Personal Finance: How often do you review your financial activities?

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It is fairly obvious to me that I need to be accountable for my finances to be in more control of the money I make and how much of it I spend.

The evidence for this is overwhelming. That's why we usually see some sort of reports from business organizations that give a breakdown of how they financially operated within a specific period.

I thought about it for a while and something came to mind; Why don't I try to be reviewing my earning and expenditure?

I started during my Uni days to gain theoretical knowledge about the benefits of reviewing my finances and I got into the practicals a few months after graduation.

An unpopular opinion I have about this is that the idea of being accountable in this case is a hassle. Even a Professor of finance knows that it takes a lot of work to do all the pluses and minuses associated with money.

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Nonetheless, everyone has to painstakingly make effort to be financially accountable. It has to be adopted as a habit because while our expenses can be unlimited, our income is usually subject to stringent limitations.

To be fair, I think so many people are also attentive to this side of their finances. They may not sit down every month or every quarter of a year to review their income and expenses, but I genuinely think it's impossible for a sane person to just spend money without considering his or her income.

Every one of us thinks about the money we have before deciding to make expenses and this shows that we are aware that we need to be accountable for our finances. Perhaps, we just have to start acting it out in a more sophisticated way by doing a proper review of our income and expenses.

I know it's a lot of work, but if you do it right, you will have so much to gain and nothing to lose. Besides, having a good knowledge of what you earned in a month and how much of it you have spent would help you make better financial decisions in the long run.

Take this year for an example; The first quarter of 2023 just came to an end.

How about you review your financial activities for this first quarter of the year?

You would be surprised to see how much you have spent so far and where you spent the money. Take a hint from that review and make proper adjustments to your financial activities for this second quarter of the year.

You will be glad that you did.

Thanks For Not Missing Any Full-stop Or Comma.
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19 comments
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I think reviewing our financial activities is important especially if we want to measure our progress in achieving our financial goal. I usually do mine every month but I haven't been able to seriously stick to it yet.

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Yeah. Goal setting is the starting point. Taking the step further to review our financial activities will make it easier to identify the goals we achieved and the ones we couldn't achieve. Most importantly, the stats we get after such review makes it easier to make some adjustments in our earning and expenditure.

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Making financial analysis really helps with keeping track on our inflow and outflow.

I'm an economist by nature but sometimes I still spend as the spirit leads. With spending comes debit alerts and I never hesitate to check where all my money is going (It's mostly on food sha). With this, I can make the necessary adjustments on my budget.

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Spending on food seems like the most understandable thing in the world. Haha. Some people can't even get drugs when they are sick because they want to mange money, but people make no bones about spending money on food when they are hungry. Haha.

Being an economist by nature is a very good trait. Haha.

Thanks for sharing your thoughts on this

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You're very much welcome dear✨

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Reviewing financial activities seems important to me and it help me to notice if I am using too much money in any specific reason. It also helpful for saving some money in my opinion. I used to review my financial activities in each month.

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Amazing. Doing these financial reviews is a very important thing for all of us. I think it's a standard practice that should be praticed by all. It helps people to be more disciplined in their spending.

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Considering the current situation of the current market we all need to be careful about in case of our finance and using our assets carelessly can bring negative results. So it's better to practice using our assets in a disciplined way.

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(Edited)

Exactly. The market is a big mess and the world economy is experiencing an insane Level of inflationary pressure.

We really have to sit up and prepare for the worst. Taking charge of our finance is a good way to 🌟

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