We’re entering the holiday season, of course, and that critical six-week period in which we are encouraged to indulge in conspicuous consumption. IBJ Podcast host Mason King has it circled on his calendar, since his goal this year is to keep from exceeding his modest budget. His plan for this week’s edition of the podcast was to ask regular contributor Pete Dunn—aka Pete the Planner—how best to avoid going into the red this year. But as usual, Pete had the bigger picture in mind.

Pete’s plan is to discuss the five things everyone should know about their financial life. Knowing those should help give you the grounding and confidence you need to guide your shorter-term budgeting decisions. And Pete and King still managed to talk a bit about how to deal with the unwelcome revelation that you and your family are spending more money than you’re making. Spoiler alert: This revelation came about after King and his wife did a line-by-line examination of their credit card and debit card purchases.

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Pete the Planner on the five things everyone should know about their financial life