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Budgeting FAQs

What is budgeting?

A budget is an estimate of your future expected income and expenses over a set period of time.

A budget will list out your income you expect to receive (eg your salary and wages, centrelink benefits and rental income). It will also list your expected living expenses, bills, loan repayments and any savings. Your income is totalled and the total of your expenses are deducted from your income. What is left over is your surplus or deficit.

A surplus means you should have excess funds available after you have accounted for all your expenses.

A deficit means you have insufficient income to meet all of your expected expenses.

What do I do if I have a Budget Deficit?

If you have a Budget Deficit, you will need to look ovr your budget to see where you can cut back on your expenses, if you cannot earn more income.

You will need to continue to work on your budget until you reach a surplus, we at Revive Financial can assist you with this.

You can also see the pages of our budgeting booklet on "Ask for Directions" for a list of savings tips and ideas.

How do I create a Budget?

There are many different ways in which you can create a budget. The best method of creating a budget, is finding one which is simple to create and ease to follow.

Revive Financial has created a simple way of budgeting by using 3 separate accounts, to ensure you set aside the right amount for the expected expenses you may have. To find out more on our simple way of budget, download our free budgeting booklet.

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