Family cash flow goals

I'd ask myself what are the goals and do I have the mean to fund them?

• Take care of family basic needs, food, housing, health care, transportation, insurance, etc.
• Send my kid to school until graduating from college.
  
• Address the priorities, such as own a house and have the mortgage paid off.
  
• Have enough money saved for retirement.

First is to take care of the fixed and immediate basic needs. Then plan for longer term/intermediate term goals. Finally the large purchases that take many years to pay off, and the retirement.

You need to have enough to be able to fund these goals.

Wants and needs

First thing to consider would be to meet the basic needs - and not the wants.

Food, shelter/housing, health care, and child education are basic needs.

Other spendings should be prioritized.