PocketSmith’s Labels Let Andrei Get Granular With His Spending

We asked some of our wonderful users to share how they use PocketSmith to be productive with their money and plan for the future. Their stories are filled with ideas, suggestions and inspiration on how you can start crafting a meaningful relationship with your finances.

Read how Andrei is tracking his expenses, net worth, and other aspects of his financial wellbeing, even on-the-go with the PocketSmith mobile app.

Tell us a little about yourself? 

I work for an insurance building company. I love listening to podcasts and music, reading books and keeping fit, though my dad bod suggests otherwise.

How would you describe your role in your household? 

I’m a father to two young children and husband to an amazing wife. She runs the household, so my role is to provide a stable, safe environment for the family. I guess, mainly to stay out of the way so things can be “done right” 😅

What drew you to PocketSmith? 

Two things. One was that it’s very similar to Xero. I get a similar experience but with a personal (rather than business) focus. The second is that it’s a reasonably priced, paid subscription. I was aware of free alternatives, but the alternatives are free for a reason…

How long have you been with us? 

I’m now into my 7th year using PocketSmith.

What do you primarily use PocketSmith for? 

Mainly to track where my cash is going, storing copies of bills, and giving the Net Worth and Income & Expense reports to the bank when I want to set up an investment.

How has PocketSmith changed the way you do money? 

The main thing that has changed is that it has made me take responsibility for my family’s financial wellbeing. Before using PocketSmith I guess I was like anyone else, just dreading looking at credit card balances and hoping for the best. Now I know where everything is at. I know at a glance what I can and cannot realistically do money-wise by using a tool that enables me to be proactive, rather than reactive, to my financial health.

What are your favorite features? 

I love the mobile app. It enables me to stay on top of allocating but also looking up transaction details I need on the go. 

I also really like Labels. We have two cars, so, for example, I can allocate fuel costs for both cars to one fuel category for overall spend visibility, but then use a label per car to distinguish one from the other if I need to. Labels are great for things like identifying year-end personal tax deductions without having to set up separate categories.

Got any tips? 

Take the time to implement PocketSmith for what you need. Get your categories set up for what you specifically need visibility of, and use the labels to break it down and tag things for any deeper dives you need to take. Use it daily to stay on top of things and don’t be afraid to ask the support team for help. They’re actually really good and don’t just respond, they usually solve your issue before you know it!

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

Refinancing my home loan. With recent rate rises in Australia, I was able to land a much better deal that included a cash-back incentive, simply by shopping it around. My PocketSmith reports made the application process super quick too!

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