How To Review Your Spending This Financial Year

"Where did my money go?" is one of the most common money questions, and it gets asked most loudly around the end of the financial year. The honest answer is that it usually went to a long tail of small, ordinary things rather than one big surprise.

A short, structured review of the past months is often more useful than a new budget. Moneysmart recommends looking back over recent bank statements or app transactions to see both regular and occasional costs before changing anything.

Pick a period that matters

Choose a window that lines up with how you think about your money:

• the last 30 days, for a quick check-in
• the last three months, for a seasonal view
• year to date, to see how the financial year is shaping up
• the full financial year, for an end-of-FY review

Different periods tell different stories. A monthly view shows habits; a financial year view shows the bigger pattern.

Group spending by category, then by merchant

Looking at every transaction is too much detail. Group spending by category first - groceries, eating out, transport, subscriptions, health - then open each category up to the merchants behind it.

Moneysmart's guidance on tracking spending notes that categorising and reviewing transactions is the practical way to understand patterns over time.

Watch the trend, not just the total

A single number for the year can be misleading. The trend across months usually tells you more:

• which categories are steady
• which ones spike in particular months
• which merchants quietly grow over time
• where one-off purchases hide

A peak month inside a category is often where the real story is.

Filter out income, transfers, and refunds

When you ask "where did my money go", you really mean money you spent. Internal transfers between your own accounts, salary, refunds, and credits are not spending and should be removed from the view, or they will distort every total.

How Cove Money helps

Cove Money's Breakdowns view groups authorised transactions by category, expands to the merchants underneath, and shows a month-by-month trail for the year you choose. Transfers, income, and non-spending activity are filtered out using the same rules as the rest of the app.

You can switch between year to date and a full calendar year, step backwards or forwards by year, and use the sparkline on each row to see which month was the peak. It is designed for moments when you want the numbers themselves, not interpreted insights.

What this review will not do

A review like this is informational. It will not file your tax return, replace personal financial advice, or guarantee that every transaction has been categorised correctly. Numbers depend on the accounts you have connected and the data available from your bank.

If a transaction looks wrong, check the merchant, receipt, or your bank record before acting on it. For tax matters, refer to the ATO and a registered tax agent.

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This article is general information only and does not constitute personal financial advice. Consider seeking advice from a licensed adviser before acting.