Financial Pilgrimage

Understanding Wants and Needs to Improve Your Finances

In the simplest terms, a need is something you require to live and function, while a want improves the quality of your life and that you enjoy having. 

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.

The Best Way to Budget

Saving is a Necessity

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.

Shopping with a Plan


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.

Look for Free Entertainment

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. 


Supplement Your Income

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.


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