If you hate budgeting, try the 80/20 rule to save money

This story is part of CNBC Make It’s One-Minute Money Hacks series, which provides easy, straightforward tips and tricks to help you understand your finances and take control of your money.

If sticking to your monthly budget feels like a struggle, you’re not alone.

Just over half of Americans don’t know how much money they spend month-to-month, according to a 2021 survey of 1,938 people published by The Penny Hoarder

A budget can help you identify unnecessary expenses and keep your savings on track — especially if you’re one of the 64% of Americans living paycheck to paycheck, according to a recent LendingClub report.

But consistently tracking expenses isn’t always easy if you’re busy, or not used to fussing with apps or spreadsheets. 

That’s why the 80/20 rule might work for you. Known as the anti-budget or “pay yourself first” budget, it’s a bare-bones budgeting method that’s easier to track than similar budget rules, like the 50/30/20 rule.

How the 80/20 rule works