let's get started!
activity: Setting Up your account structure
To be financially successful, it's a MUST that you get financially ORGANIZED!
So let's get our account structure set up for SUCCESS, girlfriend.
Let's get set up a business checking, business savings for taxes and additional business savings account for future investments. If you don’t have this structure already, go get your accounts set up asap because we are keeping business and personal separate -- until payday anyways ;)
Here's the deal, sis. You want to separate your money because it's way too easy to overspend on other things when you have it all jumbled up together.
So to avoid these situations, I always suggest having a Business Checking and Savings Account
→ (1) Business checking is strictly for business expenses
→ (1) Business checking is strictly for business income (optional, but will make it so much easier)
→ (1) Business savings is strictly for taxes
→ (1) Business savings strictly for future investments ONLY for the business.
And we take a monthly Owners Draw after we pay our bills and save for taxes.
Trust me, separating your money into designated accounts and giving every dollar a job will make this whole money management thing so much easier for you. To set yourself up for success during this process, let's make sure we have our separate accounts!