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 Insights group your authorised transactions by category for the month you choose, so you can see where your spending was concentrated. Transfers, income, and other non-spending activity are filtered out, so the totals reflect money you actually spent.

Each category shows its share of the month, and a six-month trend sits alongside it so you can see which categories are steady and which spiked. You can step back through recent months, with separate Spending, Income, and Cashflow views when you want them.

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.