This Is How Often You Should Be Checking In With Your Money, Say Experts

How much is too much? It depends on what you're talking about. But if you're wondering how often you should be monitoring your money, one thing experts agree on, there's no need to do a daily deep dive into your financial accounts. However, you don't want to put checking up on your money at the bottom of your to-do list either. 

Truth is, like much in personal finances, what's best can vary.

"The frequency of financial check-ins should depend on factors like retirement plans and overall financial stability. For instance, those nearing retirement may benefit from more frequent checks compared to younger individuals who are still building their savings," says Robb Hill, president of R Hill Enterprises, which specializes in life insurance and retirement planning. 

Just like there can be downsides to being a helicopter parent who won't let their children breathe, obsessing daily over your money can be detrimental to your mental and financial health. For sure financial check-ins are a balancing act between vigilance and peace of mind.

"Daily checking of bank apps is more destructive than constructive, anxiety-provoking, and tends to lead toward impulsive spending or saving decisions," says Kevin Shahnazari, CEO of financial website FinlyWealth. 

He also doesn't advise checking your investments daily. "The more frequent the review of the investments, the bigger the chances of getting caught in emotional decisions based on short-term volatility," he says.

Keep in mind that all pieces of your financial pie are unique. Experts recommend you monitor your savings and checking accounts differently than your investments. At a minimum, you want to review your savings and checking accounts monthly. Weekly seems to be what many experts say.

"Once a week is enough to keep spending in check, track interest, and ensure you stay on track with spending, saving, and earning. When you check weekly rather than monthly, you'll have fewer transactions to monitor in one sitting, which can take some of the mental pressure off the process," says Jonathan Feniak, general counsel of LLC Attorney, which provides services for small businesses.

However, Samantha Gorelick, a certified financial planner and owner of financial coaching firm Take Root Financial, advises reviewing your checking account every couple of days to make sure there aren't any transactions you don't recognize. "It is much harder to recoup losses from fraudulent activity in a bank account than it is for a credit card, so it's extra important to stay on top of your checking accounts," she says. 

When it comes to investments, experts say a quarterly look-see is typically just about right. 

"Investments typically require a longer-term mindset, and while you may be tempted to check these accounts on a daily basis, that should be more for your own education or reinforcing a strategy that you have in place," says Emily Irwin, head of the Wells Fargo Advice Center.

Because markets can be volatile you don't want to get caught up in the roller-coaster ride and make rash moves. "Emotionally reacting to market swings can be one of the biggest mistakes people make. You might make changes that may not be in alignment with your overall strategy," says Irwin.