Budget tool helps you save money for holidays

Budget tool helps you save money for holidays
Source: Pixabay

(KSLA) - Gathering around the dinner table or buying that special gift has gotten more expensive every year during the holidays.

It’s estimated Americans will spend more than $1,000 during the holiday season.

There are ways to evaluate every dollar from your paycheck to make sure you’re spending that money on the right things so you can save some extra for the holiday stretch. Nerdwallet.com posted the 50/30/20 budget plan. It calculates how much you make in a month without taxes and gives a suggestion on what you should be spending on for each month.

They say 50 percent should go to necessities. Those are things like your monthly house payment, car payment, and bills.

Another 30 percent would go to “wants.” Those are things like your gym membership or going out to eat with friends.

The final 20 percent should go into savings. That way you have money socked away for surprise expenses like a new tire for the care or medical bills. It could also go towards holiday spending if you start saving now.

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