Smiling couple counting coins

Creating a budget is crucial at any age, but it’s especially important — and daunting — for millennials.

When rent, health care, cellphone bills and other costs previously borne by Mom and Dad gobble up paychecks, figuring out how to handle the rest of your cash is hard.

“We’re at this critical point where if we don’t understand where our money goes, we will feel less and less in control of our finances as the years go on,” said Pam Capalad, a certified financial planner (and millennial) who owns Brunch & Budget in New York City.

Learning to live within your means will help you prepare for the inevitable stressors later on, such as buying a home, starting a family or taking time off between jobs.

Start by tracking your expenses for…