- Check the statement period, opening and closing balances, dates, merchant descriptions, money in, money out, fees and interest. A debit usually takes money out of a bank account; a credit puts money in. Read your bank’s labels, especially on credit-card statements.
- Review recent months and a full year for monthly and annual charges: gym memberships, Netflix or other streaming, cloud storage, app subscriptions and free trials becoming paid. Check app-store subscriptions too. Record the amount, next renewal and how often you actually use each service.
- Separate optional subscriptions from rent, utilities, insurance, necessary services and loan repayments. Ask whether you still need each optional service, whether a cheaper plan works and whether a household already pays for the same thing.
- Cancel through the provider or app store and check notice periods, minimum contracts, final charges and refund terms. Keep written confirmation and check later statements. Deleting an app or stopping a debit alone may not cancel your contract. Protect private statement data.
Practise reading a statement
Fictional MUR amounts for learning, not a bank’s prices. Review your own statements privately; do not upload account details here.
Opening balance: MUR 5,000.00
On a small screen, scroll the table sideways to see all columns.
| Day | Description | Money in | Money out | Balance |
|---|---|---|---|---|
| 01 | Salary | MUR 30,000.00 | — | MUR 35,000.00 |
| 02 | Gym · monthly | — | MUR 650.00 | MUR 34,350.00 |
| 03 | Streaming · monthly | — | MUR 450.00 | MUR 33,900.00 |
| 04 | Credit-card bill payment | — | MUR 2,000.00 | MUR 31,900.00 |
| 05 | Cloud storage · annual renewal | — | MUR 1,200.00 | MUR 30,700.00 |
For this current-account example: previous balance + money in − money out = new balance. Credit-card statements use different conventions: check the issuer’s labels.
Which services do you still use?
If both the gym and streaming service are unused and can be cancelled without further charges, that frees MUR 1,100.00 per month, or MUR 13,200.00 over 12 months. These are potential future savings, not a refund.
The MUR 1,200.00 annual renewal equals MUR 100.00 a month for budgeting. It is still charged once a year; check the renewal date and cancellation deadline.
A card-bill payment settles purchases already recorded on the card statement. When combining both statements, count each purchase once rather than counting the purchase and the bill payment as two expenses. Account separately for interest and fees.
A small monthly review
Set a monthly reminder and renewal alerts. Count savings only after cancellation takes effect, then redirect that money to a chosen goal. Verify unfamiliar transactions separately and contact your bank through official channels when needed.