West Union, Illinois | Jdel - Keeping a multiple checking accounts is a good start. Drives my wife nuts but we've had up to 5 checking accounts. We have a farm account all farm income and expenses goes through. Another is a personal account my wife uses. When I "pay" myself I transfer money from the farm account to it.
(As a side note, there's been discussions about tithing to your church. We tithe on money transfered to the personal account. That's the simplest way for us to manage it.)
We have another account I started when I was 15. Through various bank sales and mergers ... I think it's been 5 different banks now ... I've had the same account number. It's my personal use account. I carry it, my wife carries the other. Much simpler than 2 people with checkbooks to one account.
I have another account that's used for online purchases. It's not connected to any other account. When I had an eBay store it was the account I used. When I purchase things online it's the account I use. I keep just enough money in it to cover needs. When I make a farm purchase I pay this account from the farm account. Personal purchases are repaid from a personal account
When my son in law started working for me (he now works with me not for me) I had a separate payroll account used just for payroll and payroll related expenses.
We have another account we use very little. Dave Ramsey talks about an emergency fund. We used it for that. Plus any of my seasonal employment income was directly deposited into it.
Son in law and I own storage units together. He and I have a checking account just for them. |
Take home income for farmers?
