Classify your aspirations into Needs and Wants.
You may be thinking: Clothing items can be a Want and not a Need, right?
Clothing items, when bought wisely, are Needs and not Wants.
→ Needs mean something you and your family cannot do without; these include non-discretionary expenses like food, clothing, rent, utility bills, etc.
→ Wants consist of discretionary expenses like entertainment, dining out, etc., which usually are not very pressing.
Check out this short video on bad and good spending habits!
Identify your excesses and take measures to get their grip.
Photo by mdjaff on freepik
Reference: Ultimate Financial Guide Personal Finance Demystified by Nikhil Kale. Ultimate FinPlan; 1st edition. 2021