Nationwide has issued a new alert to all customers as the world’s largest building society sent out its November MyNationwide newsletter earlier this week. Part of the correspondence urges its customers to take up what it calls “smarter spending”.

The emails continue: “It’s that time of year again. There’s often a lot going on, which can make it tempting to spend more than you meant to. Check out our budgeting tips to help stay on top of your money and know when you have room for those little extras.”

Further guidance contained within an accompanying link explains that one way people can do this is by making a “budget plan” that should be “personal to you and help you decide what you want to spend, and where you’ve decided to cut back”. Nationwide advice continues: “Doing this can keep you enjoying the things you love whilst living within your means.

“The 50-30-20 rule is great way to plan out your spending. The idea is you’d aim to spend your income: 50% on musts – your fixed outgoings and essential living expenses, 30% on wants – your day-to-day spending and the things you enjoy, and 20% on savings or debt – paying more than your minimum payments or putting money into savings account, pot, ISA or investment.”

Giving an example, Nationwide added: “If your monthly income, after tax and other deductions is £1,500 [this would be] £750 on needs, £450 on wants, and £300 on savings or debts.”

The 50-30-20 rule is just an example, Nationwide said, and people can “split in any way to meet your needs”.