How to Set Up a Monthly Financial Check-In Routine

7 March 2025

When was the last time you sat down and truly took stock of your finances? If your answer is "I can't really remember," you're not alone. Many of us are guilty of this. Life is busy, and often, our finances take a backseat. But here's the kicker: ignoring your finances won’t make them better. If anything, it makes things worse. So, let’s talk about a game-changer: setting up a monthly financial check-in routine.

A monthly financial check-in routine is like taking your car for regular maintenance. You wouldn't wait for your car to break down completely before getting it serviced, right? Similarly, you shouldn’t wait until financial stress hits before giving your money some attention. In this article, we’ll walk you through everything you need to know to set up your own monthly financial check-in routine—because yes, you need one!

Why You Need a Monthly Financial Check-In

Before we dive into the “how,” let’s talk about why this is so important. A lot of people don’t even realize that their finances are slowly spiraling out of control. They think, “I’m paying my bills, so I’m good,” but that’s the bare minimum. A monthly financial check-in helps you keep a pulse on your financial health. It allows you to:

- Track your progress: Are you closer to your financial goals, or have you drifted off-course?
- Spot issues early: Catch problems like overspending, unexpected fees, or dwindling savings before they snowball.
- Stay accountable: Regular check-ins keep you focused and responsible for your financial behaviors.
- Reduce anxiety: Knowing exactly where your money is going can reduce the stress and unknowns.

Think of it like a fitness plan for your finances. If you check in regularly, you can make adjustments before things get out of hand.

Step 1: Set a Date and Stick to It

First things first—you need to schedule your financial check-in. It’s easy to say, “I’ll do it when I have time,” but let’s be honest: that day may never come. Instead, block out time on your calendar, just like you would for a doctor’s appointment or an important meeting.

How Often Should You Check In?

Monthly is the sweet spot for most people. It’s frequent enough to catch any issues but not so frequent that it feels like a chore. Ideally, you’ll want to pick a day that works for you, like the first weekend of every month or the last Friday. Stick to your scheduled day, and over time, this will become a habit that you won’t want to skip.

_Pro Tip:_ Make it a bit more enjoyable. Brew a cup of coffee, put on some relaxing music, and make your financial check-in a little self-care moment.

Step 2: Review Your Income

This one might seem obvious, but it’s crucial: know how much money you’re bringing in each month. This is especially important if you have an irregular income, like freelancers or those who work on commission.

What Should You Look For?

- Total monthly income: Start by reviewing your paycheck stubs or bank statements to know exactly how much money you made that month.
- Any additional income: Did you receive any bonuses, side hustle money, or cash gifts? Make sure to track all sources of income.

Once you know your total income, you can better assess where your money is going and if you’re living within your means.

Step 3: Track Your Expenses

This is where things can get eye-opening. Many of us don’t fully realize how much we’re spending on small things until we see it all laid out in front of us.

Break It Down

1. Fixed Expenses: These are things like rent, mortgage, car payments, and utilities. These are non-negotiable bills you have to pay each month.
2. Variable Expenses: This category includes groceries, dining out, entertainment, and other flexible spending. These are the areas where you have the potential to cut back if needed.
3. Annual or Irregular Expenses: Don’t forget about expenses that don’t pop up monthly, like subscriptions, insurance premiums, or holiday shopping. Track these so they don’t catch you off guard.

You can use a spreadsheet, budgeting app, or even pen and paper to track your spending. The key is to be honest with yourself. Yes, that $5 coffee you buy every day adds up!

_Pro Tip:_ If you use a credit or debit card for most of your purchases, many banking apps will automatically categorize your spending for you, which can save you time.

Step 4: Evaluate Your Savings

Are you saving enough? This is a critical question that many people overlook. Monthly check-ins are a perfect time to assess your savings goals and see how you’re progressing.

Types of Savings to Consider

- Emergency Fund: Ideally, you should have 3-6 months' worth of expenses saved up for a rainy day—because life happens. Is your emergency fund growing, or have you dipped into it recently?
- Short-Term Savings: Are you saving for a vacation, a new car, or maybe a down payment on a house? Keep tabs on these goals and adjust if necessary.
- Retirement Savings: Are you contributing to a retirement account like a 401(k) or IRA? Even if retirement seems far away, it’s important to consistently save for the future.

If you find that your savings aren’t where they should be, this is your chance to make changes. Can you cut back on a few non-essential expenses to boost your savings next month?

Step 5: Tackle Debt

Debt can be overwhelming, but ignoring it won’t make it go away. Your monthly financial check-in is a great opportunity to assess your debt situation and create a plan to tackle it.

What to Analyze

- Current Balances: How much do you owe on each credit card, mortgage, student loan, or personal loan?
- Interest Rates: Are you paying high interest on certain debts? If so, you might want to consider consolidating or refinancing.
- Minimum Payments: Ensure you’re making at least the minimum payments on all your debts to avoid late fees.
- Extra Payments: If you have room in your budget, make extra payments toward high-interest debt to pay it off faster.

By regularly reviewing your debt, you can create a plan to pay it down and eventually become debt-free.

Step 6: Revisit Your Financial Goals

It’s one thing to set financial goals, but are you actually working towards them? Your monthly check-in is the perfect time to assess your progress.

Ask Yourself:

- Are my goals still relevant? Maybe your priorities have changed, or perhaps you've already achieved some of your goals.
- Am I on track? If you’re not hitting your milestones, figure out why. Maybe you need to adjust your budget or reallocate your spending.
- Do I need to create new goals? If you’ve recently paid off debt or hit a savings target, don’t stop there! Set new financial goals to keep yourself motivated.

Remember, goals can and should evolve over time. The key is to keep them top of mind and adjust as needed.

Step 7: Plan for the Upcoming Month

Now that you’ve done a thorough review of the past month, it’s time to look ahead. What does the next month hold for you, financially speaking?

Things to Consider:

- Upcoming Expenses: Do you have any big bills or irregular expenses coming up? Maybe car insurance is due, or you’re planning a weekend getaway. Anticipating these in advance can help you avoid surprises.
- Changes in Income: Are you expecting an increase in income or, alternatively, a decrease? For example, if you’re a freelancer, do you have fewer gigs lined up?
- Adjust Your Budget: Based on what you’ve learned from your check-in, tweak your budget for the upcoming month to reflect your current financial situation.

The goal here is to be proactive. When you know what’s coming, you can adjust accordingly and avoid any unnecessary financial stress.

Step 8: Keep It Simple and Consistent

Let’s be real. Setting up a routine like this can sound a bit overwhelming at first, especially if you’ve never done it before. But here’s the thing: it doesn’t have to be complicated. Once you get the hang of it, your monthly financial check-in will only take about 30-60 minutes. That’s it!

Tips for Making It a Habit:

- Set a Reminder: Use your phone or calendar to remind you of your financial check-in day.
- Keep It Consistent: Just like working out, the more consistent you are, the easier it becomes.
- Celebrate Wins: Did you hit a savings milestone? Paid off a pesky debt? Celebrate those wins, no matter how small.

Remember, the goal is progress, not perfection. Consistency will pay off in the long run.

Conclusion

Setting up a monthly financial check-in routine is one of the best things you can do for your financial health. It gives you a clear picture of where you stand, helps you catch issues before they become bigger problems, and keeps you on track to reach your financial goals. The key is to make it a habit, stay consistent, and not shy away from the numbers—whether they’re good or bad.

So, what are you waiting for? Grab your calendar, set a date, and start your first financial check-in. Your future self will thank you.