• Blog Bank Account

    February 25, 2011

    Carrots ‘N’ Cake finally has its own bank account! I went to Bank of America this morning and opened a separate checking account for my blog. So, between the two of us, Mal and I have seven different bank accounts!! I know it sounds crazy, but it works for us.

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    Up until now, all of my blog-related and personal transactions have been done through one single account. But, according to my accountant, this is not ideal because it makes tracking my income and expenses much more difficult. And, God forbid, if I get audited, it would be a real pain in the butt to figure out everything—just like the nightmare I dealt with when applying for a mortgage. So, my accoutant suggested having two separate accounts: one for personal banking and one for blog banking. (I will pay myself a ‘salary’ from the blog account, so I have personal money to spend.)

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    I plan to blog more about small business-type info (i.e. taxes, health insurance, retirement, etc.) over the next few weeks. One of my big goals for the year is organizing my finances, so it’ll be a good opportunity to share this information with other bloggers, who are dealing with the same things. If you have questions, please let me know! It’ll get my brain thinking about what to cover!

    Lunch

    I ate a random lunch today. I started with leftover baked wild salmon and a couple of Livin’ Spoonful crackers.

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    And then I made a smoothie (because I have a smoothie ‘problem’).

    In the mix: frozen banana, vanilla protein powder, chia seeds, Greek yogurt, ground flaxseed meal, coconut butter, and almond milk.

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    Off to shop for curtains!

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    { 75 comments… read them below or add one }

    Kathleen @ Kat's Health Corner February 25, 2011 at 5:42 pm

    We used to use Bank of America. Girl, you are so organized! :D

    Reply

    Paige @Running Around Normal February 25, 2011 at 6:10 pm

    That’s probably a really good idea!
    I know having a separate bank account for my training job (through which I am self-employed) and my office job has helped immensely!

    Reply

    Eliz@The Sweet Life February 25, 2011 at 6:31 pm

    Would LOVE to hear more about how you tackle finance/organizational/life decisions! Congrats on the new bank account–very “my first savings account”!

    Reply

    Nancy~The Wife of a Dairyman February 25, 2011 at 6:45 pm

    With the business I’ve owned {I was a self employed hairdresser for years} having a separate account was the only way to go….so much easier to track everything and easy when tax time comes:) Smart move organizing all that stuff, Tina:)

    Reply

    Jess February 25, 2011 at 7:08 pm

    Well congrats on the new bank account!!
    Good to see your posts again, I stopped coming for a while because I got tired of coming to nothing. Then I’d be sad : (
    Can’t wait to see more in the weeks to come!
    Jess : )

    Reply

    Tina February 25, 2011 at 7:16 pm

    What do you mean?

    Reply

    Leah @ Why Deprive? February 25, 2011 at 7:13 pm

    I think thats an awesome idea. Everything will be WAY easier, and more organized that way. Just for myself, I have 4 bank accounts. I find it to be way easier having all my money separated – that way my day to day stuff will never affect my important payments, like rent. :)

    Reply

    Jess@atasteofconfidence February 25, 2011 at 7:36 pm

    I don’t think I could handle 2 bank accounts haha- great that it works for you!

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    Chicago Cuisine Critique February 25, 2011 at 7:43 pm

    I love Bank of America!

    Reply

    Wendy Irene February 25, 2011 at 7:53 pm

    Great idea Tina opening up a blog bank account! Was it hard registering CNC as a business? Any tips? That kind of stuff stresses me out for some reason :0)

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    Hannah February 25, 2011 at 9:05 pm

    WOW. It blows my mind to think of earning enough from a blog to justify its own account! You’re amazing!!

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    Kelly February 25, 2011 at 10:19 pm

    Have you considered opening in ING account? I opened one a couple of years ago and I love it because you can have different accounts with names like “house” and “car” and “trips” etc. It helps me organize my money a lot.

    Reply

    Tina February 26, 2011 at 8:46 am

    Three out of our seven accounts are ING! :)

    Reply

    Miranda February 25, 2011 at 11:34 pm

    Have you had any experience with other banks? Right now I’m with Citizens, but I’ve considered switching to Bank of America if I ever had enough reason to. Do you like them?

    Reply

    Tina February 26, 2011 at 8:47 am

    I’ve been with Sovereign Bank for years, and I absolutely HATE them. Worst bank ever. I do not recommend them. Mal has had Bank of America since he was a teenager and always raves about it. Plus, with all of our different accounts, it makes sense to have them all with the same bank.

    Reply

    Lindsay February 26, 2011 at 1:51 am

    I would LOVE to hear more about your business account. I am working on getting my personal trainer certification completed, and I will very soon be in the business of me:) Yay! I was trying to track down receipts/trainings/clothing I have done for this process today, and was having a heck of a time. Thankfully Tina, you come to the rescue again! I look forward to hearing all about it!

    Reply

    Lee February 26, 2011 at 6:34 am

    Do you know if you have to consider blog ad revenue as income if you don’t get very much? I’m talking like less than $200 a year.

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    Tina February 26, 2011 at 8:50 am

    I’m not sure about that, actually. I’ll see if I can find it on the irs.gov website.

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    Monica February 26, 2011 at 11:17 am

    Congrats, that is such an exciting sign of success when you have to separate finances for your growing business!

    When did you know that the blog was evolving from hobby to something more?

    Reply

    Mary R @ The Fit Optimist July 16, 2011 at 12:27 pm

    What is an ING account?

    Reply

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