Once all unnecessary expenses have been removed from your budget, what can you do if your expenses still exceed your income?

Deficit in Budget (Expenses > Income) can be corrected by : Increasing Income, apart from by reducing expenses (already mentioned)

Explanation:

Budget (Govt) is item wise estimate of expenses, receipts / Income for a given period of time (financial accounting year). A situation in which Expenses > Income is called Budgetary Deficit.

This deficit can be solved by:

- Reducing Expenses (Already mentioned in question)

- Apart from above solution, by 'Increasing Receipts' / Income

Receipts/Income can be : Capital Receipts, Revenue Receipts.

Revenue receipts neither increase liability, decrease asset & are recurring. Eg : Tax, Fees

Capital Receipts either create liability, reduce asset & are non recurring. Eg : Borrowing, Disinvestment.

Either of 'receipts' can be increased to solve the issue.