A lot of new agents don't take into account that their own personal expenses don't stop once you become a real estate agent.
Many will become overwhelmed and end up over their heads because they don't budget their personal spending into the spending they do with their real estate license.
How do you go about managing and budgeting your expenses both personal and on the business side of things?
I make sure I only spend on important things. If it's something not practical or useful to the end result, it's probably best to save the money and revisit it later.
I budget everything and make sure I have the expenses before I jump into anything.
I always have to keep track of everything I buy, even the small stuff. I have a budget for needs such as bills, food, and so on. That is always paid and covered first. Next comes business expenses. I ensure everything is covered there. Everything left over falls into the wants budget where I can buy things the misses and I don't really need but want.
Like others have mentioned you have to budget everything and make sure you don't get in over your head. You can use apps to help or you can hire someone who can do the guess work for you. I have done both.
Make use of software or apps. You'll find useful ones for budgeting your expenses and you can track everything very easily. I know without my programs helping me budget my incoming and outgoing funds, I would not have been able to do this.
I'm also a heavy user of mobile apps. My favorite is "Wallet" which can even connect to my bank accounts and show me transaction history.
It's useful to see not only how much I've spent, but what I spend money on too.