Who Controls Your Money? 5 Ways to Take Control of your Finances
- davidewhitebooks
- Jul 7
- 5 min read
Updated: Nov 16
5 Real-Life Examples Where Others Control Your Financial Situation
When it comes to personal finance, we often talk about budgeting, saving, and investing, but what about control? Sometimes your financial well-being is shaped more by others than by your own decisions. Here are five real-life examples where someone else may be calling the financial shots in your life.
1. Your Employer Controls Your Income
If your main source of income is a paycheck, your employer has major influence over how much you earn, whether you get a raise, and whether you keep your job or not. Your schedule, responsibilities, and career path are often in their hands.
This matters because a layoff, job cut, or promotion delay can quickly derail your financial progress. You’re trading your time for a paycheck that someone else controls.
2. The Government Controls Your Benefits
If you rely on programs like Social Security, Medicare, Medicaid, or unemployment benefits, your income and coverage are dependent on policy decisions made by lawmakers.
This matters because delays, funding cuts, or policy changes can leave you financially vulnerable with little warning.
3. Banks Control Your Borrowing Power
Credit card companies, mortgage lenders, and banks decide whether you get approved for credit, how much you can borrow, and at what interest rate.
This matters because your credit profile can either open financial doors or slam them shut.
4. Your Landlord Controls Your Rent
If you rent your home, your landlord sets the price, decides on lease renewals, and handles (or delays) maintenance.
This matters because your housing, one of your biggest expenses, is in someone else’s hands. Rent increases or eviction notices can disrupt your entire budget.
5. A Spouse or Family Member Controls the Finances
In some households, one person manages all the finances while the other stays in the dark. This can include access to accounts, decision-making, and financial planning.
This matters because a lack of transparency or shared responsibility can leave you unprepared in the event of illness, divorce, or death. In extreme cases, this can even become financial abuse.
So, What Can You Do About It?
5 Smart Ways to Take Back Financial Control
Now that we’ve looked at how others can end up in charge of your financial situation, let’s talk about how to take back control. You don’t need to overhaul your life all at once. Start with these practical steps.
1. Create Multiple Streams of Income
Don’t depend on just one paycheck. Consider starting a side hustle, investing in income-generating assets, or turning your skills into digital products.
A few more poles in the water help because you gain flexibility and reduce the risk that comes with relying on a single income source.
2. Stay Informed About Government Programs
If you receive benefits, be proactive. Learn about the rules, deadlines, and any changes. Sign up for updates from official websites and establish a contingency plan in case of delays.
This helps because you’ll be prepared for shifts in policy or payment timing.
3. Strengthen Your Credit Profile
Good credit gives you leverage. Pay your bills on time, keep credit card balances low, and check your credit reports for errors.
This helps because strong credit allows you to borrow at better rates and get approved when it counts.
4. Work Toward Ownership
If possible, plan to own your home, business, or investments. Discover first-time buyer programs or consider starting with a low-cost property.
This helps because ownership provides equity, stability, and long-term control.
5. Be Involved in Household Finances
Even if your partner or relative handles the finances, ensure you can access all accounts, are aware of where the money is going, and participate in financial decisions. This helps because shared knowledge builds trust and ensures you're not left in the dark during emergencies.
A Simple Tool to Help You Take Control
Want a practical way to implement these steps? The Budget Planner- Monthly Finance Organizer is an Amazon's Choice personal finance Journal that helps you track spending, savings, debt, and income every month.
Get the Budget Planner on Amazon. It's updated, easy to use, and designed to keep you organized and in control of your money.
Purchase on Amazon at:
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Final Thought
Yep!! Control what you can. Prepare for what you can’t.
That’s the mindset behind my blog, NEW Vision, LLC – Exploring New Horizons in Budgeting, Saving, and Retirement.
My goal is to help individuals and families build confidence and control in every part of their financial lives.
📚 Books by David E. White
Available now in Kindle eBook and Paperback formats on Amazon
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📖 Stay tuned, more helpful books are on the way!
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Disclaimer:
The information on this blog and in my books is for educational purposes only and should not be considered financial, legal, or tax advice. Please consult with a licensed professional before making financial decisions.
Some content may include affiliate links, which means I may earn a small commission at no extra cost to you. These commissions help support the work I do.
By using this site, you agree that David E. White and NEW Vision, LLC are not responsible for any outcomes resulting from the use of this information.
David E. White
Veteran | Author | Blogger | Financial Educator
Over 20 Years of Business Ownership Experience
NEW Vision, LLC
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