Overview
- Nationwide’s guide outlines allocating income to 50% musts, 30% wants, and 20% savings or debt repayments.
- Users are told to calculate net income, including wages, benefits, dividends and other sources, with self-employed people using an average month.
- The advice calls for a full expense list, covering bills, subscriptions, rent or mortgage payments, plus impulse or social spending.
- Tracking can be done with planners, apps, spreadsheets or simple pen and paper to monitor income and outgoings.
- Nationwide stresses the split is only a template to adjust when circumstances change, with further budgeting tips available from most banks.