ChooseFI Australia Spreadsheet
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Introduction
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This set of spreadsheets is the basis of "become the CEO of your own financial life". (Well, you're more CFO here, but you get the point!)
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The Balance Sheet is the running register of the things you own, and the things you owe. This is where your net worth is calculated monthly.
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The Income Statement is your monthly incoming / outgoing. Think of it as a Profit & Loss statement, but for yourself.
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They are two separate documents - one is about your income/expense, the other is about your financial position.
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PROTIP: As you enter in values each month, if there's an odd number (eg. $2000 in a category that's usually $50), make a comment on it. When you're reviewing your numbers, it's much easier to look at the comment to remember you bought a laptop!
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Balance Sheet
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Update this sheet on the 1st of every month, so that you properly account for interest earned in the previous month.
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This should be the first thing you do each month, BEFORE you start sending out your income to pay for bills/savings/etc.
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You'll need to manually update the net worth calculation each month in cells B51 & B52.
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B51 should be your most up to date net worth, and B52 is (this month's net worth - last month's net worth)
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It displays two net worth calculations per month: net worth excl. Super, and net worth incl. Super. It's so you can have a clear view on the two-phase retirement we have in Australia.
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Income Statement
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The first time you use it, update the Income sources with where your money comes from, and the Expenses with where your money goes.
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These should be your tracking categories from your usual tracking spreadsheet / YNAB / Pocketsmith / Mint etc.
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I am super aware that I have a *tonne* of tracking categories, but it works for me and I love the reporting I can get into. #financenerd
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There's some conditional formatting on rows 85 & 88 - the goal is set at 50% savings rate, but you can change the setting to your targets.
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Notes on Work Expenses
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You'll notice that these spreadsheets handle work expenses as separate categories in both income statement & balance sheet. I found that mixing my work expenses in with my own spending just totally messed up my life.
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I track them as "IOUs". I incur the expense on behalf of my employer, I then send the expenses for reimbursement, and then the money is reimbursed.
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At no point is this debt MY debt - it's clear on these sheets that I'm holding that debt for my employer.
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This is particularly clear on the Balance Sheet, where on rows 32-35 I split "my" credit card debt from my "work expense" credit card debt.
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If you have a dedicated work expense card, then you might not need this level of split.
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Notes on Annual Average Column
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The "Annual Average" column is really useful after a full year. I use it to help with budgeting proper percentages for the next year.
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Example: instead of guessing that I spend $300 on groceries, I now know that on average I'd spend $270, so I adjust for the next year accordingly.
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Original document made by @corney, 30/6/2018.
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