A monthly financial review is the best way to stay on track with your budget, savings, and financial goals. It only takes 30 minutes or less, and it will help you catch problems early and celebrate your wins.

Here’s how to review your finances every month in 30 minutes or less.

Step 1: Check Your Bank and Credit Card Statements (5 minutes)

• Review all transactions for the month
• Check for any errors or unauthorized charges
• Categorize your spending (needs vs. wants)

Step 2: Compare Your Spending to Your Budget (10 minutes)

• Did you stay within your budget?
• Which categories did you overspend in?
• Which categories did you underspend in?
• Adjust next month’s budget based on this month’s results

Step 3: Review Your Savings and Debt Progress (5 minutes)

• Did you hit your savings goal this month?
• How much debt did you pay off?
• Track your progress towards your financial goals (e.g., emergency fund, down payment)

Step 4: Update Your Net Worth (5 minutes)

• Calculate your net worth (assets - liabilities)
• Compare to last month’s net worth
• Celebrate if it’s up—don’t worry if it’s down a little, just see why

Step 5: Plan for Next Month (5 minutes)

• Set your savings goal for next month
• Plan any big purchases or expenses
• Adjust your budget as needed

Monthly Review Step	How Long	What to Do
1. Check Statements	5 min	Review transactions, errors, categorize
2. Compare to Budget	10 min	Track over/underspending, adjust next budget
3. Review Savings/Debt	5 min	Track progress toward goals
4. Update Net Worth	5 min	Calculate, compare to last month
5. Plan Next Month	5 min	Set savings goal, plan big expenses

What to Do If You’re Off Track

• Cut back on spending in overbudget categories
• Look for ways to increase income (side gig, sell items)
• Adjust your goals if they’re unrealistic
• Don’t get discouraged—next month is a fresh start!

Frequently Asked Questions

What if I don’t have time for a monthly review?

Even 15 minutes is better than nothing! Focus on the most important things: checking statements, comparing to budget, and reviewing savings progress.

Should I use a spreadsheet or app for my review?

Either works! Use what you’re comfortable with—spreadsheets are customizable, apps are automatic and easy.

What if my net worth goes down one month?

That’s normal! Net worth can fluctuate for many reasons (e.g., stock market down, unexpected expense). Just look at the trend over time—it should go up long-term.

Final Thoughts

A monthly financial review keeps you in control of your money and on track to reach your goals. Schedule it for the same day every month (e.g., the first Saturday), make it a habit, and you’ll see your finances improve quickly!