Do This Every Morning If You Want To Hold On To More of Your Money

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Even with inflation gradually slowing, Americans are still struggling with money. One survey from Resume Now found that 73% of employees struggle to afford expenses beyond the basics, while 12% can’t even afford the essentials.  While earning a high enough wage is one element of not just surviving, but thriving, financially, how people manage their money also comes into play.

“I find the majority of my financial therapy clients have some level of money avoidance, which is stopping them from looking at their finances,” said Elana Feinsmith, a certified financial therapist and owner of Oak Financial Coaching. “They often get triggered looking at their finances.”

In a prior GOBankingRates article, Feinsmith recommended journaling daily for five minutes to explore your relationship with money. “Journaling can help people feel safer looking at their money, so they can make informed financial decisions.”

 But how do you get started and what should you journal about?

Choose a (Cheap) Journal

First, Feinsmith emphasized that the journal you choose isn’t important. She doesn’t want choosing the right book to become a stumbling block to getting started. In fact, she said, “Find whatever you have around the house.”

That could mean using a composition book left over from back-to-school shopping, an old notebook with blank pages left, or even looseleaf paper in a three-ring binder. “Don’t worry about what you’re going to write on,” Feinsmith said. “Don’t spend money on it.”

If you have any sort of feelings around the journal you’re choosing, that could be one of your first topics to explore, according to Feinsmith. “If you bought the most incredible, perfect journal, would that really make you happy? Would it change the fact that you may or may not journal every day?” she said.

“Rather than making it about the purchase, find something that works and try it out. If you feel like it would give you great joy to purchase a journal, put it in your wish list, but just running out and buying something isn’t ideal or necessary.”

Journal Your Feelings

One easy way to get started, Feinsmith said, is simply by journaling your feelings. You can imagine you’re having a conversation with money. You might find yourself asking why it leaves you so quickly once you receive it. She suggested aiming to journal whatever’s on your mind for just five minutes. “If you look at [your journal pages] over time, you’ll notice your tone of voice around money changes.”

Journal Your Money Memories

If the thought of a blank page makes you feel overwhelmed, Feinsmith recommended using a prompt. “You can write about your memories surrounding money,” she said. Take the current date and journal what you remember about money when you were that age. For instance, on June 16, you can journal about what you remember about money at age 16.

If you don’t have any memories from your early years, journal about things you might have been told or family photos you have seen when you were that age. “Whatever date it is, and whatever days you miss, it doesn’t matter,” Feinsmith emphasized. “It doesn’t have to be perfect.”

The important thing is to start jogging memories that could offer insights about your current relationship with money. “Our relationship with money comes from things that happened,” she said.

Journal Your Concerns

Feinsmith also suggested journaling specific concerns you might have about money. “I use the word concern as opposed to fear,” she said. Phrasing these things as concerns, rather than fear, will bring up different emotions and a change in perspective. It may also help you pinpoint areas of finance that you’ve been avoiding.

End With Gratitude

While it’s good to explore your concerns, make sure to end the journal entry with gratitude. “See what you can find to be grateful for,” Feinsmith said.

In today’s age of social media, it’s easy to compare our financial situation with other people’s and focus on what we don’t have. But most people reading this have the basics: a place to live, a bed to sleep in and food to eat. These things are worthy of gratitude. “Try to get in a place of gratitude to say ‘thank you’ to money,” Feinsmith concluded.

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