
How to Control Your Money…Find Your Focus
Are you feeling in control of your money, or feeling frustrated, wishing life could be easier?
Are rising interest rates and prices affecting your savings goals? You are not alone.
With over 20 years in the finance industry, I have learned, when the world gets tougher, we need to be smarter and more focused. In this article, I will help you control your money and start feeling better about your future.
We will cut through the noise, focus on what is important, and feel more empowered and in control of our money.
What will we cover?
- Understanding ‘Locus of Control’
- Having an internal vs external focus,
- Our focus and our money,
- Do we have to stop drinking coffee?
- Easy action steps you can take today!
1. What is the Locus of Control?
You can’t control interest rates, the price of groceries at the supermarket, or the cost of a meal at a restaurant. However, you can control the specific groceries you buy and the restaurants you eat in.
When times are challenging and we feel like more money is going out, than is coming in, we need to look at where our ‘Locus of Control’[1] lies.
Living in the right one, brings strength, resilience, and happiness, instead of frustration, anger, and a feeling of helplessness.
So, what are the two different ways we can live? Externally or internally. Learn more below.
2. External and Internal Locus of Control
My external locus of control
On the one hand, we can live with an ‘external locus of control’ believing that our success or failure in life, is a result of external forces we can’t control. If we do well, we feel lucky, if we fail, we blame someone or something else. Our life is dictated by others or the world around us and we think life is happening to us. This is not a happy place to be.
So, what is the alternative?
Have an Internal Locus of Control.
My Internal Locus of Control
While, with an ‘internal locus of control’, we know we can control our choices, ideas, actions, and thoughts. When we fail, we take responsibility, reflect and find better ways for next time.
This is an empowering way to live because no matter what life throws at us, we know we can choose what that means and how to act.
[1] Julian B. Rotter‘s (1954) social learning theory of personality.
Which one is better?
We all get tired, overwhelmed, and frustrated sometimes, blaming others or the environment. While that is ok for a while, to live a healthier lifestyle, physically, emotionally, and financially, we should live with an internal locus of control.
Accordingly, feeling in control leads to better problem-solving, and resilience. All opportunities are open to us.
3. Our focus and our money
Controlling money can be challenging, especially when external forces seem destined to scuttle our plans. When life gets tough, we can blame the economy, governments, companies, and our bosses, or we can use the opportunity to find better financial strategies.
Let’s do that right now with the diagram below.

Examples
External force | Our opportunity |
Interest rates are rising | Don’t have any debt? Keep up the good work. Use a credit card? Pay this off each month if you can. Owe more money than you can repay each month, prioritize clearing this as quickly as you can. Find a small way to pay more off each week if you have a mortgage. Even $10 or $20 will make a difference. |
Grocery prices are rising | Rethink where you buy – join a vege. co-op or buy from a local grower’s market? Buy in bulk but don’t break the budget to do this. Look at how you eat and find ways to make less go further. |
Petrol prices are rising | Change some transport habits for a while. Carpool, public transport, fewer trips out each week for one-off items. |
Restaurants are more expensive | Do fewer visits out to the ‘bakery’ or take-out items and put them towards a favorite restaurant. Try volunteering for an event in exchange for free dinner vouchers. |
4. Do I have to stop drinking coffee?
No, you can’t control every dollar you spend, and that one cup of coffee a day is not going to make a huge difference in the long term.
Some expenses just need to be paid, like rent, power, or phone.
However, we have choices with other spending, and that is where we can refocus our control.
Don’t stop what you love, instead decide what adds value to your life and what is ‘cluttering’ up goals, with unnecessary cost and waste.
Ask the question….if you could clean slate your finances today, where would your money go and why?
5. Final thoughts and taking control
Remember, financial success is not only about controlling our spending. There are two sides to the coin… so to speak. When was the last time you invested money into upskilling yourself, so you could ask for a raise, charge a higher hourly rate, or find a better job?
Living a full and enjoyable life is about finding opportunities to grow both personally and financially. Financial success and freedom will follow.
So how can you start to take control and find your focus NOW?
Begin by getting a clearer picture of what matters to you.
Answer these six questions.
- What is most important to me now?
- Why is this important?
- What will I gain by focusing on this?
- What will I lose by ignoring this?
- Is my money going towards this priority?
- How can I redirect my money from what doesn’t matter, to what does?
- Your brain can’t tell the difference between what is real and what is imagined. So, with a clearer picture of what matters, your brain will find ways to get you there.
Then, you just need to take the first step. Start small to reallocate money from old habits to new ones and soon you will have greater clarity and momentum.
The trick is to start somewhere and embrace the possibilities and control.
Take your first step now.

Article by Kim Gabites (Founder of Inside My Money)
www.insidemymoney.co.nz is an online financial learning hub, that helps first home buyers increase their financial know-how and confidence.