Set Up Accounts at Two Banks if Your Income Varies

When you go out on your own as a freelancer, your income is unpredictable. To cover your regular expenses without a steady income, set up a checking savings account at a different bank than your regular bank.

Most freelancers know you should separate your personal and business accounts. Red Debted Stepchild suggests going one step further by keeping your savings at a different bank than your checking:

In addition to having a checking account, open a couple of savings accounts. You might be better off opening an account at a different bank than the bank where you keep your checking account; this makes it harder to tap your money impulsively.

Once you pay your monthly and quarterly bills from the checking account, the remaining money goes into savings. That's your reserve for when your income is down. Check out the link for other freelancing money tips.

The Ups and Downs of Freelancing | Red Debted Stepchild

Photo by Bill Bradford .

from Lifehacker http://lifehacker.com/set-up-accounts-at-two-banks-if-your-income-varies-1661582031

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