Here's my personal P&L for FY2023 - Single 38M, renting. AMA

[tiongbahrudental]

As described.

https://preview.redd.it/qbe505q679d...bp&s=7601d57fc14fcdb75fdeae488631c13a50712488

 

[optimistic84]

@tiongbahrudental $3594 on darts

$10,828 on "gifts and donations"

Unless there's a Gym membership tucked into Health, Grooming & Care I feel like the $155 on sports and hobbies is a check engine light for ya!

 

[kmaynard]

@tiongbahrudental What do you do for work? Thought about quitting smoking?

 

[tiongbahrudental]

@kmaynard I am a Chartered Accountant, working in corporate governance consulting.

I have thought about quitting smoking, but have never gone past the thinking stage. But yes, you just made me think about it again. Maybe I'll do it this year.

 

[danstribe]

@tiongbahrudental Read The Easy Way to Quit Smoking. It encourages you to keep smoking whilst reading the book and I promise you’ll give it up once you’re finished. And go cold turkey, it’s really the only way.

Ps vaping is just as addictive. Don’t fall into that trap.

 

[substantial]

@danstribe I agree vaping is just as addictive, however it is waaaay cheaper, doesn't stink and is objectively better for you, although not risk free.

 

[mikaylathejesusfreak]

@tiongbahrudental “Maybe I’ll” is not a promising sign. Talk to your doc about vapes. Invest in your future!

 

[tiongbahrudental]

@mikaylathejesusfreak Maybe I will.

 

[getbehindthebarn]

@tiongbahrudental Seriously dude, do yourself a favour even just from a financial point of view.

I turned from 18 years of smoking to vapes in 2021 and since that time I have not spent $41,736 on smokes (based on what my smokes used to cost when I quit) and spent about $2000 total on my vape gear. I no longer stink and even though I had always been fairly fit (despite the smoking) I am feeling far better today and have lost the smokers cough.

I'm about 12 months away from stopping vaping (reduction of nicotine in juice over time).

 

[rheenah]

@tiongbahrudental Vapes not any better. A lot of new research coming out saying it is just as carcinogenic and causes throat and tongue cancer among other issues.

 

[mikaylathejesusfreak]

@rheenah They’re a far better option than smoking cigarettes. Under medical supervision they’re not meant to be a long term solution, they’re a quitting agent. You should know better than to dissuade conversations with professionals and/or harm minimisation tools. “Not any better” is a complete lie.

 

[yorkshiretea]

@tiongbahrudental That is a thing of beauty, very impressed you took the time to journal each expense

 

[tiongbahrudental]

@yorkshiretea Thank you! It actually doesn't take much of my time at all.

I use Xero connected to all my bank accounts. Each transaction comes through a feed and it’s pretty easy to categorise them from there. I only bother to save receipts for deductible items. It takes me a couple of minutes per day to keep everything reconciled.

Every month-end, I spend an additional 5-10 minutes adjusting the market value of my portfolio, superannuation, other investments, grossing up my salary for tax, registering new assets in the asset schedule.

Xero is a double-entry bookkeeping system (the accounting method used by virtually all modern businesses). It gives me accuracy to the nearest dollar and certainty that I haven’t missed anything.

Most people will say this is overkill for personal finances, but in the long term, it is much easier and simpler to maintain than any other reasonably accurate method.

 

[jcevin]

@tiongbahrudental Can you use Xero for personal use for free?