banking – Carol H Cox

By Carol H Cox

When there’s only you at the helm of your business, you essentially are the business. And it can be tempting to mix your personal funds with that of your business. If you’re starting off small, it might seem at first much easier to just to use your existing personal bank account to make business purchases and to make business deposits. Why bother with opening another bank account, right?

Well, after a few shipping expenses, supply purchases, website hosting fees, book purchases, website design fees, subscription fees, and so on, you’ll soon be spending lots of time keeping side records of what belongs to what.

Was that book you purchased last month a personal expenses or a business buy? What about that trip last week to the post office? Those Amazon purchases, were they all personal or some business, and which were which?

I think you understand what I’m getting at here. It is so much simpler to track your business financials if you start out with a clear dividing line between your personal affairs and your business affairs.

By Carol H Cox

At this time of year, the attention of many high school seniors’ becomes focused on transforming into college freshmen. It’s a thrilling time for young adults as they experience increasing independence, emotional untethering, and face new challenges. But before they “cut the cord” there are a few personal finance basics they should know.

Having a checking account with an ATM/debit card attached can make handling student finances easier.

Ideally, with the help of a parent, college-bound teens will have opened a checking account sometime during their junior or senior year of high school. Checking accounts are a convenient and easy way to store and access money. And most student checking accounts are free until the accountholder graduates from college. There will be many expenses in college that aren’t included with the payment of tuition, room and board, and fees, whether it be books, class supplies, toiletries, meals off campus, transportation costs, or other things. Using an ATM/debit card or writing checks can be an efficient way to handle these costs.

Continue reading “Personal Finance Tips Before Heading to College”

Tag: banking

Sole Proprietor Banking Options

By Carol H Cox

Personal Finance Tips Before Heading to College