Born between 1981 and 1996, many young millennials are in the process of starting families and buying homes; elder millennials have expensive mortgages to pay and ballet recitals to attend. And the generation as a whole will likely be caring for their parents in the not-so-distant future. So what does all this amount to?

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It’s fair to say millennials are in a very expensive stage of life. And they could certainly benefit from saving money by learning to live below their means. Yet, in a world full of social media posts and constant comparisons, choosing wealth building over status symbols may prove difficult for many.

That’s why GOBankingRates put together six tips to help millennials live below their means.

Jennifer Victor, vice president of retail sales and service at Travis Credit Union, advocated for what she called having a date with your finances.

In other words, do a full walkthrough of your spending where you can see what money is being spent on a need and what money is being spent on a want. Victor cautioned that this date can be time-consuming and emotional, since it’s bound to uncover some uncomfortable truths about your behavior… but it’s a necessary first step.

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Once everything has been laid out, it’s time to get intentional regarding where your money goes and where cuts can be made. In order to build wealth and ensure you’re living below your means, income should exceed spending.

Determine your monthly, after-tax income, track and categorize your expenses, and set financial goals. Personal finance expert and editor at Finansplassen Olle Pettersson advised using an app or spreadsheet to track what can be trimmed without sacrificing quality of life.

And Linda Rapisardo, CFP at Canela Wealth, agreed budgets help establish tangible goals: “It’s much more effective to say, ‘I want to save an extra $300 this month,’ than to hope there is something left over at the end of the month.”

When it comes to living below one’s means, Pettersson advised leaning into community instead of trying to do everything yourself. This, he stated, can save both time and money.

Sharing childcare with other moms, cooking meals together with aging parents or sharing streaming services with siblings are all ways to trim some of your expenses. You will never be a burden as long as you’re contributing.