How To Use Your Credit Card Statement As A Budgeting Tool

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SHARE: Rido / Shutterstock.com April 14, 2020 Nicole Dieker has been a full-time freelance writer since 2012—and a personal finance enthusiast since 2004, when she graduated from college and, looking for financial guidance, found a battered copy of Your Money or Your Life at the public library. In addition to writing for Bankrate, her work has appeared on CreditCards.com, Vox, Lifehacker, Popular Science, The Penny Hoarder, The Simple Dollar and NBC News.

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Dieker spent five years as writer and editor for The Billfold, a personal finance blog where people had honest conversations about money. Dieker also teaches writing, freelancing and publishing classes and works one-on-one with authors as a developmental editor and copyeditor. Bankrate logo

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Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Bankrate logo

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At Bankrate, we have a mission to demystify the credit cards industry — regardless or where you are in your journey — and make it one you can navigate with confidence. Our team is full of a diverse range of experts from credit card pros to data analysts and, most importantly, people who shop for credit cards just like you.

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With this combination of expertise and perspectives, we keep close tabs on the credit card industry year-round to: Meet you wherever you are in your credit card journey to guide your information search and help you understand your options. Consistently provide up-to-date, reliable market information so you're well-equipped to make confident decisions.

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Reduce industry jargon so you get the clearest form of information possible, so you can make the right decision for you. At Bankrate, we focus on the points consumers care about most: rewards, welcome offers and bonuses, APR, and overall customer experience. Any issuers discussed on our site are vetted based on the value they provide to consumers at each of these levels.

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Grace Liu Member

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While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. There’s never a bad time to get serious about your home budget, but in the face of ongoing economic uncertainty and , it can be an especially important task. Whether you’re currently , furloughed, working from home or providing essential services, your household can benefit from a close analysis of your spending habits and a discussion of whether you should maintain those habits going forward.

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Sebastian Silva 12 minutes ago

During this process, your credit card statement can provide a lot of insight into where your money i...

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Mia Anderson 38 minutes ago

Although many people receive monthly credit card statements in the mail, you can also access your st...

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Charlotte Lee Member

100 minutes ago

During this process, your credit card statement can provide a lot of insight into where your money is going, and help you decide whether you need to make any adjustments. Here’s what you need to know about using your credit card statement as a budgeting tool.

How your credit card statements can help you budget

Your contains more useful information than you may realize.

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Scarlett Brown Member

42 minutes ago

Although many people receive monthly credit card statements in the mail, you can also access your statement at any time by visiting your online credit card account. Once you have your statement in front of you, take a minute to review the transactions listed. By reminding yourself of the purchases you put on your credit card during the previous billing cycle, you’ll be better prepared to evaluate whether you want to continue making those kinds of purchases in the future.

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Zoe Mueller Member

110 minutes ago

Pay attention to how each individual transaction makes you feel — are you glad you made that purchase, or do you think you overspent or bought something unnecessary? Is there anything on the list you wish you hadn’t bought? You should also review your list of payments and credits.

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Scarlett Brown Member

69 minutes ago

Not only will you find how much money you put towards , but you’ll also see whether you frequently return products you purchase — which might suggest that you are buying more than you need — and whether you were able to redeem any credit card rewards for . When every penny counts, using your credit card rewards wisely can make a big difference.

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Alexander Wang 16 minutes ago

Lastly, review any fees and interest charges you may have accrued over the previous month. If you we...

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Emma Wilson 15 minutes ago

Should you consider a or transfer your outstanding balance to a with a zero percent intro APR period...

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Sophia Chen Member

24 minutes ago

Lastly, review any fees and interest charges you may have accrued over the previous month. If you were charged fees or interest, is there a way to reduce those charges going forward?

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Emma Wilson 5 minutes ago

Should you consider a or transfer your outstanding balance to a with a zero percent intro APR period...

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Aria Nguyen Member

50 minutes ago

Should you consider a or transfer your outstanding balance to a with a zero percent intro APR period? Once you understand what your credit card statement is telling you, you can use that information to make positive changes in the way you shop, spend, save and pay off debt. And if you’re having trouble making credit card payments due to coronavirus-related hardship, reach out to your issuer to ask about that might allow you temporary relief or forbearance.

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Mia Anderson 25 minutes ago

To begin , here are three areas in which you might be able to quickly cut back:

Recurring charg...

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Julia Zhang 35 minutes ago

Evaluate each of these charges, ask yourself whether the monthly enjoyment is worth the monthly char...

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Ryan Garcia Member

130 minutes ago

To begin , here are three areas in which you might be able to quickly cut back:

Recurring charges

Does your credit card statement include a lot of recurring charges? These are the kinds of charges that hit your credit card every month, often automatically — streaming media subscriptions, beauty boxes, meal kits, gym memberships and so on.

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Isaac Schmidt 109 minutes ago

Evaluate each of these charges, ask yourself whether the monthly enjoyment is worth the monthly char...

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Chloe Santos 94 minutes ago

According to a recent , 56 percent of adults have shared subscription service accounts, whether they...

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Scarlett Brown Member

27 minutes ago

Evaluate each of these charges, ask yourself whether the monthly enjoyment is worth the monthly charge and decide which subscriptions you’re ready to cancel. You may also be able to adjust subscriptions costs by sharing with others.

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Ella Rodriguez 8 minutes ago

According to a recent , 56 percent of adults have shared subscription service accounts, whether they...

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Daniel Kumar 17 minutes ago

These are often food-related: grocery stores, coffee shops, restaurants and takeout tend to make up ...

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Hannah Kim Member

84 minutes ago

According to a recent , 56 percent of adults have shared subscription service accounts, whether they’re passing around Netflix passwords or singing along to Spotify together. Both Netflix and Spotify make it easy to share accounts with family members or roommates, so take that into account as you do your accounting.

Frequent purchases

After you review your recurring charges, it’s time to tackle your frequent purchases.

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Daniel Kumar 77 minutes ago

These are often food-related: grocery stores, coffee shops, restaurants and takeout tend to make up ...

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Brandon Kumar 69 minutes ago

The great thing about the frequent purchase category is that you can cut back on your spending witho...

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Jack Thompson Member

116 minutes ago

These are often food-related: grocery stores, coffee shops, restaurants and takeout tend to make up much of our day-to-day spending. However, you might notice that you also frequently buy clothes, books, toys for your children or entertainment for yourself — and each of those purchases quickly add up.

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Liam Wilson 92 minutes ago

The great thing about the frequent purchase category is that you can cut back on your spending witho...

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Daniel Kumar Member

150 minutes ago

The great thing about the frequent purchase category is that you can cut back on your spending without having to completely remove those kinds of purchases from your life. For example, you can save money by ordering pizza less often, but you don’t have to give up your favorite pizza place forever.

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Charlotte Lee 73 minutes ago

It’s your job to create a budget that lets you balance what you want to buy with what you can affo...

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Lily Watson 110 minutes ago

The , for example, is a popular template that suggests putting 50 percent of your money towards need...

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Madison Singh Member

93 minutes ago

It’s your job to create a budget that lets you balance what you want to buy with what you can afford — which may be easier than you realize.

Wants vs needs

The key to a successful budget is balancing your wants and your needs.

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Noah Davis 23 minutes ago

The , for example, is a popular template that suggests putting 50 percent of your money towards need...

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Noah Davis 14 minutes ago

Some people may put 80 percent of income towards rent, bills and other needs, and those with have to...

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Audrey Mueller Member

32 minutes ago

The , for example, is a popular template that suggests putting 50 percent of your money towards needs, 30 percent towards wants and 20 percent towards savings. Not everyone is able to divide money according to the 50-30-20 method.

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Oliver Taylor 16 minutes ago

Some people may put 80 percent of income towards rent, bills and other needs, and those with have to...

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Chloe Santos 13 minutes ago

Make sure your rewards align with your spending

Once you have your budget in place, look fo...

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Scarlett Brown Member

99 minutes ago

Some people may put 80 percent of income towards rent, bills and other needs, and those with have to be a little more careful about what money gets budgeted where. That said, finding a balance that helps you cover the necessities of life and still gives you a little money to spend as you choose will help you stick to your budget over time.

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Amelia Singh 63 minutes ago

Make sure your rewards align with your spending

Once you have your budget in place, look fo...

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Daniel Kumar 19 minutes ago

If you’re hoping to order less takeout and do more meal planning, you might want to stop using a c...

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Alexander Wang Member

136 minutes ago

Make sure your rewards align with your spending

Once you have your budget in place, look for credit cards that reward your new spending habits. If you aren’t planning to travel much this year, for example, you might want to switch your everyday spending from a to a .

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Brandon Kumar 116 minutes ago

If you’re hoping to order less takeout and do more meal planning, you might want to stop using a c...

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Daniel Kumar Member

35 minutes ago

If you’re hoping to order less takeout and do more meal planning, you might want to stop using a credit card that r and start using one that . Having the right cards in your wallet can save you more money in the long run — and once you earn those rewards, make sure you remember to redeem them.

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Evelyn Zhang Member

144 minutes ago

Bottom line

Many people must think a little more carefully about budgets right now, and your credit card statement can provide key insights into where your money is going and whether it’s time to adjust your spending habits. Once you know a little more about what you’re putting on your credit card every month and how much it’s costing you — both in actual price and additional costs such as interest charges — you’ll be ready to make some valuable changes. Use Bankrate’s to get started.

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Scarlett Brown 104 minutes ago

SHARE: Nicole Dieker has been a full-time freelance writer since 2012—and a personal finance enthu...

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Daniel Kumar Member

185 minutes ago

SHARE: Nicole Dieker has been a full-time freelance writer since 2012—and a personal finance enthusiast since 2004, when she graduated from college and, looking for financial guidance, found a battered copy of Your Money or Your Life at the public library. In addition to writing for Bankrate, her work has appeared on CreditCards.com, Vox, Lifehacker, Popular Science, The Penny Hoarder, The Simple Dollar and NBC News.

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Julia Zhang 91 minutes ago

Dieker spent five years as writer and editor for The Billfold, a personal finance blog where people ...

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Noah Davis Member

152 minutes ago

Dieker spent five years as writer and editor for The Billfold, a personal finance blog where people had honest conversations about money. Dieker also teaches writing, freelancing and publishing classes and works one-on-one with authors as a developmental editor and copyeditor.

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