Not all of us have a free-spending budget. For us mere employees, we try to make the most of our monthly income. Sometimes it’s enough for our basic needs, and other times, there are some left-over to buy the things we want. Leasing agents find it even more difficult to budget their money because their income is commission-based. The money they get is inconsistent.

Because of this, agents should learn how to budget their income. If you’re struggling with your finances, this is the perfect read for you. I’m going to share some budgeting tips that will help you for a very long time.

Hack # 1: Strictly stick to your budget

It’s one thing to know your budget and another to stick to it. Sure, you know how much you need every month, and fortunately, you have the money for it. But do you tend to act on impulse and buy unnecessary things? Do you get tempted to purchase the newest gadgets and expensive clothes? If you answered yes, then we have a problem.

Most of the time, people forget about their budget if they see something they want to buy, even if they don’t need it. You have to follow your budget religiously. Since your income varies, you have to make sure you always have money saved up. If you are able, you can start investing your money where it can grow substantially.

Hack # 2: Separate money for taxes

Aside from the usual expenses, you also have to remember to pay your taxes. Avoid underestimating the amount you have to pay because you might regret it in the end. From your income, set aside money for taxes. You have to save this amount to prepare for the time you have to pay for it.

Setting money aside will help you avoid stress about paying because you know you have the money for it. Imagine if the time comes to settle your taxes and realize you don’t have enough for it. You would have to look for the amount right then and there. For example, some agents said they keep around 30% of their income for taxes. Sometimes it is more than what you need, but it won’t hurt to have extra cash.

Hack # 3: Saving money for marketing

With your profession, marketing is everything. It may as well be the most crucial factor to help you get clients. If you do not put out ads about the vacancies you are trying to fill, how would people know about it?

Marketing also costs money – your money. But don’t think of it as spending, but rather investing. But you have to be wise in where you invest your income. Before you decide, you have to consider a few things. For example, will people see the property listings? Will it take up a large portion of your profit?

Luckily, some websites are worth it…like Padleads. Did you know that for a small fee, you can sign up and market your properties? You can sign up and post the property listings online. And it does not stop there because you can also syndicate those listings to other websites. Talk about getting your money’s worth, am I right?

I know there are instances where you might want to buy fancy things or spend cash on a weekend vacation. It is perfectly natural for you to want stuff. However, you have to prioritize your budget. Sticking to it will allow you to save money for the things you want. As financial gurus often say, do not spend the money you don’t have.