Checking your bank statement

Follow the money and save

It's true, checking your bank statement every time you get one can really help you save money. If you find a mistake on your statement you can challenge it with your bank or the company who has taken out the money, to ensure you are only paying for things you need to.

Here we explain how to check your bank statement so you can stay in control of your spending.

Check what's been spent

Look at what you have spent during the statement period by going over the 'debits' column of the statement. You can check these debits against your receipts to make sure they're right.

Smart tip

If you really want see where your money is going, use our TrackMySpend app and cross check it with your bank statement.

Be sure to check any regular payments or direct debits, in case you've been charged for a loan you've already paid off or for services you've cancelled.

If you spot any payments that don't look right, contact your bank or credit provider straight away. Read our article on mistaken transactions to find out what to do.

Video: Top tips for checking your bank statement

Video about checking a bank statement

Financial counsellor Kristen Hartnett gives her tops tips on checking your bank statement. Kristen has many years' experience helping people deal with their money problems.

You can find a financial counsellor near you on our financial counsellor map.

Check your income is right

Look at how much money has come into your account during the statement period. Make sure all the income you are entitled to is there.

Smart tip

If you're on a low income, you might qualify for a savings program, offered by some charitable organisations. See no or low interest loans for more information.

Your income may include:

  • Salary from work
  • Centrelink payments
  • Child support payments
  • Pension or other income payments.

If any income is missing, ask your boss about it or contact Centrelink.

Assess and reduce the fees you are paying

Look at the fees you have been charged. Fees could include:

  • Account-keeping fees
  • ATM fees
  • Cash advance fees
  • Phone banking fees
  • Internet banking fees
  • EFTPOS fees
  • Branch fees
  • Overdrawn account fees.

Smart tip

Using your own bank's ATMs can save you money on fees. Check out your bank's website or mobile app to see where your closest ATMs are.

If you are concerned about the fees you are paying, talk to your bank about an account that has:

  • No account-keeping fees
  • Free monthly statements
  • No minimum deposit amounts
  • No overdrawn fees.

You can find which financial institutions offer these basic bank accounts on the Australian Bankers' Association's Affordable Banking website.

Case study: Sally finds a spare $450 in her bank statement


Sally was afraid to open her bank statement every month because she knew there would not be much money in her account. She really didn't want to know how little money was in there so she let the statements pile up and never even opened them.

One day her friend convinced her to start checking them to see what was going on with her account.When she checked the most recent statement Sally realised that the Christmas Hamper payments that she had cancelled 5 months ago were still coming out at $45 a fortnight over 10 fortnights. She rang the company and they apologised and put the money back into her account.

That extra $450 meant she was able to pay off other debts and finally start to save a little bit of money each week.

Monitor your balance

It's a good idea to check your account balance. This is how much money is left in your account after your bills and other expenses have been paid. If it's going up then you can relax. If it's going down, you are spending more than your earn. See our simple ways to save money webpage for ideas on how to spend less.

Once you have checked your statement and know where your money is going, it's a great time to do a budget.

Work out where your money is going and make it stretch further.

Budget planner

Reading your bank statements can be a way to find savings in your budget that you didn't know you had and get money back that's rightfully yours.

Related links

Last updated: 19 Mar 2018