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Month in Review: How to make a most of it?
Month in Review: How to make a most of it?

7 steps to review your month in finances

Mikko Leo Selg avatar
Written by Mikko Leo Selg
Updated over a week ago

Automatic reports on Bilance are designed to make your monthly financial review easy. Here's how to make the most of it.

#1 – Double-check the categorization

Before jumping into the monthly review, it's worth checking if all your expenses are in the correct categories. For that, open the "Categories" tab. Tapping on a category opens the subcategories and transactions.

Bilance app learns your financial habits over time and categorises payments automatically. Still, some help might be needed to assign payments to the correct categories, especially if you're a newer user.

Also, review the “Undefined” category, where we place expenses that we're unable to categorise automatically.

#2 – Navigate to “Month in Review”

At the end of each month, we automatically create a monthly report summarizing your spending. You can locate the report on the "Dashboard".

The report is saved automatically, so you can revisit it whenever you want.

#3 – Review your income, expenses, and savings rate

Start with a high-level overview of your month. How much money came in, how much went out, and how much did you save and invest?

💡 What to check:

  • What will your next month look like? Do you expect any major changes in income? Are there any large purchases coming up?

  • Are you happy with your savings and investment rate? If not, how could you improve?

#4 – Review your spending by categories

Seeing the breakdown by category helps to pinpoint your financial habits. Inspect how much you spent on each category and how it changed compared to last month. Click on each category for a more detailed overview.

💡 What to check:

  • Are there any huge jumps or drops in spending? Are the changes permanent or one-off events?

  • Are there any categories that you’d want to cut back? If so, try adding a budget for the next month.

  • Do you need to allocate more money to any categories?

  • Are you happy with where your money is going?

#5 – Check in with your budgets & recurring expenses

If you set any budgets for the past month, you can see how you did. Once again, tapping on the budget opens a more detailed view. Similarly, you can get an overview of your recurring expenses.

💡 What to check:

  • Are there any categories that you’d want to cut back on? If so, try adding a budget for the next month and track your progress.

  • Are there any unused subscriptions or other recurring expenses you could cancel?

#6 – Take a glance at personal insights

A monthly spending review can reveal ways to use the money better in the future. To give you ideas, we highlight some items from your spending habits every month.

#7 – Check back regularly

Bilance tracks your expenses in real-time, making routine financial check-ups effortless.

Check back at least once a week to see if you are on track towards next month's money goals!

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