Read how Scott discovered the freedom of budgeting and how he’s made PocketSmith’s extensive toolkit a part of his everyday life.
A grandfather of 17 “solutions,” I am optimistic about the future. Married for more than four decades, my wife and I work hard to create a family that gives more than they take. Recently, as I held our latest grandchild, two months of age, I talked to him about how he needed to grow up to help others, or in other words, be a solution. Personally, I am curious: About people, places, things, ideas and how we can all work together to make the world a better place.
Our last child heads off to college in January, so it will be just us two at home. I am a husband to a wonderful, patient wife. In the final years of my career with a non-profit, my role includes figuring out how to thrive in retirement.
Nothing out there has the breadth of features that PocketSmith has: Tracking, reporting and modeling the future. They are either budget-oriented, focus on consolidating accounts or investing. PocketSmith combines all of them and adds top-notch customer service to the mix.
About two and a half years.
Everything. Every morning I categorize all my transactions and review my calendar for the short term. Frequently I review my budget report and check my cash flow 10 years in the future. I want us to enjoy our after-work years, where we plan on doing more volunteering.
I used to dread the idea of retirement: Would we have enough? What about inflation and tax increases? Now, I plan for all of that. I am at peace.
The calendar. I can see where we are going, add in budget items and plan for the long term. In this process, I discovered how freeing budgeting is. That was a surprise.
Use the “Or Principle”. I used to ask questions like: Can I afford this? What happens if I buy this? How do I get myself out of this mess? Now, we always put two of our goals in contrast: Do we want to pay down more debt or do we want to buy this? Another way: Do we want to save to buy item A or buy item B now?” That way, we are making decisions together as a couple, instead of each advocating for their desired purchases.
My PocketSmith tip is to use categories to make reporting easier. When I have to prepare my numbers for my accountant to do taxes at the end of the year, all my hard work of categorizing makes it easier. I also attach a receipt to every single purchase.
Canceling two vacations. We had the cash flow, but we decided that we wanted to pay down more debt, while upgrading our rental.