How do I separate business and personal money?

Mixing business and personal money is one of the most common reasons small businesses struggle. You can't tell whether the business is making money when its cash is also paying for your lunch.

Option 1: A separate account

The cleanest setup is a second bank account or wallet used only for the business. Many banks and fintech apps let you open one in minutes. All business income goes in, and all business costs go out.

Option 2: Separate records, same account

If a second account isn't practical, keep separate records instead. Log every business payment and business cost as business, and treat everything else as personal. The account is shared, but your records aren't. See how to know which business is actually paying you.

Pay yourself on purpose

Instead of dipping into business money whenever you need it, decide on an amount and pay it to yourself on a schedule. Here's how much to pay yourself from your business.

Keep cash apart too

If you take cash payments, keep the day's takings apart from your personal cash, and record anything you take out.

Doing this in Gripd

Each business in Gripd is its own hustle with its own income and expenses, so your records stay separate even when your bank account doesn't. You can also note where money went, like a specific bank or cash, to see which account holds what.