Having the ability to control money and personal finances is a difficult task
It is a mistake to have all the money in a single checking account
In the current situation and with the inflation that exists, control money and finances personal is a difficult task. One of the most common mistakes, believe it or not, ands put savings and current expenses in the same account.
Putting these two lines of money on the chart means there is no strict control over how much you intend to save, which is also a big reason for rising expense accounts. Now the experts not only do they recommend separating expenses and savings on two different accounts, but also urge that Separate into two different benches.
It is very convenient to separate
Athough it does not seems makes a lot of sense. At first, it takes money away from your day-to-day life, so that do not be tempted to spend it, being the most logical to transfer the indirect liability to the expense account.
Once this is done we will assemble a monthly budget in which we will include what we consider as fixed expenses: rent, food, electricity or water… And expenses that are more casual like going for a beer or going to the movies. Everything that is not included in that plan: to the savings account.
One more account for the self-employed
If you are particular this method it is advisable but for the self-employed it is still advisable to have another account. This is explained by the need for self-employed professionals to keep the accounts of their business.
It is very important to separate personal expenses from business expenses in order to exercise more efficient control and have a cleaner view of the financial situation, both personal and that of your company.