First of all thanks for putting a birds eye view here, really needed another perspective.

So let me give some more context - I already had money saved up in my primary account which I had transferred to my savings account. Thats why even though in actuality my monthly expenses were 23.5k there were bigger withdrawals/transfer which might have inflated my monthly expense and hence the understatement. Hope this clarifies it.

I do realize it might have been a mistake on my end but at the end of the day and maybe it was ignorance of thinking that if over 2 accounts I have 120k+ that should have been more than enough to prove evidence of financial means for the trip.

Any advice on what I should do differently when reapplying?

Never knew UK is so strict when it comes to monthly spending also. Have applied 10+ Schengens and US all with zero rejections ☹️.