Face Your Money Mindset With 3 Simple Journaling Tools

What exactly is a money mindset? Simply put, it’s the way you think about money. Anything cash related counts: how you earn money, how you save money, how you spend money.

Long-term journalers won’t be surprised to hear that this mindset often comes from our culture and childhood. Every family views money differently. In fact, you might be floored to hear what your best friend thinks about money.

That said, there’s probably things you really respect about your own money mindset. This post isn’t to tell you one way is best. It’s about empowering you to be intentional about the ways you use money.

Sometimes, You Really Aren’t the Problem

The thing that a lot of financial planning or budgeting advice skips over is that the system isn’t fair. No amount of 20/30/50 or snowballing is going to change the fact that inflation is crazy and many people don’t make a living wage.

Before digging in to your money mindset, you need to give yourself a little grace. Are you really in a place to play around with the ways you spend money? If you don’t always have enough to eat or find out your rent is rising $800 overnight – your money mindset likely isn’t the issue.

People are inherent problem solvers. If poverty really was as simple as “trying harder”, you’d have done that by now. At the very least, you’d know why you’re in this situation.

This post is for people who don’t understand why. Why is it so hard for you to spend money, even when it is safe and important to do so? Why do you splurge on retail therapy? These tools help put you better understand what’s going on. You might find an easy fix or you might find something to bring up with a therapist. Either way, a win is a win.

Two Sides of the Same Coin (Pun Intended)

There are two types of people in this world. Over spenders. Penny pinchers. But honestly? They have a lot in common.

Both groups use money to control their emotions. Over spenders buy things to feel excitement and relief. Penny pinchers hold back from spending to feel secure. But money on its own can’t guarantee these things.

Marie Kondo taught us that some purchases just don’t spark joy. Scrooge taught us that sometimes you need to just buy the Christmas goose. Whatever your money mindset extreme, it’s all just two sides of the same coin.

Your journal’s goal is point out how you use money to manage your emotions. From there, you’ll notice you have more options when it comes to your money mindset.

3 Journaling Tools for Your Money Mindset

The Money Mindset Venn Diagram

People learn their money mindsets from three main places: their parents, their culture, and their own personal values. This exercise let’s you piece apart  where each though comes from. Pro hack: you can use this for any topic, not just money.

Make a Venn Diagram with three circles. Label the circles ‘my family”, “my culture”, and “me”. Go through each of your thoughts and habits around money. Ask yourself where you learned this idea. Don’t just focus on the things you don’t like. You should honor the things you love about your money habits.

And Then What…

So, you want to win the lottery…and then what? Money should never be the end goal. At the end of the day, money is just a tool for getting what we truly want.

Crazy enough, money is so hyped up that sometimes it’s hard to remember what your wants actually are. When that happens, try this.

Start by writing down a recent money goal you’ve had. Something like “I want a job that earns X amount of money” or “I want to pay off all of my debt”. These goals are great. Nothing wrong with wanting a little extra cash. The key, though, is knowing why that money matters.

After you list your goal, ask yourself “and then what?” For example, you’ve paid off the debt…and then what? How will paying off your debt change your life? Once you know that, keep asking “then what” until you feel you’ve reached a core need.

Here’s what that prompt could look like:

“I want to earn 6 figures a year”

“And then what”

“Then I could save more money every month”

“And then what”

“Well, then I could finally afford a vacation”

“And then what?”

“Then I could get to explore! I miss trying new things”

Ding. Ding. Ding.

Joyful Spending Tracker

You’ve probably heard of a no-spend day habit tracker. It’s where you mark down every day you don’t spend any money apart from essentials like rent, groceries, or utilities. No-spend trackers can be a really useful tool! However, they aren’t so helpful when it comes to identifying your money mindset.

One great alternative is a joyful spending tracker. Instead of tracking the days you don’t spend money, rate how the day’s spending made you feel. Think of it as a cross between a spending tracker and a mood tracker. Once the week is over, go over everything you bought that week again. How do you feel a few days after spending the money?

This tool is great for uncovering patterns. You might find that you get a lot of joy from buying little trinkets off TikTok shop in the moment but can’t even remember what’s coming in the mail 4 days later. Maybe you find that your most meaningful spending happens when you go out to dinner with friends.

Joyful spending trackers remind you that money is only good if you can use it in ways that matter. It’s up to you to discover what that might be.