You may think that needs would be the same for everyone and include things like food and shelter, and while it does on a fundamental level, it is more nuanced than this.
Keeping a meticulous journal will give you a clear picture of where you spend your money. It will also help you identify small but unnecessary purchases, as many small purchases add up.
If you find no room in your budget to save, review your list of wants and needs to look for ways to save. Even if you can’t save 20%, keeping a small amount is better than saving nothing.
Before shopping, put together a detailed meal plan that includes every meal your family will eat for the week or month. Also, have snacks, cleaning materials, and household items on your list.
While quality time with the family is essential, it doesn’t always have to cost a lot. If you enjoy going out over the weekends, look for cheaper or accessible options.
Having another income stream can allow you to save or pay for extras that don’t fit your budget, like ballet lessons for your daughter or a family holiday.