Living on a single income with a family of five is not easy. For Katie and Marc, living simply and sticking to a strict budget has become a way of life.

While making a budget, you may choose to use a time-tested budgeting strategy that works for you. Popular methods include 50/30/20, paying yourself first, and envelope budgets.

A monthly budget can help you stay on top of your finances. Use NewsNation's 50-30-20 calculator figure out how much to spend.

A free budget worksheet can help you categorize your monthly expenses and track your spending. Alternative example: After-tax income: $5,000 Needs: $2,500 (50%) Wants: $2,000 (40%) Savings: $500 (10%) ...