If you decide to keep a money journal, it can be helpful to consider these points:
Journaling is a great tool for developing self-awareness about any chronic problem, whether it’s overspending, overeating, or something else. When starting a money journal, ask yourself these key questions.
1. What are my long-term financial goals? Why are they important to me?
2. Which financial goals am I now meeting? Which ones are not being met?
3. What specific behaviors must I adopt in order to meet all my financial goals?
4. What are the benefits to my current spending habits? What are the drawbacks?
5. What do I like about gift giving? What do I dislike?
6. What am I most likely to buy on impulse?
7. What makes a purchase worthwhile? What makes a purchase wasteful?
8. What is my definition of “overspending”?
9. How do I differentiate luxury and necessity?
10. What did I learn about money growing up that I now think is true? False?
11. What rationalizations do I use to justify overspending?
12. What would have to happen for me to be able to stick to my budget?
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