Hey guys, I’m trying to get my finances more organized and was seeing if anyone had any advice / a system to do what I’m trying to do.
Basically, I’m self employed, and I have very fluid income, some months I may see up to 6 figures from my business, and then some months only a couple thousand (due to the nature of what I do). Last year was my first year making income like this, and I managed it horribly and was very unorganized & irresponsible with my money, wasn’t prepared for taxes, $$ was in wrong accounts, etc. and I’m focusing on getting everything extremely organized & automated now to the point where I don’t even have to think about it.
I have extreme ADD, and I get overwhelmed very easily, and it’s hard to keep track of taxes & budgeting because I get paid in a ton of transactions every month.
I have my bank set up like this -
Business Checking Business Savings (Tax Savings) Personal Checking Personal Savings
(All at Bank of America)
All of my income goes into business checking. I wish there was a way I could set something up so that every single time money is deposited into that account, it splits 40% of it into the tax savings (high % so I have leftover to max out IRA), a set % into checking to cover all my bills on autopay, and then a set % into my savings which will eventually go into some investments.
This would make my life 100x less stressful if anything like this exists, any advice or ways to get my income to be automated like this? Let me know if you have any other advice for managing my money, I’m 20 years old and I grew up in a relatively non financially literate family, so I’m having to learn all these things on my own.
Submitted October 18, 2021 at 06:31AM by LawyerFinancial2637 https://ift.tt/3pc3hzu
