out of the day or week to review purchases and note how they make you feel. Initially, it might be hard to stick with the routine, but if you persist, journaling will become second nature in no time.

Having these entries as a journal inspires financial mindfulness and brings one closer to being financially free. So, don’t be afraid to dive deep into your journaling practice – with some careful attention to detail, journaling will become an invaluable habit!

Money journal prompts to overcome your money blocks

Let’s take a look at some journaling prompts you can use to help overcome your money blocks.

Journal prompts to unlock your financial past

Exploring your past, let’s make use of journal prompts to comprehend the root cause of your relationship with money.

How did you feel about money before your first job?
When you got your first job what did you do with your money?
Did your parents teach you about money?
Do you consider yourself good or bad with money? Why?
Describe your closest family member’s relationship with money
What’s your definition of being wealthy?
What does your spouse think of your money management skills?
Do you think of money as bringing comfort or only for its purchasing power?
Have you met any of the financial dreams your younger self had set for you?
Were you given an allowance as a child? If so did you feel like it was earned or more of a gift from your parents?

Money journal prompts to help change your daily habits

Now let us explore some more money mindset journal prompts that are focused on the here and now. So many get stuck in the trap of looking at money as a way to upgrade their life (IE more money = more stuff).

Instead, if you can shift your perspective on money by looking at it as a way to spend more time with family, by working less, you can unlock some meaning behind money.

What is something you buy regularly that you could do without?
What small action could you do today that will ease your financial burden?
Are you sticking to a budget? If not what is keeping you from starting or maintaining one?
Are your parents or other family members proud of your financial success?
What is your biggest strength when it comes to managing money?
When you go on a “shopping spree” how do you feel about it once the excitement has worn off?
Do you wish you made more money? If so how would it benefit you, besides your ability to buy more stuff?
Are you trading time with family for more money? (Do you work too much? Wish you could spend more time at home with children.)
Are you making progress on your spending goals?
If you had unlimited money how would that impact your life negatively?

Money journal prompts for your future goals

How do you imagine your retirement years?
Does your current retirement savings plan match up to how you imagine your retirement? (Are you saving enough?)
Is there a dream house that you hope to own? What specifically is keeping you from obtaining it?
How much would you like to have saved 5 to 10 years from now? What specifically are you doing to reach that goal?
If or when you have children, what do you plan to teach them about money?
Does money bring you happiness? Will having more money bring your more happiness?
If you had an abundance of money, what would you do with it?
What one small action could you take today to start improving your financial wellbeing?
What does financial abundance mean to you?
What short-term financial goal are you going to focus on this week?

Conclusion

If you want to try money journaling for yourself, start by asking yourself four questions at the end of each day. What did I spend today? How does this make me feel? Was there anything I said no to buying that I really wanted? And finally, what can I do tomorrow differently?

Be honest with your answers and try not to judge yourself—the goal is simply to become more aware of your spending patterns and why they exist. Try it for a week or two and see if you notice any shifts in your relationship with money.

If you’d like help uncovering some of the deeper issues impacting your relationship with money, reach out to a financial therapist or coach who can support you on this journey.

Lastly, if you found this post helpful, please share it with someone who might benefit from reading it—together we can break the cycle of silent struggle and shame around money. Thanks for reading!

FAQ

What are money blocks?

Money blocks are limiting beliefs one may have around money, which can impede our ability to achieve financial security. Money blocks may be held on an unconscious or conscious level and can be rooted in early childhood experiences with money or the interpretation of societal messages around the value of money. Such limiting beliefs come in many forms and can be difficult to recognize on our own, as they often appear as distorted thoughts or justifications that we tell ourselves when it comes to earning, saving, and spending money.