Let’s Talk Business Money: Credit Cards, Paying Yourself, and Keeping It Clean
This post is based on some great questions from April (hi, April!) during our Women’s Small Business Lab chats. I recorded a whole video, but I’m hearing that sitting down to watch it is hard for some of you. Fair.
Q: Should I get a business credit card? Which one?
Let me start here: I don’t have one. Never have.
Not because they’re evil, but because I think most people don’t need one—especially in our group. If you’re starting a business and think a credit card is your lifeline, I’d challenge that. A loan is a better fit if you need startup capital. A plan is even better.
Ask yourself:
Why do I want a business credit card?
What will I actually use it for?
What’s my plan for paying it off—and eventually, not needing it at all?
If you’re set on getting one, try NerdWallet. They have tools to help compare cards (mostly personal, but maybe some business options too).
Q: What if my business expenses are higher than my income right now?
Not ideal. And not sustainable.
If it’s temporary, that’s one thing. But if it’s months on end? You’re going into the red. You need:
A pot of money you’re drawing from (savings, loan, etc.)
A clear plan for when this turns around
A sense of how risky this really is
And please don’t just put it all on a personal credit card unless you’re tracking it properly (as owner contribution). Keep clean records. Future-you (and your bookkeeper or accountant) will thank you.
Q: I’m using multiple cards/accounts—including personal—for business stuff. Help?
Nope. Stop.
Everything should be 100% separate. Business checking, business credit (if you must), business Venmo (blech), business Stripe, business everything.
Why?
It makes bookkeeping clean.
If you ever get audited, you’ll survive.
You actually understand your business’s financial health without it being tangled up in your grocery runs and Target receipts.
Q: My landlord wants rent via Venmo. Is that okay for bookkeeping?
Ugh. I hate Venmo for business.
But if it’s coming from your business account and you’re keeping good notes? Fine. Still, ask if you can Zelle or send a check instead. Way cleaner.
Q: Can I pay myself monthly?
Yes! Please do.
I pay myself once a month. My payroll is automated. My owner draw usually happens then too (or later when I remember).
The key here is to:
Know what your business needs to pay for
Make sure you’re leaving enough for taxes, future bills, and annual stuff
Then see what’s left for you
Don’t guess. Use YNAB or something similar to actually know your numbers. I have a video walkthrough on setting it up if you need help.
Q: How much should I pay myself?
Two options:
Guess.
Know.
I vote #2.
Go through your actual business budget—look at what’s needed for fixed and variable expenses, and only take what’s left. Don’t forget to set aside for:
Taxes
Annual expenses (licenses, software, etc.)
Upcoming plans (hiring, courses, new gear)
Q: Should I leave money in the business?
Only if you know why.
Don’t just leave a random cushion and call it strategy. Be specific:
Is it for taxes?
A future project?
An annual bill?
If you don’t know, you’ll likely spend it. That’s how money works.
Q: If my business and personal accounts are at different banks, how do I transfer money cleanly?
Zelle is your friend. Wire transfer works too.
But honestly? Life’s easier if you just open your business and personal accounts at the same bank. Instant transfers. Less drama.
TL;DR
Separate business and personal finances.
Only get a business credit card if you’ve got a clear plan.
Know your numbers. Don’t guess.
Pay yourself intentionally, not impulsively.
Use tools like YNAB to stay organized.
Ask questions any time. I’d love to walk through a real case if someone volunteers.
Let’s build businesses that support our lives—not stress us out or confuse us. You’ve got this!
Want more? Come hang out inside the Women’s Small Business Lab and watch the full video if you’re feeling wild.