So, I’ve had a business account set up for a long time but always used my business checking. Obviously, its to pay for business expenses but I’ve never began setting aside money in the business savings account. If I needed to make a purchase for the business I’ve always just waited until I received funds from work or paid out of my own money but now I realize I have to not only start saving for business expenses but also create a cushion.
I received a refund check for the first time for my taxes… yes, I filed late but yay for money! I set aside a piece of that money to start the business savings. The next thing I did was do an auto withdrawal from my personal checking account to my business savings. Just a very small dollar amount so it doesn’t feel like a struggle. Also, from every bit of income I make in business I’ve begun setting aside 10% to put in the business savings. The same rules apply when saving correct?
Are any of you setting aside funds for your business? What are some tactics that you use?
That’s such a great idea! For those of us with our own businesses/part-time side hustles, it’s important to remember that we need to be investing in our businesses and that means having some savings available in order to do so! I’m guilty of not having a separate savings account for my side-hustle, but I never spend all the money I receive from working with clients. I typically know that I need to save about 25-30% for taxes and then another 10-15% for savings/investments. Everything else, I’m free to spend however I’d like! Thanks so much for the reminder!