How to do a monthly review
A monthly review takes 20–30 minutes and is the single most impactful habit you can build as a budgeter. It’s where you step back, look at the full picture, and make smarter decisions for next month.
When to do it
Do your review in the last few days of the month or the first day or two of the new month — whenever your final transactions have settled.
The checklist
1. Reconcile all accounts (5 minutes)
Before you analyze anything, make sure your data is accurate:
- Compare each account balance in Aspire to your actual bank balance
- Fix any discrepancies (missing transactions, wrong amounts)
- Add reconciliation points for each account
If balances match, your data is trustworthy and the review will be meaningful.
2. Check the Dashboard (2 minutes)
Scan your category balances:
- Overspent categories (negative balances) — what happened? Was it a one-off or a pattern?
- Underspent categories — is the Monthly Amount too high, or did you just have a light month?
- Available to budget — should be at or near zero. If negative, fix it before doing anything else.
3. Review Spending Reports (5 minutes)
Open the Spending Reports tab and look at this month’s totals:
- Which categories had the highest spending?
- Anything surprising? Unexpected large expenses?
- How does total spending compare to total income?
Write down 2–3 observations. Don’t judge — just notice.
4. Check Trend Reports (5 minutes)
Open the Trend Reports tab and look at 3–6 month trends:
- Are any categories trending up month over month? (groceries creeping from $400 → $450 → $520?)
- Are there categories where spending is consistently below your Monthly Amount?
- Is your overall spending trending up, stable, or down?
Trends tell you things a single month can’t. A $500 grocery month might look normal — but if it’s been rising $50/month for six months, that’s a pattern worth addressing.
5. Review Income vs. Expense (3 minutes)
If you use the Income vs Expense report (available in the add-on):
- Was income greater than expenses this month? (If not, you lived on savings — fine occasionally, concerning as a trend)
- What’s the gap? Is it growing or shrinking?
6. Adjust Monthly Amounts (5 minutes)
Based on your observations, update the Configuration tab:
- Categories consistently overspent → raise the Monthly Amount to match reality (or commit to spending less)
- Categories consistently underspent → lower the Monthly Amount and redirect that money to goals or other categories
- New categories needed → add them
- Unused categories → hide them
7. Fund next month (5 minutes)
If you have income already available for next month:
- Go to Category Transfers
- Fund your categories to their Monthly Amounts
- Prioritize needs → obligations → goals → wants
If you don’t have next month’s income yet, you’ll fund as it arrives.
Questions to ask yourself
- Did I spend in alignment with my values this month?
- Was there spending I regret?
- Are my category amounts realistic, or am I setting myself up to “fail” every month?
- What’s one thing I want to do differently next month?
- Am I making progress on my financial goals (debt payoff, emergency fund, savings)?
Keep it simple
Your review doesn’t need to be a spreadsheet audit. The goal is awareness:
- 5 minutes minimum: Reconcile + glance at the Dashboard
- 15 minutes standard: Add Spending Reports and adjust Monthly Amounts
- 30 minutes thorough: Full checklist above with Trend analysis
Even the 5-minute version is better than skipping it entirely. The habit matters more than the depth.