I keep separate accounts for my home, shop, and personal expenses so that I can manage them effectively. If I earn Rs. 1000 per day, I allocate Rs. 300 for my shop and separate amounts for my personal and home expenses. This helps me maintain a clear financial record. The Rs. 300 includes the shop's rent and utilities, amounting to Rs. 9000 per month.
I have kept separate bank accounts. I save in my wife’s saving account; this account is for my business.
I don't believe in this (laughs). I don't believe in all of this. I feel there's nothing like a man and a woman. Whenever problems arise, it doesn't see anything. Money is the biggest thing. Every relationship is connected through money. My husband never stopped me. I go alone to buy clothes. In-laws told me in the beginning not to go alone. How will you do that? My husband told me to do it and be independent. He only supported and taught me. I didn't know about Paytm; he taught me about that. You should do it on your own, what if I am not there tomorrow? He told me that. He taught me how to withdraw money from ATMs; I didn't know all of this. He opened an account in the bank and asked me to do things on my own. Now I make payments online. Earlier, I used to take cash. He used to appreciate and encourage me to go. Do it on your own. Yes, my husband has supported me a lot.
I use Paytm, Google Pay, and Paytm. I use all three payment methods. I have a current account and a savings account. Specifically, I have two current accounts. With three accounts in total, I utilize all of them. Additionally, I have a savings account.If the amount is excessive, I use the savings account for payment. Furthermore, I request customers to make payments to that account. I have a savings account to receive payments for filling out any forms. The payment amount is Rs. 1,400. All the children are filling out a form here.
We have Google Pay for my business. It is linked to another account. I have two accounts.
Payments for an entire year, which are different for my shop, require a statement for us to order and use for calculations. We need to determine how much we paid to the parties involved. This is my personal account, and I have a separate account for the business. We can calculate the payments from here. We make cheque payments, so that provides us with all the necessary information. I also have a bank statement.
We don't maintain any accounts for sales. Whatever comes and whatever items we sell, we just write down that only. We have not done any consolidation. We have not recorded our earnings. We simply sell and buy items. If we have a good sale, we can record our income and expenses. We deposit money in the bank and keep a check of our bank account. When we receive items, we give them a cheque, so we know how much money we are paying.
If the vendor gives 5% discount means, the payment will have to be made within a week. I will pay in GPay or pay in account. He will send his account number. I go to the bank and transfer money in his account.