So you're 18, fantastic at music, everybody loves what you perform, and they all want to know if you're going to study music. 'Yes!,' you say, and you head off for 4 years (or more) of higher education, maybe take another 2 years for graduate school, and you hit the real world as a freelancer. But your teacher (or teachers) never told you this: that you're an entrepreneur. And you need valuable skills that no one taught you in college or grad school--one of the most important ones being: money management.
We're not talking about making a budget and balancing your checkbook, we're talking about setting aside money for taxes, paying them on time, avoiding fees & penalties, creating an emergency fund (for when those gigs don't come rollin' in!) and creating a system by which you can be financially successful.
Years ago my dad taught me this: Don't follow the money; never let it out of your sight.
I knew how to do that with my checkbook, but for my business I had to figure it out the hard way. (That is a sad statement for someone who went through 6 years of higher education.) Here's one tool that I picked up recently and from which I have learned an immense amount: The Money Book for Freelancers, Part-Timers, and the Self-Employed: The Only Personal Finance System for People with Not-So-Regular Jobs.
Go take a look and use the "Look Inside" feature. Watch 'The Money Book' Video. Don't let your money out of your sight!
N.B.: This book doesn't differentiate between personal and business accounts and they assume you have one main checking account. Use separate accounts for your business and personal finances--you give yourself clarity, avoid overwhelm, and you avoid potentially serious problems with the IRS!