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- Open a Separate Checking Account
Open a Separate Checking Account
Unless your project is very small or you’ve one professional to manage everything for you, open a separate checking account for the duration of your construction project.
Keep your day-to-day household and other finances discrete from the new account. Deposit all loan proceeds or other construction funds directly into the account. Pay all your contractors, suppliers, designer fees, and other expenses by check from that account.
The separate account will make it easier to monitor costs and identify your available balance at a glance. It may also help discipline you into thinking of the project in a more businesslike fashion. Construction projects have a way of assuming a life of their own and you want to be sure to be on top of the process. The separate account can help.