If you’re moving any money in or out of your small business, opening a dedicated business bank account is a good idea. Here’s ...

However, personal expenses like family dinners, vacations or private school fees are strictly off-limits. Misusing company funds for personal expenses is not just a compliance issue.

Opening a separate account for each financial goal, such as a down payment for a house, a family vacation, or future college expenses, allows you to easily track savings for each objective.

Examples include accounts dedicated to operating income and expenses, payroll, taxes, owner draws or dividends, commissions, or specific budget categories. SoFi Disclosures: 1.

In the 50/30/20 budget, this should account for 20% of your income: Emergency fund. Savings account. 401(k). Individual retirement account. ... 6 Best Personal Expense Tracker Apps of 2025.

Learn how to budget effectively with expert tips and strategies. Take control of your finances and achieve your financial goals with our comprehensive budgeting guide.