PocketSmith’s Categories Help Steph Keep Her Money Organized

Read how Steph and her husband use PocketSmith to keep on top of their spending and plan for their financial future with features like the net worth tracker.

Tell us a little about yourself?

I would describe myself as a lazy but very organized person! I am a list writer, a Netflix lover and like to spend a lot of money (budgeted, of course) on food. 

My husband and I built our house together in 2018 and live on the Gold Coast in Australia with our two dogs and cat. Our house, which we have nicknamed Coastal Residence, is basically a hobby of mine. I love to style it, organize it and we are planning some upgrades this year. 

How would you describe your role in your household?

Hubby and I try to manage our household as a team. I do a lot of the organizing, scheduling and financial management because I enjoy it and like to know what’s going on and ensure things are sorted.  

What drew you to PocketSmith?

I came across PocketSmith and instantly loved how easy it was to navigate, particularly the ability to categorize my transactions which helps me feel in control of our spending. 

I was looking for something similar to the accounting software I use at work, mostly because I was familiar with it, but it’s not designed for personal use. After trying a few personal financial software options, none compared to the functionality and usability of PocketSmith. I have found it so simple to use! 

How long have you been with us?

I first came across PocketSmith in 2021, but I was so deep in my spreadsheet budget that I was hesitant to introduce something new so I only used PocketSmith to track our credit card spending (we put all our bills through a credit card to earn FlyBuys points which we cash in for free groceries). 

In late 2021, I decided to move all our budget categories into PocketSmith and start using it to its full functionality including linking our everyday bank accounts and assets. I really enjoyed the process of setting up our account to manage our money in a way that made sense to us.

What do you primarily use PocketSmith for?

I use PocketSmith to track our spending, categorize transactions and help us reach our financial goals through budgeting. I love that I can jump on at any time and check our Income & Expense Statement to compare our budget vs. actual spending and reallocate or reduce spending as needed to ensure we are on track.

How has PocketSmith changed the way you do money?

It’s made us more accountable. Being able to categorize every single transaction that goes through our accounts really makes us think about the cost and stops us from impulse spending. Sure, we still impulse spend on occasion but luckily we have a budget set up for that which we can easily check at any time through PocketSmith. 

I also really enjoy being able to view and track our net worth, which is something I hadn’t thought about before adding all our assets/investments into PocketSmith and it’s helping us plan for our financial future and retirement. 

What are your favorite features?

There are so many good ones! Budgets have been one of my favorites; I categorize them and then use the roll-up function to analyze the sub-categories of that budget. I’m also currently working through rolling over relevant budgets which is such a handy feature to have.

Being able to make rules when categorizing transactions is another favorite feature as it saves time — we use this function for any recurring bills/payments so they are automatically allocated correctly.

Got any tips?

Download the app as well! I do most of our financial management through the browser version however it’s so convenient to open the app to quickly view your dashboard, check a budget or categorize a transaction. 

Also, make use of the PocketSmith Learn Center to really make the most of the software for your specific requirements. If I didn’t know how to do something (or even if it was possible), I did a quick search and was able to follow a guide to figure it out.

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

Starting to invest in shares! I was hesitant to start because I didn’t understand enough about it but after doing some research and some help from a financially savvy friend, I am so glad we are now investing monthly and have a plan in place to continue to grow our investment portfolio and aim for early retirement.