Budgeting In Newcastle & NSW
smart budgeting in New South Wales
If you want to create financial security for you and your family, budgeting is essential. Budgeting involves working out how much money you have coming in and how much money you have going out – and making the numbers tally up and give more.
Maybe you’ve brushed it off before believing you weren’t earning enough or you don’t like being restricted in your spending, but the benefits really are worth it. Just imagine how good it would feel knowing you can pay your bills each month and taking control.
Budgeting isn’t a one-size-fits-all solution. It should be tailored to your personal situation, your income, and your goals. Our approach is always to make it easier for you to avoid spending too much by creating a budget you can stick to. We also make room for saving and for those little extras you can’t live without.
The personal budgeting process in Newcastle
One of our budgeting experts will ask you to talk through your situation and supply relevant docs. From this, we’ll work out how much money you have coming in each month, from pay to financial support.
Mapping The Expenses
We’ll map out your daily, weekly, and monthly expenses. This includes fixed expenses such as your mortgage or rent, debt expenses, and variable expenses such as bills, entertainment, and groceries.
Creating A Budget
With your incomings and outgoings determined, we’ll help you create a budget that works for you. We’ll make sure you can cover all your commitments and leave you enough to save and enjoy life.
Do You Know How Much You're Spending?
Feeling as though your debts are out of control? Struggling to stay on top of your bills? Our Budget Calculator can help you work out exactly how much you spend over the year. By specifying your yearly spending into easy-to-approach categories such as income, education and savings, you can identify where your money is going and keep on top of your debt.
Young married couple, Dave and Jo, had two kids under five. Dave was a full-time graphic designer and Jo was a freelance writer.
The young couple were currently renting but were desperate to get on the property ladder and buy their first Newcastle home. However, they have high monthly commitments, including childcare, plus two credit cards with $9,000 worth of debt, which they were just managing to pay.
Both admitted they weren’t good at budgeting and needed help to make their combined $70,000 budget work harder.
After talking with the New South Wales couple, we could feel they were incredibly frustrated. They worked hard but couldn’t afford to put enough aside each month to save for a deposit and had lost track of their spending. We reassured them and started looking at their finances.
As well as creating a tailored budget, we helped them refinance their credit card debts and made suggestions to cut spending, including buying generic brands and swapping utility providers.
A Realistic Budget
We created an affordable budget, which still allowed them to enjoy a few treats.
Savings Added Up
A percentage of their income automatically went into a dedicated savings account each week.
Their Future Began
The couple were elated that the possibility of affording their first home was within reach.
You're In Safe Hands
At Revive Financial, we care about the stress and impact being in debt has on your wellbeing. We want to help you take back control with no judgement, just a helping hand.
Revive Financial is proudly Australian owned and lead by a team of Chartered Accountants. Our qualified team have been helping Australians become debt free since 2005.
Our dedicated team have been trusted by over 10,000 Australians to help take back control of their financial futures. It's what we do best so you can rest assured.
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Frequently Asked Questions
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 over 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 seperate 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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