This is a traditional form of the Morning Offering that all Catholics should make. It is a good thing to memorize this prayer (or a different form of it) and to say it immediately upon waking. In the Morning Offering, we dedicate our entire day to God, thank Him for all He has done for us, promise to make reparation for our sins, and offer up the sufferings of day for the relief of the Holy Souls in Purgatory (especially through indulgences).
I offer Thee all my prayers, works, and sufferings in union with the Sacred Heart of Jesus, for the intentions for which He pleads and offers Himself in the holy sacrifice of the Mass, in thanksgiving for Thy favors, in reparation for my offenses, and in humble supplication for my temporal and eternal welfare, for the wants of our holy Mother the Church, for the conversion of sinners, and for the relief of the poor souls in purgatory.
I have the intention to gain all the indulgences attached to the prayers I shall say, and to the good works I shall perform this day. I resolve to gain all of the indulgences I can in favor of the souls in purgatory.