What Is a Money Journal and Is It Right for You?

A money journal is a space to keep track of all things money-related — reviewing your budget, writing about your thoughts and feelings toward money and examining your financial plans. People who keep money journals can recognize spending habits that hold them back and transform their finances. Learn more about whether you need a money journal and a six-week plan to get you started on a life-changing financial journey.

Mia Barnes
January 24, 2024
Death to Stock
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

What Can a Money Journal Do For You?

A money journal can help you overcome ineffective money mindsets and set achievable financial goals. With money journal prompts and honest reflections, you’ll begin to understand your relationship with money. You can discover subconscious patterns and beliefs, getting insight to help you take control of your finances.

Death to Stock

How Do You Know If It's Right for You?

Anyone can benefit from a money journal, especially if you haven’t deeply reflected on your finances before. It’s not just about how you spend your money, but how you feel about it.


You may need a money journal if:


●     Thinking beyond your current financial situation seems far away.

●     You feel stuck in your spending habits and don’t know how to change.

●     You know your upbringing and childhood experiences affect your money mindset but find yourself falling inthe same patterns.

●     The obstacle to achieving your dreams is money.  

●     You don’t know where your money goes every month.

●     You have tried multiple budgets without success.

●     Money is a tangled mess or confusing concept.


If you can relate to two more of these statements, a money journal is what you need to kickstart financial success.  

How to Money Journal: TheSix-Week Plan

Commit to creating a non-judgemental space to reflect on your money mindset and purposes. The journal is for your eyes only so you can format and write your thoughts however you’d like. If you see a therapist, it may be helpful to share your thoughts and feelings from your money journal to work through them together.

Commit to Daily Reflection

It’s important to record and reflect on all purchases daily. This routine will help you notice patterns and find solutions to issues. It doesn’t have to be a formal spreadsheet with a multi-layered dashboard — you can just write your transactions in lists or make them headings for your daily reflections.


Write it all down, whether it’s a $200skincare haul or a $2 doughnut run. As you make your list, note how you felt when you purchased each item. How do you feel about it now? Was it planned or a spontaneous retail therapy purchase after a stressful day? While you reflect, know that you’re not alone. Deloitte’s most recent survey shows that nearly 77% of 114,000 adults made a splurge purchase to lift their mood, even though only 42% could afford it.

The point of this exercise is to see where you are and how you can get better.

Nearly 77% of 114,000 adults made a splurge purchase to lift their mood, even though only 42% could afford it.

Week 1: Evaluate

In week one, you will review your spending over the past few weeks. Add up your spending against your income. If you already keep a record of your budget in a spreadsheet or separate notebook, this will be easy. If you tend to fall off your budget in the middle of the month, commit to recording your plans now so you can make an accurate analysis.

Weeks 2 and 3: Reflect

In the next two weeks, you’ll have to roll up your sleeves and dig deep. By now, your financial evaluation may have sparked some thoughts about what needs changing — or what you could do more of.


This is where the money letter comes in. It’s a tell-all baring of your soul where you pen your feelings to money and spill all your thoughts, emotions, love and fears. You’ll start to see the self-limiting beliefs you need to change and pick up on areas that need new strategies.

Pick a Prompt

In addition to writing a love — or hate —letter to money, pick a few prompts to help you sort through your feelings:


●     What is my biggest money fear?

●     How did the adults in my life handle money as a child?

●     How did my childhood experiences shape my relationship with money?

●     What is money’s purpose in your life?

●     What was your first encounter or experience with money?

●     How do your friends or your partner interact with money?

●     What are my wildest dreams and where does money fit in?

With all these reflections, if you notice any negative subconscious thoughts or patterns, write out how you want them to be.

Death to Stock

Week 4: Set Money Goals

Once you’ve taken some time to reflect, define what financial success means to you. Perhaps you want to move out of your parent’s house or resign from your day job and start a business. Maybe you want to finally pay off your school debt to experience financial freedom. No goal is too small. Every goal will show you where you should focus your energy and intentions.

Week 5: Plan Your Finances

What parts of your financial life need refreshing? Maybe it’s an overhaul of your current budgeting system and transitioning to the 50/30/20 rule or finding a fresh way to record your transactions. Think about the budget plan you want to follow, upcoming expenses and savings or investments you plan to make. It’s important to be specific about your goals and put a time expectation on them. Think short-term, intermediate-term and long-term.

Week 6: Look for Opportunities toLearn

Once your plan is in motion, elevate your financial knowledge by investing in financial education. This can look like a booklist with all the finance-related books you’ve ever wanted to read or an investment course. Look for Femtech that puts your experience at the forefront and gives you the confidence to make bold and wise financial decisions.

Is a Money Journal Right For You?

Money journaling can lead to some life-changing decisions and plans. If you’ve decided it’s for you, commit to consistently reflecting and learning more. After your six week bootcamp, your healthy money mindset begins and as you improve your financial sense, there will be higher heights to reach and bigger dreams to follow.