Tip of the week: Separate business money from your personal money

When business and personal money are mixed, you never know whether the business is profitable. You pay school fees from the till, buy lunch from stock money and then wonder why there is nothing left to restock.

Start with simple steps:

• Use a separate mobile money line or bank account for the business if possible
• Keep a separate cash box for the business
• Decide a fixed amount you pay yourself, like a salary, and record it as such
• When you take money for personal use, write it down

A tailor in Arusha who pays herself a set amount every Friday can see what the shop truly earns. Without it, a good month hides problems and a bad month causes panic.

If you must borrow from the business in an emergency, record it as a loan and repay it.

It may feel strange at first but gives you clarity that no other habit can.

This week: decide your weekly pay and move that amount, and only that amount, into your personal wallet.