Childcare: Cut back on childcare costs by nanny sharing or doing a childcare swap with a friend who also has children.Apparel: Save money on clothing by buying secondhand or selling unused clothes on resale stores and websites such as Tradesy or eBay. The result of this calculation is then compared to costs and expenses, such as property, vehicles, insurance, financial investments, credit instalments, children and sundry household expenses. Just be sure to tuck away some funds in case of a medical emergency. The Budgeting Tool takes into account the users basic salary, as well as fringe benefits and other income streams. Healthcare: Shop around for affordable healthcare plans, such as a high-deductible health plan (HDHP), which will have a much lower premium.If you decide that purchasing a new car is necessary, aim for one with a monthly payment that fits into your budget (including the insurance, maintenance, and gas costs). Transportation: Vehicle purchases were up significantly in 20, according to the data, but if you still need a car, consider buying a used car instead of a new one, driving a more cost-effective car, or even forgoing a car altogether and relying on public transportation. That way, you’ll get to socialize and “eat out,” but you’ll do it on the cheap. Percentages of your budget: The pie chart shows the percentage of your budget each expense eats up. And instead of those weekly happy hours with friends, try hosting a rotating potluck instead. To think of this budget percentage in real dollars, an individual with an annual household income of 30,000 shouldn’t have over 1,075 in total monthly debt payments. You may also consider a membership to a bulk store such as Costco or Sam’s Club, which can save you money.
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