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Even though you may have a contractor and bank involved, ultimately, the job of managing the finances falls on you. You need to keep track of every dollar spent as you go, or you can have a very unpleasant surprise: running out of money in the middle of the project.

We recommend setting up a separate bank account early on for everything construction related. Setting up this account can help remove confusion and allow for easier record keeping. Keeping a file for each vendor and filing invoices and receipts in chronological order also make life easier when looking for something later. Loose papers become a nightmare when you need something quickly. (See the “Building a workbook and portable file system” section, earlier in this chapter, for specific tips on keeping files organized.)

If you’re comfortable using a computer, managing the finances is an easier task. You can manage your finances with a simple bookkeeping ledger book, but you can keep track of money in and money out in all the different categories of the build smoothly and efficiently with the help of an application like Buildshop (www.buildshop.com).