Sticking to a budget can be a hard task with constant surprise payments that cut your budget and savings down. 

But with the help of social media platforms like TikTok many fellow savers have started sharing their tips and tricks to help others save more.

From the penny challenge to the money ladder trick, there are plenty of methods that let you put money away for raining day. 

Such as the 50, 30 and 20 budget rule which is a great and simple trick that has reached over 80,000 views on TikTok. 

@kaseyhgammons The 50/30/20 Budget Rule@l explained #budgeting #503020rule #financetok #money #tipsandtricks ♬ original sound - Kasey Gammons

What is the 50, 30 and 20 budget rule? 

All you need to do to use this trick is to split your budget into three distinct categories. 

Starting with the 50%, this is for your needs such as rent/mortgage, bills and food.

Next the 30% for your 'wants' such as eating out, hobbies, entertainment and travel. 

Last but not least, the last 20% is for your savings and investments. 

Your Money Matters

Your Money Matters is a campaign launched by us and our sister titles across Newsquest to help you overcome the surge in the cost of living.

This year has seen a whole host of household price increases — from the energy price cap rise to surging inflation and food prices — costing your family hundreds or even thousands of pounds extra per year.

We’re making it our mission to look out for your cash, offering money-saving deals, competitions, giveaways and insightful stories from your community on the impact this cost-of-living crisis is having on our readers.

The worldwide energy crisis exacerbated by the Ukraine invasion, the financial impact of the Covid pandemic, record inflation figures and a surge in the cost of goods, fuel and travel means we will all feel the pinch.

Through our newspaper, we want to do what we can to help make your cash go further because we know your money matters.