PocketSmith Provides Scott With a Plan and Peace for Retirement

Read how Scott discovered the freedom of budgeting and how he’s made PocketSmith’s extensive toolkit a part of his everyday life.

Tell us a little about yourself?

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.

How would you describe your role in your household? 

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.  

What drew you to PocketSmith? 

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.

How long have you been with us? 

About two and a half years.

What do you primarily use PocketSmith for? 

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.

How has PocketSmith changed the way you do money? 

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.

What are your favorite features? 

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.

Got any tips? 

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.

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

Canceling two vacations. We had the cash flow, but we decided that we wanted to pay down more debt, while upgrading our rental.