Separate Bank Accounts

[KEG123]

Ok so this isn't so much of a question, and I'm not sure if this even goes in this area....

But to those of you who have separate bank accounts, how do you use it? Do you only use it to deposit parent payments, etc. Do you "pay yourself" weekly? Pay for daycare items out of that account? I'm just confused how I should use mine. I just opened the account yesterday, so haven't done anything with it yet so thought I'd get some input.

[daycare]

Ok so this isn't so much of a question, and I'm not sure if this even goes in this area....

But to those of you who have separate bank accounts, how do you use it? Do you only use it to deposit parent payments, etc. Do you "pay yourself" weekly? Pay for daycare items out of that account? I'm just confused how I should use mine. I just opened the account yesterday, so haven't done anything with it yet so thought I'd get some input.

i use a different bank than where I do my personally banking. I do not use a debit card for this account,. I have a credit card that I use to purchse daycare items and then pull the money out of the DC account to pay it off at the end of each month.

[KEG123]

I just have two separate accounts at the same bank. One is for the daycare, one is for "me." They both have debit cards.

[daycare]

I just have two separate accounts at the same bank. One is for the daycare, one is for "me." They both have debit cards.

that works too. I already had too many accounts at my other bank so it was super confusing. I have 3 checking and then I had my son and daughters attached to it..... Plus my ex husband direct deposits into my personal banking $ for our daughter so I didnt want to get it all mixed up.

[KEG123]

So what items do you put on your credit card? I'm thinking things like rent, bills, do you pay that directly out of that account or do you transfer the money into your personal account and then pay?

[daycare]

each week i know exactly how much money I need to transfer out of my checking to my joint checking where we pay all of our bills out of. I just write a check to my personal account.

[KEG123]

anyone else care to share how they use two separate accounts?

[MyAngels]

I use my daycare account much like any other business does. I deposit all receipts into it and pay all expenses that are directly related to the daycare out of it. I leave enough in there to pay my taxes each quarter and some for retirement. I pay myself a "paycheck" each week. I don't pay any of my personal household expenses from that account, just anything that is strictly daycare related.

Each quarter I take a look to see where I stand and if there is money left I will either give myself a "bonus" or I will reinvest it in the daycare in the form of equipment and such.

[Abigail]

I'm going to do one the same way MyAngels mentioned above. Use the separate checking account only for daycare deposits and pay myself weekly or biweekly. I'm not sure if I'll have my husband hold more money out from his job or if I will pay in quarterly, but if I do pay quarterly I'll pay from this separate account because it's 100% daycare related. Make sure to deposit the food program into this account as well if you do the food program.

For shared expenses like the house, electric, cable, internet, phone, etc.....those are going to be larger bills so I will not be using the daycare checking account for those. I will just keep good records to be able to use them at tax time. I technically could pay the daycare cell phone number with this account, but it's going to be a family share plan added onto our current two lines for $10/month so I'd rather take one bill to get by cheaper than a new contract with the phone company.