A 20-minute monthly money review: the checklist

Most money habits fail because they take too long. A short, repeatable review beats an occasional deep clean. This one takes about twenty minutes.

Minutes 1 to 5: Bring in the data

1. Download last month’s statement for each account and card.
2. Import them, choosing the right account each time.
3. Check that the totals of the import look right for the month.

Minutes 6 to 10: Tidy up

1. Clear the uncategorised transactions.
2. Check the possible duplicates the dashboard flags.
3. Add an alias for any merchant that appears under two names.

Minutes 11 to 16: Read the story

• Dashboard: how did spending compare with the previous period?
• Top categories: is one category larger than you expected?
• Savings rate by month: did you keep what you meant to?
• Recurring charges: is anything new or no longer needed?

Minutes 17 to 20: Decide

Choose one change for next month. It might be a limit on a category, cancelling a subscription or moving a fixed amount into savings. One concrete change is worth more than a long list.

Quarterly extras

• Open the Outlier transactions and Possible duplicate charges reports.
• Check the Credit-card fees and interest report.
• Refresh your emergency-fund target if your essentials have changed.

Put the review in your calendar for the same day each month, straight after the statements arrive.