Budgeting Debt Help Smart Spending

5 Ways to Take Control of Your Finances

Catherine Byerly
Written by Catherine Byerly

To this day, I still won’t eat peanut butter — all because of that horrible feeling you get from being financially out of control.

Let me explain. When I was in elementary school, there were days I couldn’t afford a normal school lunch. So the lunch ladies would begrudgingly hand me this sad-looking, cellophane-wrapped peanut butter and jelly sandwich. The other kids gave looks that varied from pity to disgust.

My parents weren’t great at managing money. But with every mouthful of dry sandwich, I vowed that when I was an adult I would seize control of my own financial situation so that I never had to eat peanut butter again.

These are the five key lessons I learned on that journey.

1. Being in Control Means Knowing Where You Stand

Two things I always have: a detailed budget showing my spending and a copy of my credit report.

Don’t let the thought of a budget scare you though. When people hear the word budget, they automatically think of a “money diet”: no Oreos, no cheeseburger — just boring salads.

But it doesn’t have to be that way when you’re just getting started. My first budget was a pretty simple Excel file that showed how much I made, how much my bills were, and the average amounts I spend each pay period on food and shopping.

A budget simply needs to show where your money is going. (The flip side is just paying your bills when they come up and hoping for the best.) Are you spending more than you think on entertainment? Eating out? Happy hour? This is important information as we move into the next step.

Meanwhile, think of your credit score as a sort of grade measuring how effective your current budget has been.

2. Being in Control Means Knowing What Your Priorities Are

For me, one of the biggest things to get me through the workweek is knowing that on Friday a big group of us go out to lunch together. Every other day, I pack lunch, but on Friday we go out and have a great time.

But, when I did my last budget update, I realized just how much money I was spending a month on these beloved Friday lunches and it shocked me: It was around $80 dollars a month. And let’s just say that compared to my income, this was really high.

So I considered cutting it,. But I realized that it was money I truly wanted to spend: It was a priority. I valued this experience because it helped motivate me to be good at my job, which in turn earns me more money.

But to make something a priority, you have to give something up. For me, it was some of my television subscriptions. I was spending $40 a month on subscriptions, but most days I came home and just surfed the Internet.

It’s your life though. Your priorities will be different. The important thing isn’t which calls you make — it’s making sure you’re choosing them instead of going on autopilot.

Use your budget information and your values — and then knowingly make a choice to spend where you get the most happiness. When you prioritize your spending based on your terms, you’ll find you can make $80 go further in happiness than you think.

About the author

Catherine Byerly

Catherine Byerly

Catherine writes for various websites on personal finance, mortgages and annuities. A graduate of the University of North Florida, she’s passionate about helping people align their behaviors with their financial goals.


  • My greatest trills came from lack of employment for a period of seven years. I worked for a company that killed people when they ran out of funds in a nursing home. I was accused of abuse to cover up the truth. So I wasn’t able to get work in the health care industry in Minnesota. Then I went to Über who did the background and found me innocent and hired me as a 1099 employee. I made that work for two years then the police department were writing folones charges against me and I never was heard in court I was made to pay the fines and removed from the system. When I was able to get into the courts I was told by the prosecutor that I was grossly miss represented and it will cost me $1500 to correct the problem. Any time outside of these two business I was told I am over qualified so no one would hire me.

    • John,
      I’m sorry to hear that. Have you considered using a credit repair company to help you out? We personally prefer CreditPros (855-980-4898) but there are others out there that can help you out so you can save your time.

  • How do I get the creditor to reduce the Interest rate on a loan falsely advertised
    at 5 to 7%.but charged me 32%. This was either missed or not disclosed on line
    when the contract was submitted. Thank you. Ruby

  • Excellent articles. Very helpful. Skeptical regarding companies can fix or reoair your credit for a large fee. I or you are the only one who can do that. Thanks for the great articles.

  • I have very low provable income.my debt to income ratio is very high.A debt consolidation loan would help me tremendously but I cannot qualify.I have tried with the lenders you have recommended.A loan would free up between $1500-$2000 dollars a month!but lenders won’t look at my credit report which shows all my payments on time and all of my outstanding debt.there is know way I could pay this debt each month with the income I can prove but lenders need provable income.I understand that.bankruptcy is not something I want to do.Is there any other option for someone in my position?

Leave a Comment