The building society recommended the method to customers looking to create a budget

Many people find creating a personal budget is an effective way to manage their finances. However, setting up a budget can be confusing if you're unsure how much money to set aside for your various expenses.

One method recommended by Nationwide could help people struggling to save money , as it categorises spending based on 'musts', 'wants' and 'savings.' A page titled 'How to Budget ' on the building society's website sets out how to follow a budgeting method known as the '50-30-20 rule'.

Explaining why budgeting could help you to meet your financial goals, Nationwide said: "A new budget can help you track your money in a way that suits you. Whether that's using a budget planner, an app, a budget

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