I Spend WHAT in a Month?!
- liveyourmoneystyle
- May 20
- 4 min read
Have you ever looked at your bank or credit card statement at the end of the month and asked yourself, “Where did all my money go?” You’re not alone—and we’re here to help you get to the bottom of it.
Understanding your spending helps ensure that your money goes toward things that truly bring you value and joy—not just filling up junk drawers and closets.
Keep reading to learn how to get clarity on your monthly expenses and take back control of your finances.
Step 1: Log Into Your Bank and Credit Card Accounts
Start by logging into each of your bank and credit card accounts online.
Once you're in, navigate to the transaction or activity section and filter for the most recent completed month. Each financial institution may use different wording, but they all allow you to view and download your monthly transactions.
Export each statement to a spreadsheet file (CSV format is best) so you can easily sort, filter, and eventually combine all your spending into one document.
Bonus Tip: Trouble remembering your login info? Create a secure, centralized document (with password protection) to store your usernames and passwords.
Step 2: Combine All Transactions Into One Master Spreadsheet
Now, take each of the spreadsheets you downloaded and merge them into one master file. This allows you to view all your transactions in one place.
Make sure the column headings match across accounts so you can sort and filter cleanly. Be mindful of how each bank represents charges (some use negative numbers for spending, others don’t), and standardize this across your combined data.
Bonus Tip: Planning to track expenses regularly? Create a master spreadsheet for the year with a separate tab for each month.
Step 3: Add Helpful Context
Once your data is combined, add new columns to give more clarity and control. Suggested columns include:
Source: The name of the bank or credit card the transaction came from.
Amount: Make sure all charges are positive or negative consistently (e.g., purchases as positive numbers, refunds as negatives).
Month: Note the month the transaction occurred, in case you want to build a full-year view later.
Category: Assign each transaction to a spending category to help you identify trends.
Start with about 10 categories so things are detailed but still manageable. Here’s a sample list:
Housing
Transportation
Groceries
Entertainment
Personal Care
Subscriptions
Savings/Investments
Childcare
Clothing
Household
Step 4: Don't Forget Irregular Expenses
Not all expenses occur monthly—but they still count! These are irregular or annual expenses that can sneak up on you and cause budget blowouts if you don’t plan ahead.
Common irregular expenses include:
Annual insurance premiums
Vehicle registration or car maintenance
Holiday shopping and travel
Annual memberships or subscriptions
Back-to-school costs
Medical or dental bills
If any of these show up in your statement this month, resist the urge to treat them as “just one-time.” Instead, divide the total by 12 and consider that the true monthly cost—because it’ll come around again.
Pro Tip: Create a category in your spreadsheet called “Irregular Expenses” or “Annualized Costs” so you can keep track of these over time.
This way, your budget reflects reality—not just what happened this month, but what needs to happen every month to be financially prepared.
Step 5: Analyze Your Expenses
Now comes the fun part—seeing where your money actually goes.
First, calculate your total monthly spending and compare it to your net income (your take-home pay).
If your expenses exceed your income, it's time to identify areas to cut back. [Check out our 15 Ways to Save Money Today post.]
If your expenses are lower than your income, great job! Look for opportunities to increase savings or investments toward your future goals.
Regardless of your financial standing, reflect on your discretionary spending (non-essentials).
Did your purchases bring joy and value?
Are there items—say, from Amazon—that ended up unused in a drawer? Next time, try the 48-hour rule: wait two days before making impulse purchases to see if you still want them.
Step 6: Make It a Habit
You’ve just invested time and effort to understand your expenses—don’t let that go to waste!
You don’t need to do this every month, but we recommend reviewing your spending at least once a year, and ideally quarterly. The more often you review, the more mindful and effective your spending becomes.
What gets measured gets improved!!
Final Thoughts
Understanding your monthly expenses isn’t just about spreadsheets and numbers—it’s about taking control of your financial life. When you know exactly where your money goes, you gain the power to make intentional choices that align with your goals, values, and priorities.
The process might feel a little tedious at first, but the clarity and confidence it brings are 100% worth it. And remember: this isn’t something you have to do every single month. Start with once a quarter or even once a year. The more you review, the more in control you’ll feel—and the better your financial decisions will become.
Budgeting Resources
