PocketSmith Helps Max Keep Retirement Spending in Check

Read how PocketSmith makes it easier for Max to keep everything financial together, like managing the loan for a replacement van and an Antarctic trip.

Tell us a little about yourself?

I rent in Sydney on the Northern Beaches. I retired six years ago, and my wife died soon after. My two kids flew the coop years ago to Melbourne and the Gold Coast — long drives or cheap flights for visits. Retirement allowed me to do what I really wanted to do. I now volunteer three afternoons a week at a centre that delivers the Arrowsmith Program (which strengthens the brains of students aged 8 to 88 who struggle with learning). Great students and very rewarding.

How would you describe your role in your household?

I live alone, so I have all roles from CEO to toilet cleaner.

What drew you to PocketSmith?

When with the family, I used a free app to track expenses. When that app closed they suggested PocketSmith. I found that you get what you pay for, and PocketSmith is great value for money. I have been a rusted-on user and fan ever since.

How long have you been with us?

Almost four years (I found the answer by finding the first subscription payment in PocketSmith).

What do you primarily use PocketSmith for?

Apart from asking random questions about transaction history, I use PocketSmith in a few ways.

• I track my spending. I regularly review transactions from the bank feeds and confirm new transactions every couple of days, which doubles as a routine check for fraud (used once — I definitely did not have a long weekend in a Viennese hotel and wonderful meals at nearby restaurants). I don’t need to manage each dollar, but I do need to know if spending is getting out of hand. And I can review recent spending to work out where to slow down.
• I budget, and regular reviews keep me aware of spending patterns. I can also forecast my credit card bill and have the funds in the right account to cover it.
• I’ve recorded all my financial assets so I can easily see my net (financial) worth and plan for big spending, such as holidays. I’ve recently borrowed to replace my van and book an Antarctic trip. PocketSmith showed me I can manage the repayments with an acceptable impact on my lifestyle.
• The ability to store documents with transactions is becoming more useful as well.

I could do all this without PocketSmith, but finances are interrelated, and it is SOOO convenient to have everything financial in one place.

How has PocketSmith changed the way you do money?

Financial management needs measurement. I’m more aware of my finances, which makes money management… manageable.

What are your favourite features?

Lots and here are a few highlights. Bank feeds save so much data entry time. The automatic categories and confirmation screen let me quickly review all transactions. Storing documents with transactions lets me quickly find details that I couldn’t find in the past. I’ve created a dashboard to monitor short-term spending and ensure that accounts are in the black, and a dashboard for a picture of long-term finances. It’s comforting to see the financial improvements over time.

Got any tips?

Think about what you want to get out of a financial tool like PocketSmith. And then play. Remember, there are heaps of online resources and extremely helpful support staff ready to assist you.

What’s the best money decision you made in the past 12 months?

I’m retired and preserving my small savings is more important to me than growing the pie over the long term. Early last year, I moved most of my investments from growth to cash. Right now, I’m about square, but I’m miles ahead because there is no stress.