Jason Leong

speaker

499 appearances 2 recordings 1 series first heard Aug 2021 last heard 29 Jun

Jason Leong’s voice in public audio — every appearance, attributed to the second.

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Australian Finance Podcast · How to juggle multiple jobs (and incomes) on a budget · 26 Aug 2021 podcast

So yeah, just doing it on a regular basis.

I mean, even with a system like Pocketsmith,

I go back in and I'm like, what in the world did I spend this couple hundred bucks on?

And I kick myself for not just making a note of it at that point in time.

So yeah, to use my Airbnb example again, we use PogSmith to track all the incomes and expenses coming and going from the bank account linked to the Airbnb.

And we make it a habit to upload all the receipts to the transaction.

So if you were to buy potted plants, for example, you put the plants up, looks really nice.

Very tempting to go, okay, I'll just deal with the finances later.

No, snap the photos, upload it, put a note, it's done.

And so when all the transactions are categorized, and I think the motivator here is to understand what's deductible, right?

Because then it reduces your tax liability.

So knowing also what the personal expenses are from our Airbnb account.

So if we were to pay ourselves or to treat ourselves to something, what is not deductible, but other things like utilities, cleaning supplies, firewood, treats for the guests, that sort of thing, all of that gets categorized as we go.

And so when it comes to text time, I click a button, I run one report and voila, there it is.

No sweaty shoebox.

Yes.

And that should be the motivator.

It's no fun doing this just because, oh, it's tax time.

So I think having the deductibles as a carrot, you know, that certainly drives me.

I'm like, oh, that's one more thing I can actually deduct if I put this in the house.

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