As the new year begins, many Canadians are setting financial resolutions. A common question is: how often should you actually review your money? The answer isn't one-size-fits-all; it depends on your goals and the specific area of your finances.
The Daily and Weekly Money Routine
For day-to-day cash flow, a brief daily check is recommended. This involves glancing at your bank account and tracking expenses through an app. The goal is to catch any fraudulent transactions early and stay aware of your spending.
Once a week, set aside time for a slightly deeper review. This weekly session should focus on ensuring bills are paid, monitoring your budget categories, and reconciling any discrepancies. This habit prevents small financial issues from snowballing into larger problems.
Monthly and Quarterly Financial Reviews
The cornerstone of personal finance is the monthly review. At the end of each month, conduct a comprehensive analysis. Compare your actual income and spending to your budget. Examine your progress on debt repayment and savings goals. This is also the time to pay credit card balances in full to avoid interest.
Every three months, schedule a quarterly financial check-in. This mid-level review looks at broader trends. Are you on track with your annual goals? Should you adjust your budget based on seasonal changes, like higher utility bills in winter? This is also an ideal time to review investment portfolio performance, though without making reactive decisions based on short-term market fluctuations.
The Essential Annual Financial Overhaul
Once a year, commit to a complete financial overhaul. This deep dive should coincide with year-end or tax season. Key annual tasks include reviewing your credit report for errors, reassessing your insurance policies, and rebalancing your investment portfolio if necessary.
This is also the moment to evaluate major life changes from the past year—such as a new job, marriage, or a child—and adjust your financial plan accordingly. Set new, realistic goals for the coming year, whether it's saving for a down payment, increasing retirement contributions, or building an emergency fund.
Financial experts stress that consistency is more important than frequency. Establishing a sustainable rhythm you can maintain throughout 2026 is the true key to financial health. Whether you use a spreadsheet, a budgeting app, or a simple notebook, the act of regularly engaging with your finances builds awareness and control, empowering you to make informed decisions for your future.
