accounting system

How to Stop Commingling Business and Personal Funds Now!

How to Stop Commingling Business and Personal Funds Now!

When I first started my blog, I had no idea if I was going to make it into an actual business. Wasn’t sure if this was going to be something lucrative (Still not 100%.). And damn sure didn’t know that I will begin my entrepreneurial journey in a service-based business. I knew that once I started, it was important to keep the finances separate, but I wasn’t exactly sure how when I was not yet making money.

 

A post that has been and continues to be a hit on my personal blog was my 50/20/30 budgeting system post. This system allowed you to allot money for different aspects of your life 50% fixed expenses. 20% was saving and financial obligations. 30% flexible spending which included personal allowance. When I started blogging, I would use my money to go towards my business. I bought my camera, domain name, and hosting services and was ready to go. A couple of months into blogging, I began to get interested in design and wanted to try everything on my own, so I got a subscription with Adobe Creative Cloud.

READ ALSO: HOW TO SKYROCKET YOUR BUDGET WITH THE 50/20/30 SYSTEM!

Next thing you know I was making all sorts of small investments here and there for my blog that I started to treat like a business. I forgot the simple accounting principles of keeping everything separate. I then opened another personal checking account to drop my coins (literally since I didn’t receive much) from my Amazon Affiliate and a business PayPal account for my earnings from anything else that I did.