Most people avoid checking their finances until a problem arises—late fees, overdrafts, or unexpected expenses that derail their budget. The 5-minute monthly money check is a simple, proactive routine that helps you catch issues early, stay aligned with your financial goals, and avoid costly surprises. With just a few minutes each month, you can gain clarity and confidence in your financial life.

In this guide, we’ll break down a streamlined process to review your finances, complete with practical tips, real-life examples, and how Onu’s AI-powered insights can make the process effortless without ever touching your money.

Why a Monthly Money Check Matters

Regular financial check-ins are like routine health checkups—they catch small issues before they become big problems. By spending just five minutes a month, you can spot overspending, avoid overdraft fees, ensure your savings goals are on track, and prepare for upcoming expenses. This habit builds financial discipline and reduces stress by keeping you in control.

Benefits include:

• Early detection of budget leaks or unusual charges.
• Confidence that your bills and savings are covered.
• Ability to adjust spending before small issues escalate.
• Alignment with long-term financial goals, like building an emergency fund or paying off debt.

Step 1: Review Your Account Balances

Start by checking the balances in your checking, savings, and credit accounts. This gives you a quick snapshot of your financial health. Ask yourself:

• Is your checking account balance enough to cover upcoming bills?
• Is your savings buffer (e.g., $250–$500 for emergencies) intact?
• Are there any unexpected charges or low balances in your credit accounts?

Example: If your checking account has $1,200 but you know $1,000 in bills are due soon, you have only $200 for variable spending. Recognizing this early prevents overspending.

Step 2: Scan Upcoming Bills

Look at your calendar or bank app to identify bills due in the next 30 days, such as rent, utilities, subscriptions, or loan payments. Ensure your checking account has enough to cover these without dipping into savings or credit.

How to do it:

• List fixed expenses (e.g., $800 rent, $150 utilities, $100 subscriptions).
• Check for irregular expenses, like quarterly insurance premiums or annual memberships.
• Confirm payment dates align with your pay cycle to avoid cashflow gaps.

Example: If you’re paid biweekly and have $500 in bills due on the 10th, ensure at least $500 is in your checking account by the 5th to avoid last-minute scrambles.

Step 3: Spot Spending Shifts

Review your recent transactions to identify any unusual spikes or patterns in your spending. Did you spend more on dining out or online shopping than planned? Are there new subscriptions you forgot about? Catching these shifts early helps you adjust before they derail your budget.

How to do it:

• Check your bank or credit card statements for the past 30 days.
• Look for categories where spending increased unexpectedly (e.g., $200 on takeout vs. your usual $100).
• Identify recurring charges that might be unnecessary, like a $15/month app you no longer use.

Example: If you notice a $50/month gym membership you haven’t used in three months, canceling it saves $600/year, which can be redirected to savings or debt repayment.

Step 4: Adjust Your Spending Plan

If you’re overspending in one category, plan to cut back elsewhere to stay within your budget. For example, if you overspent on entertainment, reduce dining out next month. The goal is to maintain balance without derailing your financial goals.

How to do it:

• Use a simple budgeting method like the 3-Jar Method (Necessities, Savings, Play) to allocate funds.
• Adjust category budgets based on your review (e.g., lower entertainment from $150 to $100).
• Redirect savings from cuts to high-priority goals, like debt repayment or an emergency fund.

Example: If you overspent $100 on online shopping, cut $50 from dining out and $50 from entertainment next month, then redirect that $100 to your savings account.

Step 5: Check Your Savings and Debt Progress

Review your savings and debt repayment goals to ensure you’re making progress. Are you consistently adding to your emergency fund? Are high-interest debts shrinking? This step keeps your long-term goals in focus.

How to do it:

• Check your savings account balance against your target (e.g., $1,000 emergency fund).
• Review debt balances and interest costs—focus on high-interest debts first.
• Confirm automatic transfers to savings or extra debt payments are active.

Example: If your goal is a $1,000 emergency fund and you’ve saved $600, you’re 60% there. If you’re paying $100/month extra on a credit card, check how much interest you’ve saved.

Step 6: Plan for Next Month

Use insights from your review to plan for the upcoming month. Anticipate irregular expenses (e.g., annual subscriptions or car maintenance) and adjust your budget to accommodate them.

How to do it:

• Identify upcoming irregular expenses, like a $300 insurance premium due next month.
• Adjust your variable spending budget to free up funds for these costs.
• Set reminders for any actions, like canceling a subscription or increasing a debt payment.

Example: If a $200 car registration is due next month, reduce your entertainment budget by $50/week for four weeks to cover it without dipping into savings.

Real-Life Example

Meet Alex, who earns $3,000/month after taxes and used to dread checking his finances. Here’s how he applied the 5-minute monthly money check:

• Balances: Alex checked his accounts and found $1,500 in checking, $400 in savings, and a $2,000 credit card balance. He noticed his checking was tight for upcoming bills.
• Bills: He confirmed $1,200 in bills due (rent, utilities, subscriptions) and ensured funds were ready by transferring $200 from variable spending.
• Spending Shifts: Onu flagged a $150 spike in dining out, so Alex cut back to $100 next month, saving $50.
• Adjustments: He redirected the $50 to his savings, bringing it to $450, and planned to cut entertainment by $50 to cover a $100 insurance premium due next month.
• Savings/Debt: Alex checked his $1,000 savings goal (45% complete) and increased his credit card payment by $25/month, saving $90/year in interest.
• Planning: He set a reminder to cancel a $12/month unused app, saving $144/year, and allocated $25/month to a sinking fund for car maintenance.

With this routine, Alex avoided overdrafts, grew his savings, and felt confident about his finances in just five minutes a month.

Final Thoughts

The 5-minute monthly money check is a game-changer for staying in control of your finances without overwhelming effort. By reviewing balances, bills, spending, savings, and debt, and planning for the next month, you can catch issues early and stay aligned with your goals. Onu makes this process seamless with real-time insights, spending alerts, and reminders, all without touching your money. Start this habit today, and watch your financial confidence grow month by month.