Saving is tough for young adults and those with new families. A combination of high rent, expensive necessities, and supporting family members means there’s little to spare.

Add the fact 26% of people cite inadequate income as their reason for an inability to save and it’s easy to see you’re not the only one struggling.

Budgeting is the key to keeping track of your finances. Try these hacks to start regaining control over your financial situation.

The Recommended Financial Split

It’s a good idea to benchmark what you should be spending on each area of your life each month.

A good rule of thumb is the 50/30/20 split. Reserve 50% of your income for vital needs like household groceries and rent. Then 30% is for the fun stuff like going out and take-out dinners. Your final 20% should be saved or invested, to give you a financial buffer for the future.

This will help you to identify where you’re overspending when you start keeping track of your expenses.

Keeping Track Means Recording Every. Single. Thing.

It’s really boring – yet strangely addictive – to write down everything you spend. Those few cents you spent on candy at the store on your way home? Log it. Your annual insurance bill? Log it.

Keep a notebook with you, or a notes app on your phone, and write down everything you spend. When you’ve done this for a few months, it’s time to create your budget.

You should also be noting down all income in a separate book to help avoid the two numbers getting mixed together. It’s true to say that you may sell things that you no longer want anymore on occasion, so note them down. Or, if you want to open an Etsy store for example, use the Etsy calculator to ensure you know how much you have to pay to do this, and then note it down.

Write a Detailed Budget 

List your total monthly income. Include any extra payments you get from housemates for rent, the ten dollars your meemaw sends every month – every cent you get.

Next, write down your expenses. Use the notes you’ve kept to average out your monthly expenses.

Set this against the 50/30/20 benchmark and decide where you can cut back.

Use Cash Whenever You Can

When you know how much money you’ve got to spend each month, try to use cash where possible.

Contactless payments make it so easy to lose track of your spending. Handing over physical cash brings your awareness back to the expense.

Generate Your Own Paystub Records

Are you overpaying your tax? It’s easy to leave your taxes in the hands of your employer – but they could be filing things incorrectly.

Click here to see how a paystub generator is an easy way to check that you’ve been correctly billed every month on your paycheck.

Cancel Unused Subscriptions (And See Which You Can Share)

So many of us use a range of subscriptions. From Netflix to Prime delivery, it’s likely you have some subscriptions that your family and friends also use.

Find out if it’s possible to share these services. For example, two people in the same household can use the same Netflix account. It might only save a few dollars each month – but that adds up fast.

Cancel any subscriptions you never – or hardly – use, too. It’s just throwing money away!

Grab Hold of Free Entertainment and Hobbies

When budgets are tight, turning to free entertainment and hobbies such as backgammon can be both enjoyable and cost-cutting. Public libraries offer a treasure trove of free resources, such as books and audiobooks. Online platforms provide many free games, like backgammon, that can be played against either computers or friends. Participating in such activities not only enriches your leisure time without straining your wallet but also sharpens the mind while forging social bonds.

Become Debt-Free with More Money-Saving Tips

Keeping track of your finances gives you a shock about your spending habits!

However, the good news is you can turn this to your advantage. Knowing where you’re overspending means you know where to save – and that means you’ll get out of your debts faster.

Check out our other money-saving blogs for more hints and tips to put more dollars back in your pocket!