For small business owners, business and personal life can be one and the same. It’s is not easy to separate, yet it is vital that we set boundaries around our business and personal lives.
This is the same with business and personal finances. They are best kept separate from the other.
If you are in business, specially a sole trader, setup a separate bank account to transact business. Leave your personal accounts for personal spending.
You can transfer a set amount each week from your business account to your personal account for your personal and family needs. This amount, will depend on your business cash flow.
If you are unsure how to go about separating your business and personal finances, you may need to get some help.