Ever check your bank account and wonder, “Where did all my money go?” Yeah, same. If you’re living paycheque to paycheque or just trying to stretch your dollars, you’re not alone. Here’s the good news: You might be sitting on easy savings without even realizing it. How? By reviewing your credit card and bank statements every month to catch unfamiliar charges and rethink those purchases you regret.

Sound tedious? It’s actually simpler than you’d think, and it can pay off in a big way. Let’s break down why this habit can make a real difference—and how you can get started today.

Spot the Sneaky Charges

First things first: subscription services are sneaky. Remember that “free trial” you signed up for six months ago? It’s probably been quietly draining $9.99 from your account every month since. Multiply that by a few forgotten subscriptions, and you’ve got $30 to $50 vanishing monthly without your permission.

• Forgotten subscriptions: Cancel them if you’re not using them.
• Duplicate charges: Yes, these happen more often than you think!
• Fraudulent activity: Even small, unfamiliar charges could be a red flag for fraud.

Regret Spending? You’re Not Alone

We’ve all made purchases we regret—those “treat yourself” moments that seemed like a good idea at the time. (Looking at you, late-night food delivery.) The key here isn’t to feel guilty—it’s to learn from it.

Let’s say you find a handful of $25 to $35 takeout charges you barely remember. If you cut just two of those a month and cook at home instead, you’ll save $50 to $70. Over a year, that’s between $600 and $840 back in your pocket.

Now apply this principle to impulse purchases: clothing, gadgets, or that fancy coffee habit. For example, if you switch from buying a $4 coffee every weekday to brewing your own at home, you’ll save about $20 a week—or over $1,000 a year. If you use a coffee pod machine, it’s still a significant savings at about $0.70 per cup compared to $4 at a café. Even if you factor in the cost of pods and milk, that’s around $500 saved annually.

The Secret to Making This a Habit

The trick is consistency. Set a “monthly reminder” on your phone or calendar to spend 15 minutes reviewing your statements. Think of it as a check-in with your finances—a chance to pause, reflect, and adjust.

Here’s a simple four-step process to get started:

• Gather your statements: Pull your credit card and bank statements from the last month.
• Highlight anything questionable: Look for charges you don’t recognise or purchases that make you go, “Why did I do that?”
• Take action: Cancel subscriptions, dispute errors, and adjust your budget if necessary.
• Reflect on your findings: Before future spending decisions, pause and ask yourself if the purchase is truly necessary or if it might end up as another regretful charge at the end of the month.

Small Savings = Big Impact

It might feel like cutting a $10 subscription or skipping a $20 dinner out won’t make much of a difference, but those small savings add up fast. Consider this:

• $25 saved each week = $1,300 a year
• $50 saved each month = $600 a year

That’s enough for a small vacation, a chunk off your credit card debt, or a head start on an emergency fund.

A Little Effort, Big Payoff

Reviewing your monthly statements might not be the most glamorous activity, but it’s one of the easiest ways to take control of your finances. It’s a chance to protect yourself from sneaky charges, cut back on wasteful spending, and build better money habits.

Set that reminder, pour yourself a cup of coffee, and start scrolling. Your future self will thank you.